000076847 THE IMPACTS OF CURRENT ECONOMIC CRISIS ON CAREER CHOICES OF THIRD-YEAR STUDENTS AT THE FACULTY OF MANAGEMENT AND TOURISM, HANOI UNIVERSITY TÁC ĐỘNG CỦA KHỦNG HOẢNG KINH TẾ HIỆN NAY ĐẾN LỰA CHỌN NGHỀ NGHIỆP CỦA SINH VIÊN NĂM THỨ BA KHOA QUẢN LÝ V

000076847 THE IMPACTS OF CURRENT ECONOMIC CRISIS ON CAREER CHOICES OF THIRD-YEAR STUDENTS AT THE FACULTY OF MANAGEMENT AND TOURISM, HANOI UNIVERSITY TÁC ĐỘNG CỦA KHỦNG HOẢNG KINH TẾ HIỆN NAY ĐẾN LỰA CHỌN NGHỀ NGHIỆP CỦA SINH VIÊN NĂM THỨ BA KHOA QUẢN LÝ VÀ DU LỊCH, TRƯỜNG ĐẠI HỌC HÀ NỘI

A T h e sis S u b m itted A s A R e q u irem en t F o r T h e D eg ree O f

B a ch elo r o f B u sin ess A d m ỉn istra tio n

THƯ VIỆN ĐẠI HỌC HA HỌ'

H AH O IU N IVER Sim lBM R Y

S u p erv iso r: M s N G Ư Y E N T H I T H A N H H A N G

S tudent: N G U Y E N T R A M Y

S tu d ent ID : 0 9 0 4 000058

2.2 Career choice and the m odel o f career decỉsion making 18 2.2.1 Deỉìnition o f c a r e e r, career choice and the need for career management 18

The im pacts o f c u r r e n t e conom ic crisis o n c a re e r choices of third-year students at 2 0 1 3

the Faculty o f Management and Tourism, Hanoi University

The im pacts o f c u r r e n t econom ic crisis on c a re e r choices of third-year students at 2 0 1 3

the Faculty o f Management and Tourism, Hanoi University

4.1.1 The current sỉtuation o f V ietnam ese labor m arket 34

4.2.1 Students’ perception about the crisis and its effects 41

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The im pacts of c u r r e n t econom ic crisis o n c aree r choices o f third-year students at 2 0 1 3

the Faculty o f Management and Tourism, Hanoi University

LIST O F FIG U R E S

Figure 1: Concepíual fram ework fo r tracing the impacts o f economic crisis onyoungpeople 16

Figure 2: Slages o f career planning and advancement 19

Figure 3: The Greenhaus et al model o f career martagement 20

Figure 4: Career planning model 21

Figure 5: The Holland hexagon 23

Figure 6: Fishbein and Ajzen modeỉ 28

Figure 7; Research modeỉ 28

Figure 8: Key indicators o f the labor market from 2007 - 2009. 55

Figure 9: Unemployment rate by age groups and areas, 2007 - 2009 36

Figure 10: Structure o f employment in Vietnam and other countries in 2008 37

Figure 11: Industries’ dem and 39

Figure 12: Topjobs organizations are likeỉy to hire more in headcounís 40

Figure 13: Assessment o f the current economic siíuation 41

Figure 14: Assessment about whether the economic situation affects students' career p la n 42

Figure 15: Industries cho sen by students 43

Figure 16: Students ’ choices about j o b 45

Figure 17: Changes in students' work/study decisions 48

Figure 18: Students’ preparalions fo r the ýuture 58

Figure 19: Respondertís'plans by m ujor 59

Figure 20: Responses about negative effects o f crisis 61

Figure 21: Frequency o f responses regarding the importance o f valu e 63

Figure 22: Students ’ responses when being asked to rate the item: ‘7 change my decisions because the market trends change " 66

The impacts of c u rre n t e conom ic crisis on c a r e e r choices of third-year students at 2 0 1 3

the Faculty o f Management and Tourism, Hanoi University

L IST 0 F TA B LES

Table 1: Sample o f students mạịoring in Economics in Hanoi ưniversiíy 30

Table 2: Crosstabulation betyveen Mạịor and Job change 44

Table 3: Crosstabutation between mạịors andjob change 47

Table 4: Crosstabulation betyveen Mạịor and the decision o f work/study 49

Table 5: Reliability test fo r alỉ variables 50

Table 6: Hypotheses test results and decisions 53

Table 7 Correlation matrix among variables 54

Table 8: Final results o f hypotheses 55

The im pacts of c u r r e n t econom ic crisis on c a re e r choices of third-year students at 2 0 1 3

the Paculty o f Management and Tourism, Hanoi University

: A c c o u n tin g: A sso c ia tio n o f ch artered c e rtifíe d acco u n tan ts : A sso c ia tio n o f S o u th east A sia N atio n s

: B u sin e ss A d m in istra tio n :E c o n o m ic crisis

: C o lla teralize d d eb t o b l i g a t i o n s

: C h artered P u b lic A c co u n ta n t : C e rtiíie d P u b lic A c co u n ta n t :F in a n c e a n d B an k in g

: T h e F acu lty o f M an a g e m en t a n d T o u rism : G ro ss D o m estic P ro d u ct

: G e n era l S tatistics O íĩic e o f V ie tn a m : In te rn a tio n a l L a b o r O rg a n iz atio n : L a b o r force su rv ey s

: M in istry o f L a b o r, In v alid s a n d S o c ia l A íĩa irs : O v e rse a D e v elo p m e n t In stitu te

: C a re e r’s p e rc e iv e d a ttra ctiv en e ss : P u b lic R elatio n

: R e a listic , In v e stig ativ e, A rtistic , S o c ia l, E n terp risin g ,

C o n v en tio n al : S e lf-e fĩic a c y : C a re e r ch o ice: S m a ll a n d m e d iu m en terp rises : S tatistical P a c k ag e for S o c ia l S cien ces : V alu e

T he im pacts of c u rre n t economic crisis on c a re e r choices of third-year students at 2 0 1 3

the Faculty o f Management and Tourism, Hanoi University

ABSTRACT

In recent years, the w o rd “crisis ” has becom e a com m on term tow a rd everybody as its effects can be fo u n d in every w alk o f life Researches show that am ong a ll victims, it is the yo u th that ỉs a ffected the most, especially in term s o f employment There/ore, this

p a p e r is conducted aim ing at explaining how the current econom ic crisis can injluence third-year students ’ career choices a n d fin d in g out their p la n s to increase the

em ployability in to d a y ’s fìe rc e ỉabor market The data collected through survey and other second ary sources are p ro cessed using descriptive analysis a n d correlation technique,

w hỉch prucỉuces three m ạịor findings Firstly, abuut 50% o f íargeí students express their

w ish to change their ỉntended career p la n s through three yea rs stu dying at university Secondly, the m ạịority o f students (95% ) agree that econom ic crisis do have inỷluence on their ca reer plans Specifically, statistical evidence show s that econom ic crisis h a s a

m edium relationship with c a r e e r ’s p erceived aítractiveness a n d w eakly related to students ’ self-effìcacy, which in turn affect students ’ career choices L ast but not least, in order to cope with the situation, about h a lf o f students participating in the survey choose

to continue their study with the hope o f a better econom ic condition w hen they finish The volatility o f students regarding their ow n /u tu re careers show a n eed f o r better an d more thorough consultancy as w ell as career management.

