Develop high quality human resources for banking and financial enterprises enterprises in the industrial revolution trend 4.0

Nội dung text: Develop high quality human resources for banking and financial enterprises enterprises in the industrial revolution trend 4.0

1. DEVELOP HIGH QUALITY HUMAN RESOURCES FOR BANKING AND FINANCIAL ENTERPRISES ENTERPRISES IN THE INDUSTRIAL REVOLUTION TREND 4.0 Dr. Le Dinh Hac Banking University of Ho Chi Minh City Mobile 0919150280 Email: ledinhhac@gmail.com Dr. Luong Van Hai Hanoi Open University Mobile 0903468489 Email: hailv@hou.edu.vn Abstract Human resources in the Banking - Finance industry include those working in enterprises, organizations and agencies in the fields of investment, securities, insurance, tax, customs, State Treasury, and management. fund management, banks, finance companies, remittances, financial leasing companies, finance companies, credit funds, credit card organizations, payment services companies at all angles State management, construction and administration of policies, to businesses, professional associations, training, research, consulting and other non-business units. In the sub-sector of the national economy, banking-finance belongs to the service sector, has developed very rapidly in the past years of innovation, especially in the development trend of the current 4.0 industrial revolution Now, according to that, human resources are constantly increasing both in size and quality. Keywords: high quality, human resources, finance - banking industry, industrial revolution 4.0 1. Introduction International integration, implementation of market access to financial services under the roadmap and commitment to WTO accession, implementation of commitments of the CPTPP and EVFTA agreements, of the ASEAN economic community: AEC; The trend of industrial revolution 4.0, the development of Fintech, the competition in the financial and banking sector in Vietnam is increasingly fierce and exciting, the pressure or opportunities and challenges are growing, not only by international corporations, banks, finance to Vietnam and expanding business activities in Vietnam, but also Vietnamese commercial banks expand, consolidate and acquire, set up networks branches in regional and European 507
2. countries. Therefore, the development of human resources for Vietnam's financial and banking sector to meet the integration requirements is a high quality human resource. So understand what is the high quality human resources in banking - finance. According to the author of the article, it is the person who meets the requirements of the job, is arranged in the banks and financial institutions of Vietnam in a competitive environment, growing integration, the trend of Industrial network 4.0, the development of Fintech. According to the aforementioned understandings, not those who are trained abroad, having international banking experience can be a high quality human resource of Vietnam's banking industry. Because their work is delivered but they cannot complete well or successfully complete because they do not communicate business, cultural, and habitat, do not grasp the laws of administrative and delivery issues. continued in business in Vietnam, lack of Vietnamese practice. The analysis in the following section can further explain that view. Also according to the above interpretation, high quality human resources are not only those who are trained and knowledgeable about banking operations but also knowledgeable about the financial market, insurance market, and public finance. trend of industrial revolution 4.0, the development of Fintech, So the author mentioned here is that high quality human resources in banking - finance. 2. Research Methods The paper uses qualitative research methods, based on data sources and secondary data, documents and reports of a number of commercial banks, a number of organizations and some businesses, conducting analysis, compare, evaluate and draw comments to clarify the situation and propose solutions according to the research objectives of the topic. 3. Research results 3.1. Overview of the current situation of high quality human resources in the banking - finance sector in Vietnam 3.1.1. Regarding the use of personnel for CEO positions For more than 25 years, since 1993 when the US abandoned the embargo on Vietnam and Vietnam, it officially resumed relations with international financial and monetary institutions, many banking and financial corporations, Other financial institutions and financial institutions have come and been in business, operating in Vietnam. Among the quizzes, some foreign banks opened branches, insurance groups in Vietnam, they recruited or brought the General Director, Deputy General Director from abroad, that is overseas Vietnamese to work for the branch. in their country, 508
