Research about career commitment at saigon securities inc

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RESEARCH PROJECT (BMBR5103) RESEARCH ABOUT CAREER COMMITMENT AT SAIGON SECURITIES INC STUDENT’S FULL NAME : HOANG MANH HUNG STUDENT ID : CGS00019896 INTAKE : SEPTEMBER 2015 ADVISOR’S NAME & TITLE : NGUYEN THE KHAI (DBA) March 2017 Advisor’s assessment ADVISOR’S SIGNATURE NGUYEN THE KHAI (DBA) ACKNOWLEDGEMENTS The first word I would like to express my deepest gratitude to Dr KHAI NGUYEN (DBA), who instructed, gave me a chance and inspired me to this research I also would like to express my thanks to my colleagues who helped me with very useful information to this assignment Thanks all employees of Sai Gon Securities Inc for their precious comments and helps to collect data for this research After studying at Hutech I have gained a lot of valuable knowledge from the teacher to be able to complete this topic I would like to thank administrators, the teachers directly teach, mentor and impart to you is professional knowledge while studying in the school And, I also specially thank to my members of family, friends and colleagues always mobilize me to finish this research Thank you very much Hoang Manh Hung Student Contents ABSTRACT PART INTRODUCTION About Sai Gon Securities Inc Research problem statement .10 Research objectives 11 Scope of research 11 Significance of research .12 Limitation of research 13 PART 2: LITERATURE REVIEW 13 Definition of Constructs .13 Argument for the relationship among the constructs 21 Previous Researches on career satisfaction 28 Research Hypotheses and Research Model 30 PART 3: METHODS .31 Data collection 31 Data collection progress .37 Data analysis .37 PART 4: ANALYSIS AND RESULTS 38 Cronbach’s Alpha 38 Descriptive information 40 Hypotheses testing 42 PART 5: CONCLUSIONS 44 Discussion 44 Limitation of research 45 Forecast recommendation 45 REFERENCES .47 APPENDIX .49 Appendix 1: Survey 49 Appendix 2: Presentation .55 Figure Figure 1: Hackman and Oldham's Job Characteristics 22 Figure 2: McClelland’s theory 23 Figure 3: Maslow’s theory .24 Figure 4: Alderfer’s ERG theory .26 Figure 5: Herzberg’s two-factor theory 27 Figure 6: Research model of Career commitment 31 TABLE Table 1: Career commitment Scale 32 Table 2: Work-Related Depression, Anxiety and Irritation .33 Table 3: Performance Appraisal System Knowledge .34 Table 4: Empowerment at Work Scale .35 Table 5: Procedural Fairness 36 Table : Time table for data collection progress 37 Table : Cronbach’s Alpha - Internal Consistency 38 Table 8: Cronbach’s Alpha of Career commitment 39 Table 9: Cronbach’s Alpha of Work-Related Depression, Anxiety and Irritation 39 Table 10: Cronbach’s Alpha of Performance Appraisal System Knowledge 39 Table 11: Cronbach’s Alpha of Empowerment at Work Scale 40 Table 12: Cronbach’s Alpha of Procedural Fairness 40 Table 13: Descriptive Statistics 41 Table 14: Correlation statistics 42 Table 15: Model Summary .42 Table 16: Coefficients 42 ABSTRACT The purpose of this research is to determine the relationship between variables in the model such as Performance Appraisal System Knowledge, Empowerment at Work Scale, Procedural Fairness, Work-Related Depression, Anxiety and Irritation with Career commitment The research result was conducted in Sai Gon Securities Inc with 288 employees And SPSS software version 22 (copyright of IBM) is a tool that is used to analysis data in this research The collected data were analyzed through factor analysis, Cronbach’s alpha, descriptive statistics, correlation, and multiple regression analysis The research showed that there are four factors influencing Career commitment are Performance Appraisal System Knowledge, Empowerment at Work Scale, Procedural Fairness, Work-Related Depression, Anxiety and Irritation Moreover, the research provides some recommendations implications for managers to raise the level of satisfaction with work of the employees Key word: Performance Appraisal System Knowledge (PAS), Empowerment at Work Scale (EWS), Procedural Fairness (PF), Work-Related Depression, Anxiety and Irritation (WAI), Career commitment (CC) Page 1/59 PART INTRODUCTION About Sai Gon Securities Inc Saigon Securities Inc (SSI) is a leading and reputable financial corporation in Vietnamese market With a sound financial potential, a large and professional employees of the company, SSI always provides to all its customers the outstanding level of products and services and maximizing shareholders' interest SSI has an extensive branch network in Vietnam at major cities such as Hanoi, Ho Chi Minh City, Nha Trang, Vung Tau With a wide range of international standardized products and services for institutional, individual, domestic and foreign customers SSI has gained credibility not only from local but also from global clients and partners Some outstanding clients from SSI are Morgan Stanley, HSBC, Vinamilk, Hoang Anh Page 2/59 Gia Lai, Vietnam