T he im pacts o f c u r r e n t econom ic crisis on c a r e e r choices of third-year students at 2 0 1 3

the Facu!ty o f Management and Tourism, Hanoi University

S T A T E M E N T O F A U T H O R S H IP

“ E x c e p t w h e re re fe re n ce is m ade in th e te x t o f th e th esis, th is th e sis c o n ta in s n o m aterial

p u b lish e d e lse w h e re o r e x tra cte d in w h o le o r in p art from a th e sis o r a n y o th e r d eg ree o r diplom a

N o o th e r p e rso n ’s w o rk h as been u sed vvithout d u e a c k n o w le d g m e n t in th e m ain te x t o f

The im pacts o f c u r r e n t economic crisis on c a re e r choices o f third-year students at 2 0 1 3

the Faculty o f Management and Tourism, Hanoi University

A C K N O W G E M E N T

T h is re se a rc h paper w o u ld n o t be a b le to c o m e to life i f it w ere n o t fo r sev eral individuals

w h o h a v e g lad ly shared th e ir v alu ab le kno w led g e to g u id e m e th ro u g h th e w h o le p ro cess

o f c o m p le tin g it

F irst a n d íb re m o st, m y h eartfelt g ra titu d e g o es to M s N g u y e n T h i T h an h H an g , m y d irect

su p erv iso r, w h o se ad m irab le u n d e rstan d in g and ex p erien ce h as g iv en m e g u id an ce in each a n d ev ery síep o f th e research p ro c e d u re I am d eep ly m o v e d b y h e r en th u siasm and

d e v o tio n I also w ill be e te m a lly g rateful fo r her p atien ce a n d su p p o rt in th e m ost crucial

p o in t o f m y study

I w ish to ex p ress m y sp ecial th a n k to M s T ra n T h i T h u L an for h e r tim ely and valuable

a d v ic e s reg ard in g hy p o th esis te stin g - a v e ry im p o rtan t p art in m y research

I w o u ld lik e to th an k all teach ers in th e F acu lty o f M an ag em en t a n d T o u rism , w ho have

p ro v id e d m e w ith k n o w ledg e, m eth o d s a n d skills in fo u r y e a r so th a t I c a n co m plete this

th esis sm o oth ly

M y d e e p e st ap p reciatio n g o es to m y fa m ily w ho h as alw ay s been th e so u rces o f m y

m o tiv a tio n a n d in sp iration s E sp ecially , m y sincere th an ks g o to M s N g u y en T h i T h an h

T h u y , m y aunt, w h o se co n stan t and u n fa ilin g su p p o rt h as aid ed m e in ev ery w ay possible

I m u st say a big th an k to B ui H a P h u o n g , F B 09 and V u T h i T h u y D u o n g , B A 0 9 for th eir

a ssistan ts in th e statistical as w ell as te ch n ica l part o f m y research , alo n g w ith the rest o f

m y ííie n d s in o u r sp ecial g ro u p L a st b u t n o t least, to all stu d en ts from B A , FB a n d A C

1 0 w h o h a v e p articipated in m y su rv e y , th a n k y o u v e ry m uch!

The im pacts of c u rre n t econom ic crisis on c a re e r choices of third-year students at 2 0 1 3

the Paculty o f Management and Tourism, Hanoi University

1 IN T R O D U C T IO N

T his sectio n b eg in s w ith g e n eral in ío rm atio n ab ou t th e c u ư e n t eco n o m ic crisis, th e

c h a n g e s in p eo p le’s liv es, esp ecially on career; \vhich serv e as th e b a ck g ro u n đ for íiirther research It is fo!low ed b y th e statem en t o f problem a n d p u rp o se o f th is study and then

p ro ceed s vvith th e e x p e c te d co ntribution

1.1 B a ck g ro u n d o f th e study

V ietn am is cu rren tly o n its w ay to ach iev e International eco n o m ic integ ratio n, w hich is

m a rk e d by several b ila te ra l a n d m u ltilateral ag reem en ts as vvell as m e m b ersh ip o f W orld

T rad e O rg an izatio n (W T O ) in 2007 T h e se efforts h as been reco g n ized glob ally and

g reatly co n trib u ted to V ie tn a m ’s b o o m in g pcriod w ith aro u n d 7.6 % g ro w th in G ross

D o m estic P rod u ct (G D P ) p e r an n u tn d u rin g 2000-2008) H o w ev er, h ard sh ip s also com e alo n g w ith ad v an tag es T h e fa c t th at V ietn am ese eco n o m y is tigh tly tie d w ith others in

th e w o rld m akes it v u ln e ra b le w ith c h an g es o ccu rrin g in o th e r countries

A s a result, V ie tn am ese e c o n o m y c an n o t be o b liv io u s to th e w o rld w id e depression startin g in th e u s in 2 0 0 7 It b e g a n w ith c h ea p h o using lo an s o ffered b y b an k s In stead o f

h o ld in g on th o se lo an s, b a n k s p assed th e m on to o th er ag en cies u n d er the nam e o f

c o llateralized debt o b lig a tio n s (C D O s) O v e r tim e, in terest ra te s started to rise w h ile

m a n y borrovvers re m a in e d o b liv io u s to th e needed in fo rm atio n , w h ich then led to

d efau lts M any m a jo r b a n k s h a d to a n n o u n ce w rite d o w n at th e e n d o f 2007 The crisis reach ed its p e ak w ith th e c o lla p se o f th e w ell-k n o w n , p o w erfù l L eh m an B rothers, o n ly to

fo llo w b y A IG - th e g ia n t in In su ran ce in d u stry (W ing , 20 0 9 ) T h e situ a tio n quickly led

to b a n k in g d iso rd er, th e la ck o f c red it a n d decrease in sto ck v alu e In ev itab ly , not o nly

th e Ư S ’s b u t also th e vvhole w o rld ’s e co n o m y fell into recess w ith o n e c o m m o n d isease -

p u b lic d eb t (N g u y en , 20 1 2 )

The im pacts o f c u r r e n t economic crisis on c a re e r choices o f third-year students at 2 0 1 3

the Faculty o f Management and Tourism, Hanoi University

A lth o u g h V ietn am w as n o t hit d irectly in 2 0 0 7 , from 20 0 8 o n w ard s, th e im pacts o f crisis

on V ietn am ese eco n o m y c an n o t go un n o ticed T he sign o f th e eco n o m ic in V ietnam has

ap p eared in not o n ly nevvspapers w ith in fo rm atio n ab o u t b ad d eb ts, frozen real estate

m ark et, sto ck m a rk e t’s dovvntum , b an k ru p tcy o r eco n o m ic refo rm s b u t it also can be

fo u n d in e v ery c o m e r o f ev ery d ay lives O n L u n ar N e w Y e a r in 2 0 1 3 , sev eral com panies

ía ile d to m ak e p aym en ts for th eir staff, resu ltin g in th e tig h t b u d g e t a n d consequently, the

p o o r sp en d in g o f citizen s M o re th an 55,000 sm all a n d m ed iu m en terp rises ceased

o p e ra tin g last y e a r acc o rd in g to o fficial statistics, a n d u n em p lo y m en t is creeping up (T ran , 2 0 1 3 ) It is e stim ate d th a t a ro u n d o n e m illio n p eo p le h a v e lost th e ir jo b s w ithin

2011 a n d 2012 (E b b ig h au sen , 2012) E ven tho ug h g o v e m m e n t h as introduced m any

so lu tio n s to th e e co n o m ic p ro b lem s, p e o p le rem ain sk ep tical ab o u t th e ir effectiveness

T h e re íb re , it can n o t be d en ied th at V ie tn am eco n om ic crisis h as h e av ily in ílu e n c ed the

so ciety , esp ecially th e lab o r forces B ank ru p tcy , lay o f f are n o t u n co m m o n in to d a y ’s situ atio n and they tak e h e av y to ll on fam ilies w ho rely o n one p e rso n ’s salary to m ake

en d s m eet T h is, in tu m , affects fresh g rad u ates w ho are stru g g lin g to find ju s t any jo b ,

n o t to m en tio n jo b s th a t fit w ith th e ir m ajo rs o r ev en h ig h -p a id jo b s M oreover, the

ex istin g im b alan ce in th e lab o r m ark et also w o rsen s th e situ atio n S tu d en ts w h o rush into

“ p o p u la r” m ạịors su c h as b u sin ess o r fín an ce and b an k in g a re n o w stay in g in a very h ard

p o sitio n as b an k s are h a v in g serio u s p ro b le m s th a t n e ed a to ta l re ío rm C onsequently, sev eral stu d en ts are sh ak en b y th e p o te n tia l o f b ein g jo b le s s a n d th u s, startin g to co n sid er

o th er a lte m ativ es or, in o th er w ord s, to ch an g e th e ừ c aree r p lan s R eg ard less o f the

m eth o d s, alm o st a ll stu d en ts n o w are try in g th e ir h a rd e st to in crease th eir íiitu re

em p lo y ab ility

O verall, th e eco n o m ic crisis is affe ctin g V ietnam ese so ciety in m an y w ays and

u n em p lo y m en t is a n in ev itab le p ro b lem A t th e m o st re c en t m e e tin g o f th e P arliam ent, it

is rep o rted th a t th e situ a tio n h as b e c o m e w o rse a n d w o rse as sev eral in d icato rs are at a

The im pacts o f c u rre n t economic crisis on c a re e r choices o f third-year students at 2 0 1 3

the Faculty o f Management and Tourism, Hanoi University

lo w lev el, so m c even hit th e lo w est level reco rd ed in th e last four y e a r (T hanh, 2013)

T h e re ío re , h o w the lab o r forces w ill tu m out in th e fo llo w in g years rem ain s to be

q u estio n ab le T h ereío re, d u rin g crisis, several p eo p le’s caree rs are affected; so m e ch an g e

th e ir jo b s , so m e try to av oid jo b h u n tin g b y pro lo ng in g th e ir study tim e w hile others do vvhatever it tak es to m ak e th e m m o re d esirab le in e m p lo y e rs' eyes