3. with the expectation that overseas Vietnamese have the international standard of banking management, both understanding the culture, customs and understanding of the Vietnamese market will achieve success. These are Citibank and Bank of America (USA), ING Bank and ABN - AMRO Bank of Netherlands, ANZ Bank of Australia (currently some of these foreign banks have stopped operating in the country). VNBA (2018) Foreign banks using Vietnamese people who have experienced overseas working as the General Director. Ms. Dam Bich Thuy, General Director of ANZ Bank has experienced in Singapore, Mr. Pham Hong Hai - HSBC Vietnam General Director and HSBC Director Hanoi is also Vietnamese. Some other important positions, such as the director, also employ, arrange, or use Vietnamese people who have experienced. It is shown that Vietnamese people have initially met the requirements of high quality according to international and regional standards in the financial and banking sector in financial institutions in Vietnam and in the region. Dam Bich Thuy has also assumed the position of CEO at an ASEAN bank and is currently the Principal of Fulbright University Vietnam. VNBA (2018) At some commercial banks of Vietnam today, such as Commercial and Commercial Joint Stock Commercial Bank and Maritime Commercial Joint Stock Bank have also hired the General Director who is a foreigner with experience in emerging markets and regional markets. Vietnamese people take on. Some other commercial banks, securities companies, insurance companies, investment funds, fund management companies, etc. of Vietnam also use a number of foreign CEO titles, such as: International Joint Stock Commercial Bank, Joint Stock Commercial Bank Maritime, Some commercial banks, securities companies of Vietnam, fund management companies in Vietnam hire foreign consultants in some areas of governance, technology, services, Or run by foreigners. A number of joint-stock commercial banks attract high quality human resources through recruiting people who have worked for joint-venture banks and foreign bank branches in some positions of head of the head office, director of risk management, technology division. VNBA (2018) Many securities companies, investment funds, insurance companies, fund management companies, etc. operating in Vietnam in both domestic and foreign capital have been invited or hired good experts. rich in experience of foreign securities, investment, insurance to work in different positions. Vietinbank (2018) Positioning CEO in many banks, financial institutions, securities, insurance, investment funds, payment service companies using young Vietnamese, well- trained, graduated universities, masters, doctorate in economics, or have worked in 509
4. the finance - banking sector in developed economies, such as the US, UK, Germany, France, Australia have gone through practice, having experience in emerging economies holding the position of General Director, Deputy General Director, block director VCB (2018-2019) 3.1.2. About recruitment Experience in professional work in banks, financial institutions is almost mandatory standards, the first standard for many commercial banks when recruiting in most positions, from professional staff to titles manage. Understanding expertise and experiencing reality is a first standard for recruited human resources. In recent years, most Vietnamese commercial banks have required candidates to have at least 2 - 3 years of experience in the professional field to be recruited. Must have a good university degree for men and good for women, leading public and specialized public schools. This does not distinguish between men or women, distinguishing public or people-founded schools, those who graduated from that type or the other. Because every year, thousands of students graduate in accounting, auditing, finance, currency, banking, insurance, and investment economics. So to save costs for employers, banks, securities companies, insurance companies, they must rely on training results, trust in training institutions to do prequalification work immediately. From the beginning based on diploma and graduation transcript. Despite making such standards, in recent years, each round of receiving recruitment documents of BIDV, Vietcombank, Vietinbank, Techcombank the number of dossiers eligible for receiving is 4 - 8 times higher than the recruitment demand. At a BIDV branch in Hanoi, the recruitment demand is only 23 people, but in the first morning there were 300 qualified people, eligible to apply. At the Joint Stock Commercial Bank for Foreign Trade of Vietnam (VCB), the recruitment of nearly 50 people in the Northern region in May 2017, there were 1,400 people eligible to apply. The number of candidates queuing to apply tueyenr applications at the headquarters of VCB at 198 Tran Quang Khai is nearly 1 km long, the bank has to hire a bodyguard company to ensure order and benefits for the queue of filing profile. Other recruiting sessions of VCB also happened in the same situation. VCB (2018-2019) In Techcombank, after the selection of records, the rate of "fighting" is usually up to 12/1, if it passes this test, the bank will have more training and recruiting time. VCB (2018-2019) In the last 5 years in Vietnamese commercial banks, recruitment has been carried out in 3 steps: recruiting according to the profile and according to the very 510