National Petrolium Group Petrolimex, Credit Suisse, BIDV, ANZ, C.T Group, Prudential VN, Deutsche Bank 1.1 History:  1999: SSI was founded with the head office based in Ho Chi Minh City, and two main operations: Brokerage services & Investment Advisory  2001: Chartered capital was raised to VND 20,000,000,000 with main operations as follows: Investment Advisory, Brokerage Services, Principal Investment & Securities Depository  2002: SSI established its branch in Hanoi, expanding its networks to Northern areas  2005: SSI raised chartered capital to VND 52,000,000,000 with services, Successful IPO advisor of VSH (Vinh Son – Song Hinh Hydropower JSC) – It was the first hydropower company which IPO in Vietnam Stock Market It was also the first IPO with repo service  2006: Chartered capital was raised to VND 300 billion, becoming the largest capitalized securities firm on Vietnam stock market at the time  2007: SSI was officially listed on Hochiminh Stock Exchange, Chartered capital reached VND 799,999,170,000  2008: Successfully ran the largest stock issuance in 2008 for Hoang Anh Gia Lai JSC (HAG), Chartered capital reached 1,366,666,710,000 VND  2009: SSI Asset Management (SSIAM) and Daiwa SMBC Capital signed the establishment agreement and jointly managed DSCAP - SSIAM Page 3/59 Vietnam Growth Investment Fund LLC - the only foreign onshore fund in Vietnam till now SSI was awarded the ―Best Broker in Vietnam‖ and the ―Best Equity House in Vietnam‖ These awards were presented by the famous FinanceAsia for the second consecutive year  2010: Chartered capital reached 3,511,117,420.000 VND, successfully advised the first tender offer in Vietnam Securities Market between Hung Vuong Fisheries JSC (HVG) and An Giang Fisheries Import & Export JSC (AGF)  2011: SSI was honored to receive the Third Labor Medal for outstanding achievements in construction and development the stock market in the period of 2000 – 2010  2013: Top 500 Vietnamese Largest Private Enterprises (VNR500)  2014: Top 50 Best Vietnamese Listed Companies 2014 (Forbes)  2015: Received certificates of Prime Minister, People's Committee of Ho Chi Minh City 1.2 Vision – Mission – Core values: The Business of Success SSI operates based on the vision ―The Business of Success‖ At the heart of all their products and services is a drive for achieving success They help unlock opportunities in financial markets, and turn these into prosperity and growth Mission: Connecting Capital to Opportunities Page 4/59 SSI’s mission is to connect capital to opportunities This mission unifies all the businesses under the SSI brand and will guide any future opportunities, which the brand may take on Core values Solutions-Led: They are focused on the outcome of making their customers successful, and they prioritize their individual needs over existing products or processes Skilled: They are experts in their industry and in our markets, and will continually enhance their professional skills to provide the highest standards of service to their customers Inventive: They empower and encourage their people to find creative new ways to bring success to SSI and its customers 1.3 Business Units Saigon Securities Inc (SSI – HOSE) is a leading financial institution that provides a comprehensive range of products and services, including Securities Services, Investment Banking, Asset Management and Treasury SECURITIES SERVICES  Products and Services for enabling investing in listed stocks and mutual funds including: Opening of trading accounts, brokerage, advisory, cash transactions, securities depository; consultancy and support for OTC transactions, distribution of open-ended fund certificates, and distribution of certificates of deposit and corporate bond  Financial services: Margin financing, and cooperation with banks to support securities trading Page 5/59  With hypothesis Work-Related Depression, Anxiety, and Irritation, we can assess this hypothesis is less relationship and negatively affect Career Commitment The stock market requires persistence, high gray matter content, and under pressure The competitive business environment requires laborers to their best In addition, the unstable economy is always a big risk for companies in the financial sector, heterogeneous government policies lead to many legal risks for practitioners With more than 16 years of development, the Vietnam stock market is young, needs more time for the market and workers to stick together for a long time Limitation of research This research will have some limitation:  The samples is very small (n = 288)  Only focus related contents at Sai Gon Securities and also can be not generalized for securities industry at Vietnam  The surveys conducted in slightly short time  The survey respondents are more qualified and different perceptions about Career commitment as well as the contents of survey shall be more grammatical errors because of English - Vietnamese translation progress, it