1 2 S ta tem en t o f th e problem s

T h e c u rre n t situation in th e jo b m ark et p ro v es to b e v e ry co n íu sin g D u e to th e cu rren t crisis, th e n u m b e r o f jo b creatio n is red u cin g , m ak in g it ev en h a rd e r for fresh graduates

th an it w as b eío re, esp ecially stu den ts m ạịo rin g in B u sin ess T h e re ío re , u n d erstan d in g

ab o u t th e real situ atio n in lab o r m ark et and how stu d en ts in tend to c o p e w ith it can b e a

g reat so u rc e o f re íe re n c e for stu d en ts w h o are in th e d e cisio n m ak in g p ro cess to

d e term in e th e ir future m ạ ịo rs in univ ersities

B ecau se alm ost all fourth y e a r stu d en ts h av e already tak en p art in th e jo b -h u n tin g pro cess

as p art o f th e req u irem en ts for g rad u atio n , th ird -y ear stu d en ts are c h o sen as th e re se a rc h ’s

su b jects instead A s th e latter still h a v e o n e m o re y e a r left in th e u n iv ersity , th ey are said

to h a v e m o re tim e to c arry out th e ir p ỉan s th a n th eir sen io r does

T h is leads to th e q u e stio n s ab o u t “ W hat are th e thought o f th ird -y ea r stu d en ts m ajo rin g in

B u sin e ss about crisis and its co n se q u e n ce s? ” , “ Is it tru e th a t stu d en ts are startin g to

ch an g e th e ir career p lans to ad ap t v v ith x e a lity T , W hat are th e facto rs th at in ílu en ce th e ir

d e cisio n m ak in g p ro c e ss? ” , “ D o th ey h a v e any in ten tio n o f c h an g in g o r adding m ore

m ajo r?” , “ D o th ey w an t to p u rsu e h ig h e r ed ucatio n to av o id w o rk in g in crisis o r they

ra th e r start w o rk in g im m ed iately ?” , “ I f th ey w an t to w o rk , w h a t are th e y d o in g to p rep are

fo r th eir jo b h u n ts?”

The im pacts o f c u r r e n t economic crisis on c a r e e r choices of third-year students at 2 0 1 3

the Faculty o f Management and Tourism, Hanoi University

A s in d icated in th e q u estio n s above, th e p urposes o f th is th esis are ĩirstly , to ad d ress the

re la tio n sh ip betw een eco n o m ic crisis and stu d en ts’ career ch o ices; secondly, to ex p lo re stu d en ts’ actio n plan to p rep are th em selv es for th e ũ itu re a n d íin a lly , to su g g est som e

m eth o d s to im prove stu d e n ts' qu ality o f c aree r choices

1.3 R esearch sig n iílc a n c e

T h e re sea rc h serves as a re íe re n c e m aterial fo r u n d erg rad u ates in th e ir d ecisio n m ak in g

a n d p rep aratio n p ro cess in th e íu tu re as w ell as for e d u cato rs to h av e a b etter

u n d e rstan d in g ab o u t stu d e n ts’ stand p o in t, th e ir problem s a n d co n cem s

S p eciíically ,

T o students:

• A n overvievv o f th e c u rre n t situ a tio n in the jo b m ark et

• A statistical a n aly sis ab o u t effe ct o f crisis on stu d en ts’ c aree r ch o ices a n d th e

u n d erly ing reasons

• S u g g estio n s a n d a lte m a tiv e s fo r hovv to raise th e ir em p lo y ab ility

T o educators:

• A re feren ce a b o u t issu es th a t stu d en ts are facing

• S u g g estio n s fo r c aree r m a n ag e m e n t a n d consultancy

The im p acts o f c u r r e n t economic crisis on c a re e r choices of third-year students at 2 0 1 3

the Paculty o f Management and Tourism, Hanoi University

2 L IT E R A T U R E R E V IE W

T h is section p ro v id es in sig h t into th e c au se o f eco n o m ic crisis a n d th e effects it poses

w ith th e focus on th e y o u th A fte r th at, th e re v ie w o f literatu re on career and career

c h o ic e s are presented T h e sectio n ends w ith th eo ries o n c aree r m anag em en t, w hich

su g g ests som e íầ cto rs a íĩe c tin g p e o p le ’s career choices

2.1 O verview o f eco n o m ic crisis

2.1.1 D eỉĩn itio n and ca u se o f econ om ic crisis

A c c o rd in g to O x ío rd d ic tio n a ry 41*1 edn, 2 00 8 crisis is a tim e o f d iííìc u lty , d an g er w hen

p ro b lem s m ust be so lv ed o r im p o rtan t decisions m ust b e m ade A lth o u g h th ere is no

d e íĩn ite ansvver to w h at an e co n o m ic c risis is, m ost p eo p le agree w ith th e exp lan atio n o f a situ a tio n in vvhich an eco n o m y o f a co u n try e x p erien c e a d o w n tu m , w ith appalling

e co n o m ic indicators such as a fa llin g G D P , export, im port, liquidity

W h ile it is p o ssib le fo r eco n o m ic c risis to b e b ro u g h t o n b y m a n y d ifferen t causes, the

m o st serio u s one is id e n tiíĩe d to b e íĩnan cial crisis b ecau se “ c rises are, at a certain level,

e x tre m e m an ifestatio n o f th e in teractio n s betvveen th e íìn a n c ial sec to r and th e real

e co n o m y ” (C laessen s a n d K o se, 2 0 1 3 , p p 3 ) A íin a n c ial crisis is often a n am alg am o f

e v en ts, w h ich in clu d es d ram atic ch an g es in c red it v o lu m e and asset prices, severe

d isru p tio n s in íĩn a n c ial in term ed iatio n , the supply o f ex tem al íĩn a n c in g , large scale

b a lan c e sh e e t pro b lem s, a n d th e n e ed fo r larg e sca le g o v e m m e n t su p p o rt (C laessens and

K o se , 201 3 ) F in an cial c rises are c lassiíie d into fo u r g ro u p s, n am ely : cu rren cy crises,

su d d en stop crises, d e b t c rises a n d b a n k in g crises A lth o u g h h a v in g d ifferen t kinds o f cau ses a n d d e te n n in a n ts, c rises are said to share o n e c o m m o n th em e: th e excessive d eb t acc u m u la tio n as su g g ested b y R ein h art a n d R o g o ff in 2009

The im pacts o f c u r r e n t economic crisis on c a re e r choices of third-year students at 2 0 1 3

the Faculty o f Management and Tourism, Hanoi University

2.1.2 ỉm p lic a tio n s o f eco n o m ic crisis

O nce a crisis occurs; it also triggers th e changes o f sev eral issues a lth o u g h m o st rem ains negative T h o se issues c a n b e divided into tw o sets o f im plications: íin an cial im plications and so cial im plications

Firstly, in term s o f fm an cial im p licatio n s, it is sa id th a t íĩn a n c ia l c rise s h av e large eco n o m ic co sts a n d a re v ery likely to b e follow ed b y recessio n s (C laessen s and K ose, 2012) N o t to m en tio n , in m o st cases, th e recessio ns elic ited by íĩn an cial c rises often cause m u ch d eep er a n d m o re lo n g -lastin g im pacts o n th e eco n o m y th an th e n o rm al ones

as o f b u sin ess cycles T h e íìn an cial re su lts o f a crisis can be o b serv ed in fo u r p articular areas:

• B o th cred it a n d a sse t p rices (e x ch an g e rates, e q u ity a n d house p ric e s) h av e the ten d en cy to d im in ish o r p o ssess a v e ry low grovvth rate in th e tim e o f crises This pro b lem , in tu m , m ay ra ise th e co st o f e q u ity a n d c o n se q u e n tly , d iscourage

co n su m p tio n (Issin g , 2009)

• B an k s and o th e r íin a n c ia l in stitu tio ns m ay h a v e to face w ith th e sh o rta g e o f credit

It is norm al to see th e b an k in g sec to r stru g g le to g e t ex tem al íin a n c in g after

b an k in g c rises d u e to th e ir im p airm en t in len d in g c ap a c ity (K lin g e b ie l, L aeven and

K roszn er, 2 0 0 7 )

• T h e lik elih o o d o f "cred itless reco v eries" is also a th re a te n in g situ a tio n to w arđ b oth

d ev elo ped and d ev elo p in g co u ntries In a c re d itle ss reco v ery , G D P g ro w th ra te is

ab o u t a th ird lo w e r th an d u rin g “ norm al” reco v eries A s a resu lt, it takes m uch

lo n g er tim e fo r o u tp u t to re tu m to tre n d (A biad, D e irA ric c ia , B in Li, 2011)