5. competitive criteria to be accepted as a collaborator, then 3 months of recruitment continue to work on trial work, After 3 months of formal recruitment into signing short-term contracts, if not guaranteed the assigned quotas, after 1 year will be eliminated, while ensuring the target will be officially recruited. On the one hand, it shows that the supply of human resources in the financial and banking sector is very large but there is limited demand and financial institutions have conditions to recruit high-quality human resources for themselves. This market is moving according to the trend of "screening" and rotation, that is, those who cannot stand the pressure, meet the actual work, cannot guarantee the business targets, or not. suitable for them, they apply for leave and transfer to another bank, or get eliminated, terminate the contract, Please give an example, although it has to be restructured in many ways, in 2015, Sacombank recruited more than 2,100 people, in 2016, it recruited about 2,500 people, in order to replace employees who quit their jobs and supplement their staff. Business, 2017 and 2018 also recruit 1,000 people each year. VCB (2018-2019) Refer to the personnel changes in the first 9 months of 2018 of 25 Vietnamese commercial banks selected in the drawing below. Figure 1: Human resource changes in the first 9 months of 2018 of 25 Vietnamese commercial banks 511
6. VNBA (2018): "Report on the assessment of current banking human resources", Vietnam Banking Association, hard copy, internal circulation documents, 12/2018 Refer to the personnel changes in the period 2013-2018 at Vietnam Military Commercial Joint Stock Bank, selected in the drawing below. Figure 2: Average number of employees in the year of MB in the period 2013-2018 MB (2013-2018): "Annual report on human resource changes at MB", Internal Report, MB, Hanoi in January 2019 Regarding the form and interview standards, behavior, thinking, skills in handling work and situation solving skills: In addition to the above two criteria, in order to be able to receive resumes, employers must also meet the formal requirements. Because this is a service industry, dealing directly with a large number of different customers, it is necessary to ensure trust, attraction and closeness. polite to customers. Not only that, but also through interviews, dynamic, flexible, confident, capable of working in groups, advancing, analyzing and predicting, development trend, bearing pressure Of bank employees, securities, insurance, in the future. At Military Commercial Joint Stock Bank, recruitment standards are "strict" so that officials working at the bank must utter if they participate in the entrance exam, they themselves fail! VCB (2018-2019) At Sacombank, priority should be given to selecting candidates in the following order: Qualifications - Qualities - Skills - Forms (appearance, behavior) - Experience in suitable positions. But in general, recruits must meet all four criteria above. VCB (2018-2019) ABBank declared publicly and clearly: always encourage young people who wish to contribute and develop their careers at ABBank and the staff with professional 512
7. qualifications in the field of finance - applied banks to work. work at the bank. VCB (2018-2019) About organizing human resource recruitment exams: many securities companies, insurance companies, banks hire "headhunters: Head Hunter" to objectively and professionally do this job. Participants must pass 3 rounds of pre- qualification: prequalification through lake offices and forms, writing exams and interviews. Vietnam Joint Stock Commercial Bank for Industry and Trade also organizes online examinations on computers and online networks. Contestants know the results immediately and there is no fraud to interfere with the examination, examination and summarizing test scores. VCB (2018-2019) 3.1.3. Regarding the use of human resources: Inexperienced people are recruited by banks, securities companies, financial companies, insurance companies, investment funds, before being assigned specific professional jobs and assigning official responsibilities, almost all must undergo training, short-term training courses organized by the bank, financial institution or enterprise itself. The training content, besides learning about internal and cultural regulations of banks, companies and enterprises, is introduced to the traditional history of banks and enterprises, so it is very important that main professional training, specific job training will be delivered, specific business process guidelines will be taken; responsibilities, obligations and entitlements under labor contracts and under current laws. Vietinbank (2018) Organize retraining for working staff and employees: the main content is new knowledge or new requirements, new requirements, held regularly. Organize the re- examination of officials and employees, evaluate the results of the performance of duties and tasks assigned to KPI criteria. Use the right professional skills, use the right people, the right job. Vietinbank (2018) 3.1.4. About remuneration Most joint-stock commercial banks are willing to agree on certain salaries for some people with professional experience in the field of recruitment. Income is associated with the results of the enforcement of responsibilities, associated with business results. Often commercial banks set a quantitative regime with a distance of 3 levels: the direct profit making, or Front of Office, has the highest income; intermediate level, support, also called Midle of Office, average income level; logistics level, also known as Back of Office, lower income. Income regime is associated with the target of business allocation for branches, transaction offices and each employee. Many commercial banks use KPI criteria to 513