may cause confusion for the reader when they answer Forecast recommendation In Vietnam, the stock market is still a new industry with a lifetime of less than 20 years The number of high-quality personnel in the industry is not much, especially after the financial crisis of 2008, the number of people who remained in the industry dropped sharply That creates many challenges for securities companies, how to retain talents, how to get them engaged in securities business Page 45/59 SSI is a leader in human resources management, which has developed a "Performance Management System" that promotes fairness in employee pay In addition, SSI also develops human resources strategies in the short and long term: employee training, education, gender composition, age ratio, work-family balance However, is it really enough to retain employees in the securities industry, which have high unemployment rates due to high work pressure and competition In the world, every company has to find its own way in human resources management, be it culture - company, maybe the leader, maybe the management structure etc In Vietnam, Some companies are also quite successful in creating a personal appeal for employees, for example: FPT Corporation, they always say they are "different", and they have a very different corporate culture it's alluring and partly retaining workers With the economy growing, the stock market has many opportunities to thrive Government and private sector enterprises recognize the stock market as a cheap and effective capital mobilization channel SSI will have more opportunities to grow and they will need a sustainable business and human development strategy to maintain their leading position in the industry Page 46/59 REFERENCES  Andrea M Moscoso Riveros, Ted Shir-Tau Tsai (2011), Career Commitment and Organizational Commitment in for-Profit and nonProfit Sectors Int J Emerg Sci., 1(3), 324-340  Armstrong, M (2006) A Handbook of Human resource Management Practice, Tenth Edition, Kogan Page Publishing, London, , p 264  H Maslow (1943) A Theory of Human Motivation Originally Published in Psychological Review, 50, 370-396  Meyer et al (1991) A three-component conceptualization of organizational commitment Human resource management review  Mobley, William H (1977) Intermediate Linkages in the Relationship between Job Satisfaction and Employee Turnover Journal of Applied Psychology 62(2):237-240  Mowday, Richard T., Lyman W Porter and Richard M Steers (1979) the Measurement of Organizational Commitment Journal of Vocational Behavior 14:224-247  Mueller, Charles W and James L Price (1990) Economic, Psychological, and Sociological Determinants of Voluntary Turnover Journal of Behavioral Economics 19:321-335  Hansson,A.S, and Anderz´en,I.,(2009) Goal clarity as an instrument for improved organizational wellbeing in the Church of Sweden Work, 33,53–58 doi 10.3233/WOR-2009-0843  Sawyer,S.E.,(1992) Goal and process clarity: Specification of multiple constructs of role ambiguity and a structural equation model of their antecedents and consequences Journal of Applied Psychology, 77(2), 130-142  E Shoemaker,M.,(1999) Leadership Practices in Sales Managers Associated with the Self-Efficacy, Role Clarity, and Job Satisfaction of Individual Industrial Salespeople Journal of Personal Selling & Sales Management, XIX(4), 1-19  Smith, C S., & Brannick, M T (1990) A role and expectancy model of participative decision making: A replication and theoretical extension Journal of Organizational Behavior, 11, 91-104  Statt, D (2004) The Routledge Dictionary of Business Management, Third edition, Routledge Publishing, Detroit, p 78 Page 47/59  Tang, T L., & Baldwin, L J S (1996) Distributive and procedural justice as related to satisfaction and commitment SAM Advanced Management Journal, 61, 25-31  Tierney, P., Farmer, S., & Graen, G (1999) An examination of leadership and employee creativity: The relevance of traits and relationships Personnel Psychology, 52, 591 – 620  Chieh-Peng Lin and Mei-Fang Chen (2003), Career Commitment as a Moderator of the Relationships among Procedural Justice, Perceived Organizational Support, Organizational Commitment, and Turnover Intentions Asia Pacific Management Review (2004) 9(3), 519-538  Colquitt, J A., Conlon, D E., Wesson, M J., Porter, C O., & Ng, K Y (2001) Justice at the millennium: A meta-analytic review of 25 years of organizational justice research Journal of Applied Psychology, 86, 425– 445  Cropanzano, R., & Byrne, Z S (2000) Workplace justice and the dilemma of organizational citizenship In M.VanVugt, T Tyler, & A Biel (Eds.), Collective problems in modern society: Dilemmas and solutions (pp 142–161) London: Routledge  Organizational structure & Executive board of SSI (2015) from:  Vision – Mission – Core values of SSI:  SSI and Risk Management System:  Sustainable Development Activities in 2015 of SSI:  Shareholder and Management Information of SSI: Page 48/59 