• A s th e m ark et c o n ta in s v ario u s d isruptions a n d p ro b lem s d u rin g crises, th ey often

su g g est th e n e e d fo r íin a n c ial re fo rm as a w a k e u p c all fo r stre n g th en in g reg io n al

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m o n ito rin g o f fm a n c ial m a rk e ts a n d reg io n al co o rd in a tio n o f financial factor

p o licies (W in k le r, 20 1 2 )

It is easily seen th a t th e íĩn a n c ia l effects o f a crisis a re in c re d ib ly severe, w h ic h is a b le to

d isru p t an e c o n o m y ’s íin a n c ia l sy ste m H o w ev er, fin a n c ial im p acts hardly e v e r g o alone but a re o ften a c c o m p a n ie d b y n u m e ro u s social p ro b le m s T hus, th e seco n d set o f

im p licatio n s - so cia l im p licatio n s, w ill b e re v ie w e d next

Im p acts o f c risis o n so cie ty a re d iv e rse as th e y a p p e a r in ev ery c o m e r o f every d a y ’s lives S o cial im p acts a re o ften m e asu re d b y a w id e ra n g e o f m acro eco n o m ic indicators, esp ecially G D P , c o n su m p tio n , in v e stm en t, in d u strial p ro d u c tio n , em p lo y m en t, exports

a n d im p o rts In th e tim e o f crises, it is ty p ic a l to see th a t m o st m acro eco n o m ic v ariab les

w itn ess sig n ific a n t d e c lin e (C la e sse n s a n d K o se, 2 0 1 2 ) A s a result, th e re often ex ist declin e in p ro d u c tio n , jo b loss; th e d e clin e o f in c o m e as w e ll as w a g es and p u rch asin g povver; th e c h an g e in so cia l sp en d in g ; th e in c re ase in h u n g e r and p o v erty rate; h o u sin g

p ro b lem s; new in v e stm e n t d e fe rra l; th e d e c re a se in in te m a tio n a l tra d e a n d co u n tless o th er issu es w h ich p o se a h u g e a n d lo n g te rm im p a c t o n th e vvhole so ciety (S o m av ia, 2008)

F u rlh erin o re, th e y o u th is sa id to b e a m id st th o se th a t h a v e b e en h it th e h ard cst d u rin g crises as th e ir su ffe rin g s a re so s e v e re a n d lo n g la stin g (M a rcu s a n d G avrilovic, 2010)

F ig u re 1 sh ow s th e c o n c e p tu a l fra m e w o rk d ev elo p e d b y M a rc u s a n d G av rilo v ic to pro v e

th e e ffe c t o f e co n o m ic c risis o n y o u n g p eo p le

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A s e asily seen in th e íig u re , fíve asp ects are id e n tifíe d to b e th e c o n seq u en ces o f

e co n o m ic crises o n th e youth A sid e from p o v e rty th a t c a n be easily e x p lain ed , th e o th er

fo u r are d iscu ssed belo w

• F irstly , th e g re a te s t a n d m o st p o p u la r c o n c e m to y o u n g p eople is em p lo y m en t In

th e tim e o f c risis, th e risk o f u n em p lo y m en t in c re ase s d ra m a tic ally as co m pan ies

th em selv es are s tru g g lin g not to d ism iss too m a n y em p lo y ees A t th is tim e, y o u n g

p e o p le ’s a cc e ss to d e ce n t e m p lo y m e n t is n o t so p ro m isin g A lo n g w ith

en terp rises’ c u ttin g d o w n o n p ro d u c tio n , it is e x p ec te d th a t m a n y jo b attribu tes

su ch as salary , b e n e íit a n d re c ru itm e n t o p p o rtu n ities w ill n o t b e th e sam e as b e ío re crisis, w h ich m ig h t a íĩe c t th e attractiv en ess o f a c a re e r p lan to w ard y o u n g p eo p le

B eliev in g th a t c risis m ay m akes c e rta in caree rs le ss attractiv e, th is research w ill

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H ỉ: There exists a relationship betw een econom ic crisis a n d ca reer's perceived ăttractiveness

Ị* S eco n d ly , th e c h an g es in fam ily in co m e, to g e th e r w ith th e c h an g es in heạlth c are serv ices b u d g et a n d q u ality , g reatly affect y o u n g p e o p le ’s h ealth conditions In

th is p erio d , alth o u g h y o u n g p e o p le !s physical h ealth c a n b e o f g reat c o n ce m , the State o f p e o p le ’s m en tal h ealth c a n n o t be ig n o re d b y a n y m ean s as it directly links

w ith th e ir d ecisio n -m ak in g

• T h ird ly , ab o u t vvell-being and citizen sh ip , M arcu s a n d G a v rilo v ic (20 1 0 )

d iscu ssed th a t c risis can p lay an im p o rtan t ro le in in creasin g d o m estic vio len ce as

w ell as crim e ra te in g eneral, w h ic h p o ses g re a t th reat to y o u n g p e o p le ’s overall

w ell b ein g s and citizenship

• F in ally , in term s o f ed u catio n , it is o b v io u s th a t th e en ro lm e n t rate w ill reduce and

th e d ro p o u t rate o f stu den ts is m o st likely to in crease in th e tim e o f crises w h en

m a n y íam ilie s h a v e to c o p e w ith fm an cially u n stab le conditions

In sh o rt, all asp ects m en tio n e d abo v e p ro v e that c risis h as a d irect im p act on y o u n g

p e o p le ’s future and se e m to p lay a cru cial ro le in th e ir c aree r p ath i f arise W hile crisis

p o ses a g re a t th reat to th e w h o le so ciety , it is th e y o u th th a t seem s to h a v e to face m ore serio u s a n d lastin g effects, w h ich m ay affe ct th eir w h o le lives In fact, eco n o m ic crisis can be co n sid ered as a stressíiil life ev en t to stu d ent in p a rtic u la r a n d p e o p le in general (W e tze r et a l, 2 0 1 1 ), w h ic h can p ro v o k e ch an g es in p e o p le ’s p sy ch o lo g ical State and th e ir

p erso n al h a b it (A n d e rso n , 2010) D ue to th e u n fav o rab le e v e n t o c cu rren c e , p e o p le ’s

p rio rities are su b jected to change to a d a p t w ith th e en v iro n m en t F o r in stan ce, to avoid

u n em p lo ym en t, p eo p le m ay c h o o se to w o rk in areas th a t a re u n related to th e ir m ạịo rs o f stu d y o r ev en a n y jo b s th a t th ey can m a n a g e to find F u rth erm o re, o ften in this State,

“ stab ility ” is p laced as th e m ost im p o rtan t facto rs in c h o o sin g a c aree r ev en th o u g h it m ay

n o t be in o th er circ u m stan c es T h e re íò re , it is b eliev ed th a t eco n o m ic c risis can h av e

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inA uence o v e r p e o p le ’s p rio rities, o r w h a t th ey c o n sid e r im portant A h y p o th esis is

c o n stru cted to test this statem ent:

H2: There exists a relaíionship between econom ic crisis

F u rth erm o re, eco n o m ic crisis is ex pected to affe ct p e o p le ’s self-effícacy S elf-efficacy is

d e íìn e d as an in d iv id u a rs level o f c o n fid e n c e in a n d b e lie ís ab o u t h is/h e r abilities to

su cc e ssfu lly carry out co u rses o f actio n , p e ríò rm g iv en b eh av io rs, acco m p lish given task s, and attain d esired p erfo rm an ce o u tc o m e (B a n d u ra , 1997) T h ere are four sources

ữ o m w h ic h self-effícacy can develo p in c lu d in g p a s t p erfo rm an ce, le a m in g experiences,

//

verbal p ersu asion a n d em o tio n al arousal Ạ m o n g th ese fo u r, eco n o m ic c risis can be

p la ce d u n d er th e c a te g o ry ^ X em otional aro u sal as it p ro d u ces a n x iety , uncertainty, insecurity a n d so m e o th er n eg ativ e p sy ch o lo g ica l states for p eo p le T h ese em otional aro usal can lead to fear and c au se p eo p le to h a v e d o u b t ab o u t th e ir c o m p eten cy (B andura, 1997) T h e re íò re , in o rd e r to te st th e re la tio n sh ip b e tw ee n c risis and stu d e n ts’ level o f self-efficacy , a h y p o th esis is constructed:

H3: There exists a relationship betw een econom ic crisis a n d s tu d e n ts’ level o f self- effìcacy.

