(Luận văn đại học thương mại) cathay life insurance (vietnam) co , ltd

Implementation of project about improving the recruitment quality of Cathay Insurance Company...8 2.1 The importance of human resource recruitment...8 2.2 Human resource recruitment proc

TABLE OF CONTENTS

INTRODUCTIONS 1

1 Overview of Cathay Insurance Company and my project 2

1.1 Overview of Cathay Insurance Company 2

1.1.1 Company overview 2

1.1.2 Organizational structure 4

1.1.3 Financial statements and business results 5

1.2 My project 6

1.2.1 Project context 6

1.2.2 Objective of project 7

1.3 SWOT analysis 8

2 Implementation of project about improving the recruitment quality of Cathay Insurance Company 8

2.1 The importance of human resource recruitment 8

2.2 Human resource recruitment process in the company 9

2.3 Status of improving the recruitment quality of Cathay Insurance Company.11 2.4 Recommendations and duties on improving the recruitment quality of Cathay Insurance Company at Ngoc Khanh Branch 13

2.4.1 Recommendations 13

2.4.2:Implement the project 13

3 Evaluating my project 16

3.1 Mistakes and solutions 16

3.2 Contribution for the company 16

3.3 My project result 17

3.4 Knowledge and experiences gained 17

CASE STUDY 19

CONCLUSION 20

REFERENCES 21

Cathay Life Insurance Vietnam Limited is one of the 500 largest companies inthe world and a Cathay Century Life Assurance Subsidiary jointly established inVietnam by Cathay Financial Holdings

In the Taiwan market, Cathay Life Insurance has achieved excellent businessresults, although it has only been operating for 17 years, but now the company hasoccupied the second market ranked in 2009 It is our honor of the company to receivethe title of Asia’s Best Non-life Insurance Company, demonstrating that Cathay LifeInsurance’s products and services have confirmed position in the international market

The Vietnam’s economic growth rate maintaining high growth and stability

And Taiwanese enterprises have high result in foreign businesses investing inVietnam With these factors, Cathay Life Insurance has set up a Representative Office

in Ho Chi Minh City in December 2007, and also to provide early service toTaiwanese businesses as well as joining the insurance market in Vietnam

1 Overview of Cathay Insurance Company and my project

1.1 Overview of Cathay Insurance Company

1.1.1 Company overview

Full name: Cathay Life Insurance (Vietnam) Co., LtdAbbreviation: Cathay Life

Tax code: 0305365284Head office: 46-48-50 Pham Hong Thai Street, Ben Thanh Ward, District 1,

Ho Chi Minh City

Established: December 2007Phone: (84 -8) 6255 6699Website: https://www.cathay-ins.com.vn

Legal representative: Mr Lee Hsun Yu – Role: Chief Executive Officer

Vietnam's economic growth rate reached 5.32%, maintaining high growth andstability Moreover, Taiwanese enterprises are in the Top 3 foreign businessesinvesting in Vietnam With these factors, Cathay Life Insurance has set up aRepresentative Office in Ho Chi Minh City in December 2007, and also to provideearly service to Taiwanese businesses as well as joining the insurance market inVietnam At the end of 2009, it officially asked the Ministry of Finance to set up a

subsidiary in Vietnam and the company officially came into operation in December2010.

Vision: Continuing to set up branches and offices in other provinces, Cathay

Life will serve more Vietnamese people and strives to expand its internationalization

Mission & Strategy:

The above vision will come true through the following strategies:

+ Focusing on building an excellent sales team

+ Business expansion to employees of Taiwanese companies in Vietnam

+Expand group insurance and bank affiliation insurance by partnering withIndovina Bank and Cathay United Bank (Vietnam) and their clients

+Double the success of the double-action “Insurance + Banking” dual-impactstrategy from Taiwanese Cathay Financial Holdings to become the strongest and mostreliable financial institution in Vietnam