APPENDIX Appendix 1: Survey INTRODUCTION Dear Mr / Ms, My name is Hoang Manh Hung I’m a student of MBA Collaboration Program at Open University Malaysia and Ho Chi Minh City University of Technology I am conducting the research for my thesis My research thesis is about: Career commitment I would like to look for your help by answering the following questionnaire All of your information will be strictly confidentially kept and be solely used for the purpose of my studying Your value time and feedback are extremely useful and meaningful to my fulfillment of my graduation thesis Thank you very much for your very kindly response to this questionnaire It is highly appreciated If you need any information related to this questionnaire, would you please call me at my mobile number 0168.4567.190 or contact with me through my email at Thank you very much! Page 49/59 A Career commitment Please circle the box number to express your level of agreement with the following statement: (1): " strongly agree " (2): " agree " (3): " unsure " (4): " disagree " (5): " strongly disagree " Items denoted with (R) are reverse scored Career commitment questionnaire I like this career too well to give it up If I could it all over again, I would not choose to work in this profession (R) I definitely want a career for myself in this profession If I had all the money I needed without working, I would probably still continue to work in this profession 5 I am disappointed that I ever entered this profession (R) This is the ideal profession for a life's work Page 50/59 B Work-Related Depression, Anxiety and Irritation Please circle the box number to express your level of agreement with the following statement: (1): " never or a little of the time " (2): " some of the time " (3): " no comment " (4): " a good part of the time " (5): " most of the time " Work-Related Depression, Anxiety and Irritation questionnaire I feel sad I feel unhappy I feel depressed I get angry 5 I feel nervous I feel fidgety C Empowerment at Work Scale Please circle the box number to express your level of agreement with the following statement: (1): " strongly disagree " (2): " disagree " (3): " no comment " (4): " agree " (5): " strongly agree " Empowerment at Work Scale questionnaire The work I is very important to me I am self-assured about my capabilities to perform my work activities I can decide on my own how to go about doing my work I have significant influence over what happens in my department 5 5 Page 51/59 D Performance Appraisal System Knowledge Please circle the box number to express your level of agreement with the following statement: (1): " strongly disagree " (2): " disagree " (3): " no comment " (4): " agree " (5): " strongly agree " Performance Appraisal System Knowledge questionnaire I understand the performance appraisal system being used in my agency My supervisor and concur on the meaning of the criteria used in the performance appraisal system I understand the objectives of the present performance appraisal system My employer clearly communicates to me the objectives of the performance appraisal system 5 I know the criteria used by my employer to evaluate my performance Page 52/59 E Procedural Fairness Please circle the box number to express your level of agreement with the following statement: (1): " very unfair " (2): " unfair " (3): " no comment " (4): " fair " (5): " very fair " Procedural Fairness questionnaire Determining the pay for my job Determining pay raises The way performance is reflected in my pay The frequency of pay raises 5 Communicating pay policies and procedures Answering questions about how my pay is determined Gathering information used to evaluate my performance Evaluating my performance Resolving disagreements about my pay Page 53/59 F Personal Information (Optional) Name: ………………………………………… Gender: Male Female Age: Under 24 years old from 24 to 36 years old From 36 to 45 years old above 45 years old Academic degree High school Colleges Degree Bachelor Degree Master Degree Doctoral Degree Working seniority Under year from to years From to years above years Working position Direct employee Office staff Supervisor/Leader Manager Senior Manager Thank you very much! Page 54/59 Appendix 2: Presentation Page 55/59 Page 56/59 Page 57/59 Page 58/59 Page 59/59 ... Fairness (PF), Work-Related Depression, Anxiety and Irritation (WAI), Career commitment (CC) Page 1/59 PART INTRODUCTION About Sai Gon Securities Inc Saigon Securities Inc (SSI) is a leading... LITERATURE REVIEW Definition of Constructs Career commitment (CC) Career commitment is one important parts of organization commitment Therefore, in order to understand the concept of career commitment, ... are more aware of the importance of career commitment Since then the organization can establish a plan, policy organizations to improve career commitment That is the most important significance
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