2.2 C a reer c h o ic e a n d the m o d el o f c a r e e r d ecisio n m ak in g

2.2.1 D eĩin itio n o f ca reer, c a r e e r ch o ice and th e need fo r career

m a n a g em en t

C a re e r is alw ay s co n sid ered as o n e o f th e m o s t im p o rtan t asp ects in o n e ’s life A cco rd in g

to A m o ld (1 99 7 ), c aree r is d e íin e d as “ th e seq u e n c e o f e m p lo y m e n t-re la ted positions,

ro les, activ ities a n d e x p erien c e s en co u n te re d by a p e rso n ” M an y au th o rs h a v e ag reed on

th is p o in t w h en v ie w in g c aree r as a se q u e n c in g o f a n in d iv id u a rs life, w o rk roles and experience T h e c o n c e p t o f career h as e v o lv e d g reatly o v e r tim e I f in th e p ast, a lifelong

c aree r w as o ften p e rc eiv e d as ideal and so m eh o w b e ca m e a n o rm , in to d a y ’s society, the

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idea o f a stab le c aree r đ o es n o t seem so a sp irin g an y m o re due to th e ch an g e in both

in d iv id u al a n d o rg a n iz atio n ’s p e rsp e c tiv e s (B aru ch , 200 4 ) A s su ch , career choice

b e co m e s a co n stan t decision th a t c a n n o t b e tak en lightly T h e m o d e l in F ig u re 2 shovv

w h en a p erso n need to m ake th e d e c isio n o f c h a n g in g career

B C h a n g e t o d l f f e r e n t c a r e e r

C- C h a n g e

e m p lo y m e n t vvith in s a m e

A s su g g ested in th e m odel, am id st six ste p s in c aree r p lan n in g a n d d e v elo p m en t, a ch an g e

in career can o ccu r in stag e one a n d tw o , w h ich m ean s w h ile p e o p le assess their in tem al

a n d e x te m a l en v iro n m en t (G rin d er, 2 0 1 0 ) C a re e r ch o ices are n o t n e ce ssa ry a b o u tjo b in

p a rtic u la r It can b e th e d ecisio n to w o rk o r n o t to w o rk , to b e in th is in d ustry o r another,

to be in w h a t kinds o f co m p an y o r w o rk in g en v iro n m en t In o th e r w o rd s, career ch o ices

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re fe r to all d ecisio n s related to career th at p e o p le h a v e to m ak e T h e re ĩo re , c aree r choices

c a n be said to occur in m any diíTerent fo rm s a n d stages

C areer cho ices is a p art o f career m a n ag e m e n t w h ic h is th e re a so n w h y w hen people

m ak e d ecisio n s about th eir careers, it is im p o rtan t to h a v e a th o ro u g h a n d com p reh en siv e

v iew ab o u t th eir w h o le career path W h ile it is im p o ssib le to p re d ic t e v en ts th at will hap pen in th e future, career m an ag em en t h a s been e m p h a siz e d as o n e o f th e m ost useíiil

to o ls for in d iv id u als as w ell as o rg an izatio n s to p rep are fo r th e future

2.2.2 T h eory on ca reer m a n a g em en t

In 2000, G reen h au s et al intro d u ced a m o d e l (F ig u re 3) o f c aree r m a n ag e m e n t in w hich

in d ivid u als are seen as th e ones w h o h av e to m ak e a d e cisio n a n d th u s, g o to a process o f

re sea rc h in g and e stab lish in g g oals and stra te g ie s in o rd e r to ach iev e th e ir needs

Iníormation, opportunities, and support from educatiữnal, íamily, vvork and societal institutions

Need to make decision

1

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T o e la b o ra te on th is point, B litz er (2 0 0 9 ) c la riíie d factors th a t in ílu e n c e o n e ’s career

• Conduct actỉve )ob search

• Research employers

• Inter view

Figure 4: Career planning model Source: BIitzer, Florida Atlantic University (2009)

It can b e inferred fro m th e p rev io u s tw o m o d e ls th a t th e re are m an y ía cto rs in ílu en cin g

o n e ’s c aree r d ecisio n s, w h ich w ill be d isc u sse d íu rth e r in th e n ex t section

The im p acts o f c u r r e n t econom ic crisis on c a r e e r choices of third-year students at 2 0 1 3

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Firstly, c aree r d e c isio n s a re d riv en b y b o th in tem al a n d e x te m a l facto rs in w hich

en v iro n m e n t p lay s a c ru c ial role O n e is e x p ec te d to d o re sea rc h ab o u t c a re e r a n d jo b

m a rk e t, w h ich is c alled c a re e r e x p lo ra tio n , to h a v e a th o ro u g h u n d e rsta n d in g ab o u t a

p a rtic u la r caree r W h en re se a rc h in g , sev eral íacto rs h av e to be ta k e n into co n sid eratio n for p e o p le to w o rk o u t a su itab le c a re e r plan G iv en , e a c h in d iv id u al has h is/h er ow n

e x p ec ta tio n s a n d re q u ire m e n t to w a rd c aree r such as jo b s , re c ru itm e n t o pportunities,

w o rk in g e n v iro n m e n t, salary , b e n e fíts, p ro m o tio n o p p o rtu n ities, all o f w h ich act as

c rite ria for h im /h e r to d e c id e o n w h a t to do T h e re íò re , it c a n be said th a t p e o p le ’s interest

is o f g re a t im p o rtan c e to th e ir d e c isio n -m a k ia g , o r in o th e r w o rd s, in th is particular situ atio n , a c a re e r’s p e rc e iv e d a ttra c tiv e n e ss to a p e rso n co n trib u te s to h is/h er fínal

d ecisio n s T o te st th is re la tio n sh ip , a h y p o th e sis is estab lish ed :

H4: There exists a relationship betw een career ’s p erceived attractiveness a n d stụdents ’ career choices.

S eco n d ly , sin ce m a n y s c h o la rs h a v e stu d ied a b o u t c a re e r fro m a psy ch o lo g ical

p e rsp ec tiv e , sev e ra l th e o rie s h a v e b e en d ev elo p e d a ro u n d th is asp ect A m id st those, one

o f the m o st re c o g n iz e d m o d e ls is H ollancT s R IA S E C m odel

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T h e tw o m ain im p licatio n s o f th is m o d el are to id e n tiíy p e o p le ’s p referen ces in

o c cu p a tio n and to đ eterm in e th e “ fit” betw een p e o p le ’s c h o ic e s a n d organization

c h arac te ristic s R IA S E C stan d s fo r s ix categ o ries o f p e o p le as w ell as six w o rk in g

e n v ừ o n m e n ts, in clu đ in g R ealistic, In v e stig ativ e, A rtistic , S o cial, E n terp risin g and

C o n v en tio n al, as c la riíie d in th e m o d e l T h ro u g h th is m o d e l, H o lland show s an

u n d e n iab le relatio n sh ip b etw een p e o p le ’s p erso n alities a n d th e ir c a re e r ch o ices, claim ing

th a t p erso n ality is o n e im p o rtan t ía c to r th a t affects p e o p lẽĩcã rẽ ẽT 3 ẽc n sT D rra n d success

A n o th e r w o rth -co n sid e rin g th eo ry is B ro w n ’s v alu e - b aseđ th e o ry In 1996, B ro w n

a rg u e d th a t “ value is co g n ized re p re se n ta tio n o f n eed s th at, w h e n d ev elo p ed , p rovide stan d a rd s for b eh av io r, o rien t p e o p le to d esired e n d states, and fo rm th e b a sis fo r goal settin g ” (B ro w n , 1996, p p 2 1 1 ) H e e x p la in e d th a t b e ca u se v a lu es dev elo p from th e

re a c tio n b etw een p erso n al c h arac te ristic s a n d ex tem al e x p erien c e s, it in ílu e n c es p e o p le ’s

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b eh av io rs a n d thus, th e y b eco m e th e p rim ary so u rce o f m o tiv a tio n B ro w n introduced

s e v e n p r o p o s i t i o n s t o S t a t e c l e a r l y t h a t v a l u e s p l a y a n i r r e p l a c e a b l e r o l e i n t h e c a r e e r

d e cisio n -m ak in g process T hus, th is re sea rc h w ill a lso te s t th e ap p lic atio n o f this theory

in reality:

H5: There exists a relationship betw een students ’ value a n d their ca reer choices.

