A recent recruitment demand report in Vietnam by Navigos Search said that manufacturing and Information Technology segments were leading the recruitment needs for medium and high-level personnel in the first quarter of 2020. Meanwhile, with banking industry, because of the efforts to solve Covid-19, banks were temporarily hiring to develop Digital Banking.
Specifically, in the first quarter of 2020, the banking industry witnessed many shifts of senior personnel in the same industry. In addition, there was an excess of human resources because of the pandemic impact, the banks had to restructure to reduce personnel.
Under the influence of Covid-19, the banks’ business projects were delayed, the change in the target customers also caused banks to reorient their business strategies in the near future. The development trend of Digital Banking started in 2019 and is expected to increase recruitment demand in 2020. However, currently banks are also focusing financial resources to address difficulties caused by the disease, this demand is not recorded to increase in Quarter I.
As observed by Navigos Search, the recruitment demand for the banking industry will depend heavily on the upcoming business plan and the Annual general Meeting of Shareholders in the second quarter.
In fact, at the moment, banks are cutting salary and bonuses with high-level personnel and reducing recruitment demand. In particular, HDBank is the first bank in the system to send notifications to employees about wage cuts from April 1. The adjustment starts always from the April pay period until notice of replacement.
Specifically, the income of employees at HCM City Development Joint Stock Commercial Bank (HDBank) with salary of 80 million dong per month or more will be reduced by 25%; from 40 80 million dong, by 20%; 20 40 million dong, by 15%; and 10 20 million dong, by 10%. Officers with salary below 10 million dong will not be cut income.
Meanwhile, at Saigon Hanoi Commercial Joint Stock Bank (SHB), the members of the Board of directors, the Executive Board and senior managers of the bank voluntarily reduced their salaries by 50 percent until the announcement of the outbreak. The management level of the whole system from deputy Head of Department upwards and equivalent titles decreases by 10 percent 30 percent depending on income level.
Earlier, at the end of March 2019, the Governor of the State Bank of Vietnam (SBV) issued Directive No. 02/ CT-NHNN on urgent solutions of the banking industry to strengthen prevention, control and overcome difficulties due to the impact of the Covid-19. Notably, the Governor asked members of the system to proactively review and cut operational costs, especially salaries and bonuses, timely adjust business plans, and financial plans suitable with the reality before holding the general meeting of shareholders.
