November 6, 2014 – Hanoi
November 12, 2014 – Ho Chi Minh City

Towers Watson Vietnam released the findings of its 2014 Total Rewards Survey highlighting rewards, benefits and HR policies and practices of the general industry in Vietnam, in seminars held on November 6 in Hanoi and November 12 in Ho Chi Minh City. Towers Watson also announced the launch of the 2015 HR Professional of the Year and HR Team of the Year Awards.

Over 230 attendees comprising HR leaders, HR professionals, business leaders and general managers from leading organisations in Vietnam participated in these events.

Key Takeaways

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Trang Vu – Global Data Services Manager, Vietnam

2014 Total Rewards Surveyfindings by Trang Vu, Global Data Services Manager, Vietnam

This survey looks at salary increases in various industry sectors, focusing on financial services, insurance, pharmaceutical, high tech, and manufacturing. The results of the survey capture the pay practices and trends of these industries at a high level of accurateness. Key findings are:

  • Average salary increase in 2014 is 9.6%, down from 11.7% in 2013.
  • The pharmaceutical industry is the highest in terms of overall salary increases at 11.2%, but at the same time, it has the highest staff turnover rate at 15.9%.
  • The insurance industry is the lowest in pay increases with only 7.2% and ranked high in turnover rate at 13.9%, followed by financial services at 13.6%.
  • As the salary-increase budgets stabilise, companies need to carefully evaluate where to spend their limited funds for the next year. Differentiating between crucial skill talent, high potentials and average performers is becoming more essential than ever to ensure the best use of budget.
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Sean Paul Darilay – Global Data Services Leader, South East Asia

Building a Superior Employment Deal by Sean Paul Darilay, Global Data Services Leader, South East Asia

  • Salary structures must be designed from a “best fit” perspective instead of “best practice”.
  • Diverging views between employers and employees remain as to what it takes to attract and, particularly, to retain talent in 2014.
  • Companies with a highly evolved employment deal are 3 times as likely to report their employees are highly engaged and 1.5 times as likely to report achieving financial performance above their peers.
  • To develop a superior employment deal, companies need to build the fundamentals, focus on the key drivers and leverage the accelerators.
  • Organisations should strengthen their career management programs and create career advancement opportunities for key employees are critical.
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Dinh Viet Lan – RTC Consultant, Vietnam

Delivering Business Results Sustainably by Dinh Viet Lan, RTC Consultant, Vietnam

  • Based on the recent Towers Watson Global Workforce Study, only four in ten employees globally are highly engaged; and the quality of leadership drives sustainable employee engagement.
  • Leaders are key to not just retaining skilled talent but also to unleash high performance.
  • It’s time to equip managers to be effective people leaders and equip leaders to drive transformation and change.
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Huynh Thu Huong – General Director, Vietnam

HR Professional of the Year Award 2015 Launch

The Towers Watson HR Professional of the Year Award is to recognise the contributions of the HR function to the success of an organisation. Besides the individual HR Professional recognition, the 2015 Award also honors the exemplary HR team that helped their organisation achieve or exceed their business goals.

The Individual Winner and Team Winner of this Award will be publicly announced and celebrated at a Towers Watson luncheon event in March 2015 in Ho Chi Minh City.