A n a d d itio n a l aspect th a t receiv es g re a t a tten tio n fro m re se a rc h e rs is th e relatio n sh ip

b e tw ee n self-efficacy and c aree r c h o ice s A p p aren tly , p e o p le b e lie v e th a t o n e ’s attitude

to w a rd h im s e lf can affect h is/h e r c aree r choices In 1997, B an d u ra stated h is o p in io n in

th is m a tte r, claim in g th at p erceiv ed self-effĩcacy a c te d as p e o p le ’s co re b e lie f o f their ability a n d th e íò u n d a tio n o f h u m a n m o tiv atio n , p e río rm a n c e a cc o m p lish m e n ts, and

em o tio n al w ell-being E sp ecially in th e o ccasio n o f d iíĩic u lty , self-e ffíc ac y can p la y a

d ecisiv e ro le in ch an g in g o n e ’s d irectio n s T his a p p lie s fo r m a n y d iffe re n t d ecisio n s in life, n o t ju s t o nly career A h y p o th e sis can be d e p riv ed fro m th is th eo ry :

H6: There exists a relationship betw een self-effìcacy a n d students ’ ca reer choices.

O n a d ifferen t n o te, K ru m b o ltz (1 9 9 9 ) in tro d u ced th e c o n c e p t o f “ unplanned

h a p g en sla n ce ” T h e th eo ry stresses o n th e ex isten ce o f u n e x p ec te d ev en ts th a t w ill m ost

d efin itely affect o n e’s c aree r p ath a n d su g g ests so m e m e th o d s to h e lp p e o p le tack le such

ev en ts A cco rd in g to h im , a n y u n e x p e c te d o c cu rren c e c a n b e o f g re a t b e n e íit i f p eo p le

k n o w h o w to take ad v an tạ g e o f th e situ a tio n and th ro u g h th a t cre ate th e ir o w n chances In

o rd e r to p e rfo rm su ch ta sk s, fíve k e y tra its are id en tiíied :

• C u rio sity : T h e n e ed to ex p lo re n e w o p p o rtu n ities in any c irc u m stan c es

• P ersisten ce: E xert e ffo rts d e sp ite o b stacles in th e w ay

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• F lexibility: K e ep an o p en m in d , b e ready to ad ap t w ith th e c h a n g in g ideas and

en v iro n m en t

• O p tim ism : K eep a p o sitiv e attitu d e, be open w ith a n y c h a n g e s

• R isk tak in g : T h e re is n o c e rta in ty th a t ta k in g risk w o u ld b rin g o p p o rtu n ities But

o n th e o th er h a n d , th e la ck o f a ctio n w o u ld m o st d e íĩn ite ly re su lt in n o potential event

T his th e o ry a c k n o w le d g e d th e e ffe cts o f ex tem al e n v iro n m e n t on career w h ile at the sam e tim e , p resen t v a lu ab le su g g e stio n s fo r p eo p le in o rd e r to c o p e w ith a n y un exp ected

ev en ts th a t m ay o c c u r a n d e c o n o m ic crisis c a n b e a g o o d ex am p le in reality

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3 R E S E A R C H M E T H O D O L O G Y

T h is sec tio n p resen ts th e e x p lan atio n o f all scie n tiíic m e th o d o lo g ie s u sed to carry out the

re sea rc h In th e th e sis, b o th p rim a ry d ata a n d sec o n d a ry d ata w e re e m p lo y e d for th e

a n aly sis T h ereío re, th e sectio n is d iv id ed in to tw o parts: p rim ary re sea rc h m ethodology,

w h ic h includes th e co n cep tu al fram e w o rk and th e su rv ey in d etail, a n d secondary

re se a rc h m ethodology

3.1 R esearch q u estio n s

In o rd e r to g iv e a n o v erall v iew ab o u t c risis and caree r, th e fo llo w in g q u e stio n s need to

be an sw e re d :

• H o w does th e c u rre n t e c o n o m ic c risis affe ct stu d e n ts’ c h o ic e s o f career?

• A re there a n y re la tio n sh ip s a m o n g eco n o m ic c risis, c a re e r’s perceived attractiv en ess, stu d e n ts’ v a lu e a n d self-efficacy ?

• A re th e re any re la tio n sh ip s am o n g c aree r’s p e r c e i v e d a ttractiv en ess, s t u d e n t s ’

v alu e, self-efficacy and c a re e r ch o ices?

• H o w d o stud en t p e r c e i v e th e ir íu tu re em p lo ỵ ab ility ?

• W hat d o stu d en ts in te n d to d o to ra ise th e ir fu tu re em p lo y ab ility ?

3 2 P rim ary d a ta r ese a rc h m eth o d o lo g y

3.2.1 C o n c e p tu a l fr a m e w o r k and resea rch h y p o th eses

B ase d o n th e literatu re a n d s im ila r w o rk s, three ía cto rs, w h ic h h a v e b e e n pro ved to

d ire c tly a ffe c t career d e cisio n m a k in g , are ch o sen to te s t th e re la tio n sh ip s vvith th e

e c o n o m ic crisis n am ely p e rc e iv e d a ttra c tiv e n ess v a lu e and se lf-e fĩic ac y

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• P erceiv ed attractiv en ess: th is facto r d escrib es th e attractiv en ess o f a c a r e e r

c h o ice w hen e x te m a l en v iro n m e n t ch an g es A n eco n o m ic c risis can be reg ard ed as a n u n e x p ec te d ev en t, w h ic h p o sse sse s g re a t p o w e r o v e r the w hole

so ciety , m ak in g sev eral asp ects ch an g e alo n g its w ay In th is p a rticu lar issue,

a c risis can sh ak e a n en tire eco n o m y , force n u m ero u s co m p an ies to go

b an k ru p t a n d cre ate th o u san d s o f jo b le ss p e o p le C o n seq u en tly , som e certain careers w ill b e m ore a ffe c te d th an others in te rm s o f salạry , b e n e fíts, w orking

h o u rs; w h ic h m ay c a u s e p eo p le to lose in terest in th em In th at p a rticu lar case,

-p eo -p le m ig h t w an t to c o n sid e r o th e r altem ativ es

• V alu e: A s stated in th e p re v io u s section, a p e rs o n ’s y a lu es a re seen as th e

d e term in in g íacto r o f d e c isio n m ak in g p ro c e ss as it sh ap es o n e ’s b eh av io r and attitu d es U n d er d iffic u lt tim e, a p e rs o rrs v alu e can c h an g e as th e y can view

th in g s d ifferen tly fro m b efo re

• S elf-effícacy : S e lf-effic ac y c a n b e d e íĩn e d as ọnẹ^s b e l i e í in h im s e lò This facto r serv es as o n e ’s m o tiv a tio n a n d in cen tiv e to tak e action U n le ss a p erson

b e lie v es th a t h e c a n p ro d u c e d esired o u tc o m e fro m p e ríb rm in g a n action, the lik e lih o o d o f th a t a ctio n h a p p e n in g is low U n d o u b te d ly , o n e ’s self-efficacy is

g reatly in ílu e n c ed b y th e ex tem al en v iro n m e n t W h en a p erson faces

d ifficu lty , it is v ery lik e ly th a t h e loses c o n iĩd e n c e in h im s e lí a n d falls into

d ep ressed

F ro m all th e a rg u m e n t s ta te d ab o v e, it is ratio n al to say th a t crisis h as relatio n sh ip s

w ith all th re e factors

T h e F ish b ein a n d A jz en m o d e l in F ig u re 6 can illu strate th is point

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C u ltu re and enviro n m en t

Personality

Figure 6: Fishbein and Ajzen model Source: Fishbein, Ajzen (1975)

E x tem a l en v iro n m en t can d irectly affe ct a p e rso n ’s v alues, n o rm s, beliefs a n d

in terest, w h ich in tu m h a v e in ílu e n c e o v e r o n e ’s b e h a v io rs o r d ecisio n s

O v erall, the co n cep tu al fram ew o rk o f th e re se a rc h ’s part is as follow :

H4

C areer’s perceived attractiveness

H5

Figure 7: R esearch m o d el

Students’ satisfaction about career choices

S um m ary o f th e h y p o th eses:

H l 0: There is no relationship betw een economic crisis an d c a re e r's p erceived attractiveness.

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H I ị: There exists a relationship between econom ic crisis a n d ca reer's perceived attractiveness.

H 20: The re is no relationship betw een econom ỉc crisis a n d students ’ values.

H 2 t: There exists a relationship between econom ic crisis a n d students ’ values.

H 30: There is no relationship betw een econom ic crisis an d s tu d e n ts' seỉf-effìcacy.

H 3// The re exists a relationshỉp between econom ic crisis an d students ’ seỉf-efficacy.

H 40: There is no relationship betw een c a r e e r ’s p erceived aítractiveness a n d stu d en ts’ career choices.

H 4 ị : There exists a relationship between c a re e r’s p erceived attractiveness a n d students' career choices.