Premium

Claim POS

Business Planning

Actuary

Agency Planning

Agency Admin

Management

Internal Audit Director

IT

Finance &

Accounting Policy Admin Planning Marketing Training V.P

Training Planning

Regional Director

TW Consultant

Service center Training center

Brand Manager

Agency Officer

1.1.3 Financial statements and business results

-Enterprise Cost Management-Other costs

Total accounting profit before fees

Current corporate income tax expense

Profit after tax of enterprise income

450.174.597.373

204.950.596.272

251.269.473.552708.958.278

439.143.731.272

297.057.421.7757.238.328.594

100.957.790.04051.463.5998.885.296.8301.826.859.2356.058.437.595

804.172.596.461

305.942.809.925

397.911.540.3591.318.248.190

552.236.117.843

337.267.729.79315.447.664.510

127.492.354.3592.428.733

152.836.480.63130.071.026.213

122.765.454.418

Source: Cathay Life’s financial report in 2017

It obvious that in the period of 2017, Cathay Life has become more stablestability, constantly striving to rise in business with the outstanding profit and revenue

Insurance market in 2018 is forecast to maintain growth of over 10% and there aremany opportunities for insurance companies to develop revenue and market share

However, there are still limitations in high compensation due to poor management andhigh costs due to unfair competition, which is still the main reason why insurancecompanies are losing money in insurance business Therefore, Cathay Life needs toimproving the quality of customer service, focus more on risk management and costmanagement in the business plan 2018

1.2 My project

1.2.1 Project context

The recruitment process is important for human resource managers to make theright recruitment decisions Recruiting decisions are significant for business strategiesand for organizations because good recruitment will help the organizers get skilledpeople who are suitable for the organization development in the future Goodrecruitment will help the organization reduce the costs of recruiting, retraining, as well

as avoiding the risk of damage during the work implementation Successfulrecruitment ensures that the enterprise has a suitable workforce, creating strength tohelp enterprises overcome all difficulties and challenges in the process of operation Incontrast, unsuccessful recruitment will make the company in ineffective operationbecause the staffing plan is not guaranteed, wasting a lot of time as well as recruitingcosts Candidates will not meet the job requirements, the quality of recruitment willnot be high, time-consuming in the alternative recruitment process Therefore, therecruitment quality is an essential factor that needs to be concerned in the companies

Most of the companies in the world as well as Vietnam have found solutions toimprove the recruitment quality

Nowadays, enterprises in Vietnam still have to face the shortage of high-qualityhuman resources, lack of good management staff and skilled workers Especially forthe insurance industry, which is an important sector in the socio-economy, the humanresources, and human resource recruitment issues need to be focused and continuouslyimproved

As one of the most reputable insurance companies, Cathy Insurance Companyprovides life insurance products and services These are essential services for the highdemand of customers In order to achieve the best quality of products and services, theCathy Insurance company staffs must work actively and efficiently The CathyInsurance company has been aware of the imperative of improving the recruitmentquality The Board of Directors advocates arranging their staff and employees in areasonable way to ensure implement the overall goal The recruitment process hasbeen focused on by the company, but it still has many inadequacies In particular, theCathy Insurance company has many positions and titles, but the recruitment processhas not established in sync In addition, the Cathy Insurance company has not

exploited the sources of recruitment, the notice form of the recruitment is notextensive, and the information provided to candidates is limited The drawback needsfor measures to be taken the higher quality of human resource recruitment in the CathyInsurance company.

1.2.2 Objective of project

A business, or any organization, that has rich financial resources, abundantresources with modern machinery and equipment, attached the high technical science,will also become useless if they do not know how to find and manage human resources

to promote the advantage in their organization To have good staffs and employees, therecruitment is paid attention much Improving the recruitment quality is a challengethat companies have been struggling with for years That’s because, in my opinion it’s

it is not simply impossible to hire workers as before This project was conducted forseveral purposes as below:

+ Presentation of the actual situation of improving the recruitment quality inCathay Insurance Company and have analysis and comments on this situation

+I can recognize and understand the improvement of recruitment quality ingeneral and the quality of human resource in particular at Cathay Insurance Company

The actual improvement of recruitment quality of Cathay Insurance Company isshown, and then I see the strengths and weaknesses that still need to be solved as thepractical basis for the methods The best and most effective solutions are found toboost their recruitment quality to have staffs dedicate and have higher workproductivity for Cathay Insurance Company