H 50: There is no relationship behveen students ’ value a n d their career choices.

H 5 ị : There exists a relationship betw een students ’ value a n d their career choices.

H 60: There is no relationship betw een self-effìcacy a n d students ’ career choices.

H 6 ị : There exists a relationship between self-efficacy a n d students ’ career choices.

ự

3.2.2 T h e su rvey

A p rim ary so u rc e o f in ío rm a tio n h as b e en co llected to su p p o rt th e re sea rc h fo r this topic

A su rv ey w a s c o n d u c te d w ith th e sam p le size o f ab o u t 2 0 0 p articip an ts w h o are th ird -

y e a r stu d en ts m ajo rin g in B u sin ess, in clu d in g B usiness A d m in istra tio n (B A ), Finance a n d

B an k in g (F B ) and A c c o u n tin g (A C ) at H a N o i U niversity th ro u g h b o th p a p e r and O n lin e

s u r v e y i n t w o w e e k ’ s t i m e

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3 2 2 lT h e su rv ey objectives

T he su rv e y ’s o b jectiv es are:

• T o detect a n y c h an g es in students^’ c aree r d ecisio n s b e ío re and a fte r crisis

• T o ex am in e th e re la tio n sh ip am o n g stu d en ts’ v alu e, self-efficacy a n d career’s perceiv ed a ttra ctiv en e ss to w ard c risis a n d th e ir c aree r choices

• T o explore stu d e n ts’ attitu d e and r e s p o n s e to w ard th e c u rre n t eco n o m ic crisis

3 2 2 2 T h e sa m p lin g

2 0 0 survey q u estio n n aires w ere d istrib u te d to students in th e F acu lty o f M an ag em en t a n d

T ourism (F M T ), H anoi ư n iv e rs ity , u sin g perso n al a d m in istra tio n m eth o d a n d th ere w ere

165 su rv ey s retu m ed O f th e re tu m e d q u estio n n aires, 150 w e re u sab le w hile th e rem aining 16 e ith er w e re left u n an sw ered o r had th e sam e a n sw e r for all item T his presents a resp o nse ra te o f 82.5% a n d a n effective re sp o n se ra te o f 75 % , vvhich is regarded as accep tab le in d o in g re sea rc h (B aru ch , 1999) T h e co n v en ien ce-sam p lin g

m ethod vvas ap p lied in this situ a tio n in o rder to a p p ro a ch th e p articip an ts b ecause it is consideređ an e asy , íle x ib le a n d co st e ffectiv e ap pro ach M oreo ver, th e subịects are readily av ailab le D u e to th e lim ited tim e and b u d g et, th is sam p lin g tech n iq u e is preferable

Table 1: Sam ple 0'students majoring in Business in Hanoi University

Source: Priraary data

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3 2 2 3 T h e q u e stio n n a ir e d esig n

A c o p y o f th e q u e stio n n aire is p ro v id e d in A p p e n d ix 1 T h e q u e stio n n a ire w as d esig n ed

to in c lu d e th ree sectio n s T h e íĩrs t s e c tio n ask s ab o u t re s p o n d e n t’s e v a lu a tio n o f the

c u ư e n t eco n o m ic c risis a n d its effe cts T h e sec o n d s e c tio n c o n ta in s q u e stio n s related to stu d e n ts ’ careetLÌntentions^D ver tim e a n d stu d e n ts ’ a ttitu d e re g a rd in g fiv e v a ria b les (th e

s e v e rity o f th e c u rre n t e c o n o m ic c ris is, c a r e e r s p e rc e iv e d a ttra c tiv e n e ss, th e d eg ree to

w h ic h stu d e n ts’ v alu es c h an g e, stu d e n ts ’ le v e l o f s e lf-e ffic a c y a n d th e e x te n t to w h ic h stu d e n ts ’ c aree r ch o ices ch ang e) T h o s e fív e v a ria b les a re m e a su re d b y a fĩv e p o in t L ikert'scale e th ird sectio n co n sists o f q u e stio n s rela tin g to stu d e n ts ’ p re p a ra tio n s fo r the

ủ itu re a n d th e ir asse ssm e n t o n w h e th e r th e y c a n a c h ie v e it A p ilo t stu d y vvas also

c o n đ u c te d to ev alu ate th e v alid ity o f th e q u e stio n n a ire a n d re le v a n t c h a n g e s w ere m a d e to

re íle c t th e su g g estio n s m ad e b y p a rtic ip a n ts in th e p ilo t study

In th e íĩrst tw o w e ek o f A p ril 2 0 1 3 , q u e stio n n a ire s w e re d e liv e re d to p a rtic ip a n ts th ro u g h

b o t h O n l i n e ( e - m a i l , F a c eb o o k ) a n d f a c e - t o - f a c e m e t h o d s P rim a ry d a t a w e r e c o l l e c t e d

u s in g a survey b ased o n se lf-a d m in iste re d a p p ro a c h in w h ic h th e re se a rc h e r, to g e th e r

w ith th e h elp o f assistan ts, d istrib u te d a n d c o lle c te d th e q u e stio n n a ire s from ứie

re sp o n d en ts T h is q u e stio n n aire a d m in istra tio n a p p ro a c h w a s c h o se n b e c a u s e it is less

e x p e n siv e to m o n ito r a n d re sp o n d en ts a re a ssu re d o f a n o n y m ity a n d p riv a c y ; th u s , th e

q u a lity o f th e survey is im p rov ed (B o w lin g , 20 0 5 )

T h e d ata d eriv ed fro m th e q u e stio n n a ire a re p ro c e ss e d u s in g S ta tistic a l P a c k ag e fo r

S o c ia l S cien ce (S P S S ) v e rsio n 16, w h ic h is a v e ry p o p u la r sy ste m fo r a n a ly z in g data

F irstly , th e co llected d a ta w as e d ite d , c o d e d a n d tre a te d for m issin g v a lu es in n u m e ric al

3 2 3 D ata c o lle ctio n

3.2.4 D ata a n a ly sis

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o rd e r in S P S S In th e c o d in g p ro c e ss, re v e rse c o d in g w as a p p lie d for so m e p a rticu lar

v ariab les to ensure the c o n sisten cy a n d v alid ity o f data T h e n , re lia b ility te st (vvhich w ill

be d iscu ssed in detail in th e n ex t sectio n ) w as u tilized , fo llo w ed by d escrip tiv e statistical

an aly sis a n d S p earm an ’s c o ư e la tio n test

3.2.5 R eliability

M ea su rem en t reliab ility rep re se n ts th e ex ten t to w h ic h m e asu re m e n ts are rep eatab le, o r in

o th e r w o rd s, m easu rem en ts o f in d iv id u als p ro d u ce th e sam e o r sim ila r re su lts o n different

o ccasio n s, o r by d ifferen t o b serv ers, o r b y sim ilar a n d p a ra lle l te s t (N u n n ally , 1978)

W h en in easu rin g any p a rtic u la r attrib u te , th e re m ig h t b e sev eral so u rces o f error

in clu d in g b o th sy stem atic b ias p ro b lem s a n d ran d o m e rro rs A m e asu re m e n t scale is

co n sid ered “ reliab le” o n ly i f th e m e asu re m e n t e rro r is sm all (N u n n a lly , 1978), o r i f th e

s c a le ’s reliab ility eq u als o r su rp a sses a g iv e n level A m o n g sev eral ex istin g m eth o d s to test for reliab ility , o n e o f th e m o st c o m m o n one is in te m a l c o n sisten cy estim ates T he reaso n fo r th e ir p o p u larity is th a t th ey are re a d ily c alc u la te d fro m a sin g le ad m in istratio n

o f a test (H en so n , 20 0 1 ) C o e ííìc ie n t a lp h a (C ro n b a c h ’s a ) is id en tified as the basic

fo rm u la fo r d e term in in g th e re lia b ility b a se d o n in te m a l c o n siste n cy a n d h as been vvidely

u se d b y m a n y research ers u sin g m u ltip le sca le item s T h e a c c e p ta b le c u to ff p o in t is said

to b e 0 7 , w h ich m ean s th a t all attrib u tes are in te m a lly co n sisten t In th is research , a five

p o in t m easu rem en t sca le ran g in g fro m “ S tro n g ly d isag ree ” to “ S tro n g ly agree” is applied for th e v ariab les R eliab ility a n a ly sis fro m S P S S so ftw a re in d ic a tes th a t all item s e ith er

eq u aled o r e x ceed ed th e p o in t o f 0.7 for sca le reliab ility , th u s e n su rin g th e reliab ility o f

th e tool u se d as d isp lay ed in T ab le 5

3 3 S eco n d a ry d a ta resea rch m eth o d o lo g y

A p art fro m th e d ata a n d in íb rm a tio n a c q u ire d fro m th e p rim ary m e th o d , this research

p a p er also d eriv ed m aterials fro m re le v an t, reliab le articles, e -jo u m a ls, re sea rc h w o rk in g

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p ap ers b o o k s, e-b o o k s a n d vvebsites T h e se so u rces o f d ata w ere a p p lie d to d escrib e the

c u rre n t situ atio n o f e co n o m ic crisis, its c a u s e s a n d effe cts, as w ell as th e con d itio n s o f lab o r m a rk e t in V ie tn a m , its c u ư e n t tre n d s a n d g o v e rn m e n t support

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4 R E S U L T S A N D F IN D IN G S

T h is sectio n p re se n ts all th e íìn d in g s d raw n fro m b o th p rim ary and sec o n d a ry data

T h e fírst issue is a d e ep look in th e c u ư e n t situ a tio n o f V ie tn am ese la b o r m ark et and its e x p ec te d tre n d s in th e fiiture T h e sec o n d part is d ed icated fo r th e an aly sis o f stu d e n ts’ c a re e r p la n s in re sp o n se to th e c u rre n t econ o m ic c risis w ith th e effe ct o f

m a jo r; th e ir a ttitu d e and p re p a ratio n s fo r the íiitu re w ill b e a lso c le a rly stated T he

h y p o th e sis te stin g p a rt w ill c o n íĩrm th e v alid ity o f factors a ffe c tin g stu d e n ts’ career

ch o ices

4.1 T h e c u r r e n t situ a tio n in V ietn a m

D u rin g the p e rio d o f 2 0 00 to 2 0 0 7 , th e e m p lo y m e n t g ro w th ra te o f V ietn am

in creased stead ily at th e ra te o f ap p ro x im ately 2.5% p e r y ear, o r eq u iv alen t to 1.06

m illio n p e o p le e a c h y e a r (M O L IS A ) F u rth erm o re, th e u n e m p lo y m e n t rate is

re p o rte d at o n ly a ro u n d 2% , in d ic a tin g a q u ite stab le w o rk in g en v iro n m en t

H o w ev e r, fro in o th e r w o rd s, w h en th e g lo b a l c risis started to take

4.1.1 T h e c u r re n t situ a tio n o f V ietn a m ese la b o r m a rk et

e íĩe c ts o n ^ e co n o m y , m an y in d icato rs o f V ie tn a m e se lab o r force

in c re ase d sig n iíican tly

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Kay ln d lc a to rs o f th e la b o u r market 2007 2009 Parcentage

p o ln t change Labour forc« partlclp a tlon ra t* (15+)

Figure 8: Key indicators o f the labor market from 2007 - 2009

Source: General Statistics O ffìce (GSO, 2010)

It can b e clearly see n th at th e u n e m p lo y m e n t ra te reach ed 2 6 % in 2 0 0 9 , in d icatin g a

6 % in crease in tw o years A m o n g all age g ro u p , th e you th (a g e d 15-24) is said to

h a v e su ffered th e m ost

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T h e sig n iíìc a n t in crease in u n em p lo y m en t rate is resu lted fro m th e slow d o w n o f the

n atio n al e co n o m y d u e to th e g lo b a l crisis S ev eral en terp rises in general and esp ecially sm all a n d m ed iu m en terp rises (S M E s) in p a rtic u la r h ad to cu t dow n on

p ro d u ction a n d re d u c e th e n u m b e r o f em p lo y ees, c re atin g a w id esp read jo b loss

M o reo v er, it h in d e re d th e creatio n o f n ew jo b s as th e íìg u re fell from 1.68 m illio n in

2 0 0 7 to 1.51 m illio n in 2 00 9 (G S O )

In te rm s o f e m p lo y m e n t q u ality , P ierre (20 1 2) h as co n sid ered fo u r factors:

• S tability

P ie ư e a rg u e d th at in V ie tn a m ’s em p lo y m en t stru ctu re, th e p ercen tag e o f

jo b s th a t are g en erally co nsid ered as sec u re , w ag e em p lo y m en t is

re la tiv e ly lo w in c o m p ariso n w ith o th er A S E A N countries

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Indonesia Philippines Thaiỉand Vietnaiĩi* Wage employmenl 32,ố 52.4 432 33.4

Own-account \vorkers 4Ĩ.5 313 31.8 44.7 Unpaid íamily members 122 223 15.8

Figure 10: Structure o f employm ent in Vietnam and other countries in 2008 Sources: International Labor organization (ILO), Labor Force Surveys

(2009)

In th e tim e o f crisis, ev en th e secu rity o f w a g e e m p lo y m e n t d ecreased , as

em p lo y ers p re fe r te m p o rary w o rk ers a n d free lan cers to red u ce the c o st o f

em p lo y m en t

• B en eíits

E v en w ith th e m ost p o p u la r and secu re ty p e o f em p lo y m en t, w age

e m p lo y m en t, th e b e n e íits offered are few , esp ecially w h en the w hole eco n o m y is still stru g g lin g to recover In T e t H o lid ay 2 0 1 3 , sev eral banks

in V ie tn am , w hich p rev io u sly are am o n g th e m o st g e n ero u s em ployers,

h ad to an n o u n ce th a t th e y co u ld not o ffe r any b o n u s fo r em p loy ees d u e to

b ad situ a tio n (T h an h , 2013)

• W o rk in g hours

N ot o n ly u n e m p lo y m e n t rate is in creased d u rin g th e tim e o f crisis but also

th e u n d e re m p lo y m e n t rate A cco rd in g to IL O , th e u n d erem p lo y ed is

d e íĩn e d as “ all em p lo y ed p erso n s w h o d u rin g a sp e c iíĩe d p erio d w o rk less

th an 35 h o u rs a w e ek a n d w ho w ish to w o rk ad ditio n al h o u rs” T he

u n d e re m p lo y m e n t is ev en w o rse th a n u n e m p lo y m e n t as th e statistics

re p o rte d a 2 % in crease fro m 3.5% in 2 0 0 7 to 5 5 % in 2 0 0 9 (G S O ) A m o n g

T he im p a c ts of c u rre n t e conom ic crisis on c a r e e r choices of third-year students at 2 0 1 3

the Pacuity o f Management and Tourism, Hanoi University

th e m o st p o p u la r re a so n s for u n d erem p lo y m en t, jo b re la ted (job loss, factory c lo su re, la ck o f w o rk in g hour) ran k ed th ird w ith 1 2.6%

• Incom e

O b v io u sly , w h en e n te rp ris e s are try in g to su rv iv e in th e tim e o f crisis, all the e x p en ses a re su b ịe c ts to b e cut d ow n, a n d e m p lo y e es’ sala ry is not an exception T h e re are a n n o u n ce m e n t o f salary red u ctio n from ban k s, SM Es

a n d e v e n S t a t e o w n e d c o m p a n i e s (D u y , 2012)

In sh o rt, d u rin g crisis n o t o n ly is th e n u m b e r o f jo b scare b u t th e qu ality o f em p lo y m ẹn t is

a lso b ad ly affecled T h is in a k es sev e ra l careers b eco m e less a ttra ctiv e a n d at the sam e tim e , c au se th e co m p etitio n fo r a d e c e n t j o b to be ev en h a rsh er th an beíore

4.1.2 E x p ected tr e n d s

M an y o rg an izatio n s h a v e p u b lish e d stu d ie s to re íle ct o n the c u ư e n t situ a tio n in 2012 and

g iv e p red ictio n s fo r th e c o m in g y e a rs A cco rd in g to a study c o n d u cted by T o w e r

S w a tso n in 2012, a n u m b e r o f c h a n g e s a re ex pected to tak e p lace, vvhich m ay p o se as

o p p o rtu n itie s and ch allen g e s f o r stu d e n ts w h o a re p lan n ed to g ra d u a te n e x t year T he tre n d s in th re e asp ects a re c o n sid e re d , in c lu d in g in d u stry , jo b a n d lev el o f em ploym ent

• Industry

A m o n g (f09 c o m p a n ie s su rv e y e d , 3 7 % are p o sitiv e ab o u t th e ir b u sin ess prospect

th is y ear đ ẽ sp ite th e c u rre n t e c o n o m ic u n certain ties H o w ever, 2 7 % ex p ect that

th e y w ill b e im p acted n e g a tiv e ly th is year A m o n g th o se 2 7 % , m o st b elo n g to the

m a n u fa ctu rin g in d u stry

In an o th er su rv e y c o n d u c te d b y A n p h ab e, it is rev ealed th a t th e p rom ising