+To observe the role of human element especial from the recruitment in theorganization and its importance in achieving organizational objectives; furthermore, tostudy and identify the management activities with the view of making usefulrecommendations for improvement The Cathay Insurance company can save time,costs of recruiting and training new employees Labor productivity, labor efficiencywill increase that is the platform to increase profitability To gain the result that thegood staffs will have the coherence with Cathay Insurance Company; besides, thereputation of the company will spread out and they will get more contacts andcooperation

+The theme “Improving the recruitment quality of Cathay Insurance Company”

is comprehended clearly.Throughout this thesis, besides reinforcing the knowledgelearned in the school, I want to apply the theory to practice through the recruitment ofthe Cathay Insurance company From then on, I would like to contribute some of myknowledge to improve the recruitment quality at the brand of the company

1.3 SWOT analysis

Strengths

In terms of scale, the number of human resources, staff force, and insurance agents increased continuously

The company's recruiting process based

on scientifically methods to select the right employee

Opportunities

The high growth of the economy and the source of FDI capital contributed to the increase in non-life insurance revenue

The increase of life insurance demand

Vietnam insurance market is considered

to be hightly potential and will have outstanding growth in the next 20 years

2.1 The importance of human resource recruitment

It is obvious that human resource recruitment decisive to the success of everybusiness Therefore, there are three factors to assess the effectiveness of therecruitment process as below:

 For businesses

Provide for the business an employee team with skilled, dynamic, innovativeand complementary workforce that is consistent with the business requirements of thebusiness.

Help the company to achieve the best business objectives, help businessessuccessfully accomplish business plans by finding a qualified person to do the job,thereby improving business performance, team development, the dynamics of business

in the context of globalization

The quality of human resource recruitment will create sustainablecompetitiveness for the enterprise, contribute to the input of human resources,determine the quality, capacity, and meet the requirements of personnel of thebusiness

 For employeesHelp employees in the business better understand the philosophy, the views ofthe management

Creates the competitive atmosphere, the spirit of competition within theemployees of the enterprise, thereby improving business efficiency

 For socio-economicHelps to achieve the socio-economic goals of workers who have jobs, earnincome, reduce social burdens such as unemployment and other social evils

At the same time, the recruitment of human resources also helps to utilize theresources of the society in the most useful way

2.2 Human resource recruitment process in the company

To do well in the human resource recruitment, the company must have ascientific and reasonable recruitment process Each enterprise can build its ownrecruitment process depending on the characteristics of each type of job However, theprocess of recruiting in Cathay Life is carried out through the basic steps as follows:

And shorten the steps specified below:

Identify job vacancies

Organizing the examination

In particular, recruited candidates will spend at least two rounds and amaximum of four rounds of interviews (in case of further discussion with applicantsabout positions or benefits).

Contest subjects include basic skills (English and Computer); personality tests;

written assignment or presentation; interview about the experience and practical ability

to meet the job requirements stated in the job advertisement In addition, newcandidate will receive a trial plan with specific criteria and time to complete in the firsttwo months

Finally, the new staff will be participating in the integration training program atCathay Life Insurance Vietnam; to guide how to use modern systems and tools; thesystem of planning and reporting the results of the work, the participation in thetraining courses and practical training etc from 1 month to a maximum of 12 monthsunder the direct guidance of professional trainers and experienced managers

2.3 Status of improving the recruitment quality of Cathay Insurance Company

After 10 years of operation in Vietnam, the company has ceaselessly improvedand grown in terms of scale and quality of products and services In the scale, thenumber of consultants reached to 2000 people helps the company achieve impressivebusiness results Over the past three years, Cathay Insurance company has increasedowner's equity, demonstrating a long-term commitment to the Vietnamese market

With the reduction in interest rates and legal requirements, the Company has reducedthe provision interest rate and increased the provision fund to ensure futurebenefits.The productivity and labor efficiency of Cathay Insurance's staff are quitegood

The company has had plans to make good use of the controllable anduncontrollable recruiting sources and organize to learn from mistakes for experienceafter each recruitment times to get the better result for the next recruitment

The recruitment is conducted rigorously, clearly and detailed in theresponsibilities and rights of the individuals and sections of the interview as well as theobligations and rights of the employees in the company The company always bases onthe job description in details, identifying redundant or missing jobs in each department

to determine the recruitment criteria So the company makes timely decisions with