8. assess each department, branch and officer. Currently Vietcombank, Techcombank, VPBank, are being implemented throughout this indicator system. Vietinbank (2018) Income reward regime is associated with marketing results, customer attraction and exploitation results, new contracts are signed, Domestic and foreign travel regime: this form creates a connection on the one hand. bundle of human resources with the bank, on the other hand is also a remuneration regime associated with business results. Salary and salary transfer and other bonuses at the end of the year or the end of the quarter. 3.1.5. Some limitations First, cases of hiring CEOs are foreigners, overseas Vietnamese, or people with international experience are generally effective, but only at a certain limit of efficiency. However, in fact, there are many financial institutions that seem like foreign experts do not bring expectations as originally expected, have not seen anyone stay long in Vietnam and those branches have not seen outstanding success in Viet Nam. Of course, according to the general principle after a 3-5 year term, foreign banks transfer their managers and managers to their branches. Particularly, there are cases where overseas Vietnamese are deputy general directors of a commercial bank that has not left the position for 3 years and returned to foreign countries! Some cases of foreigners and overseas Vietnamese have yet to see the outstanding success in Vietnam of securities companies, insurance companies, finance companies or investment funds. Vietinbank (2018) Secondly, there is a relatively clear fact, whether students graduate with a major in finance, banking, currency, or business administration major of top universities abroad. or a well-known training institution, ranked 100 universities in the world, if employed to work at banks, finance companies, insurance companies, securities companies, Vietnam is not sure to immediately promote efficiency and bring satisfaction to recruiters from the first days of work. But even financial, securities, investment, insurance and banking experts are working for the world's best financial institutions, now employed to key positions and key positions. As an executive manager of financial institutions in general, Vietnamese banks in Vietnam are also hard to adapt to business in a specific environment of Vietnam. The business environment of the finance and banking sector in Vietnam has many different points with foreign countries, so there are successful General Directors abroad but not necessarily appreciated in Vietnam. Thirdly, besides the above-mentioned fact, there is another fact that is a student whether it is a thorough training, how well trained it is in prestigious universities in the country, after graduation. Can not arrange a position of management, whether the 514
9. deputy head of the transaction department, deputy head, or independent undertaking a job, not to mention the position of head, deputy director of the branch, Fourthly, training in Vietnamese universities is still heavy in theory, limited in operation, professional, skill, situation handling The article would like to analyze some schools The following specific case: The first is the University of Hanoi's Foreign Trade. Most Vietnamese commercial banks have actively evaluated the recruitment of graduates of this training facility. The outstanding advantage of Foreign Trade University graduates is agility, flexibility, dynamism, ability to communicate and behave; followed by English proficiency and international payment expertise. It is still clear about the banking profession, it cannot be said to be proficient when compared with students of City Bank University. Ho Chi Minh City and Banking Academy. The reason of the above advantage is that the English training, which is thinking, is the training method, not the professional level in the training process as well as the practical update of the curriculum, discussion content, practical analysis skills. Another factor that is undeniable is that the entrance of the Foreign Trade University has always been the top in the university sector both in terms of Block A and Block D. Vietinbank (2018) The second is the National Economics University, the entrance of specialized admission in Banking - Finance is also an advantage. Then there is the ability to analyze policies, macro, methodical thinking of graduates that is also an outstanding of many recruitment agencies when evaluating the training results of universities. Third is a university training institution in the banking industry. The common advantage that employers recruit about their graduates here is the professional qualifications of banking, the ability to work. Song said that when recruiting banks that cannot be used immediately, they must go through professional training in place and at the bank. Fourth, students of a number of people-founded universities, whose schools have the advantage of deep training in professional skills, have schools, students have dynamic styles, adapt to reality, but generally the Recruitment products cannot be used immediately. So is it high quality human resources, or improving the quality of specialized training in Finance - Banking will be the crystallization of advantages, the combination of superiority of training methods of all universities learn above! We cannot have the ideal human resource and it is difficult to achieve the combined goal. 515
10. 3.1.6. Causes of restrictions 3.1.6.1. About the curriculum In the banking sector, almost any university now uses the textbook of that school. I emphasize the word almost. There are even cases of "plagiarism" of other people's curricula, of which the public stated. There are many textbooks that are "reference" to each other quite "miraculously". A small number of textbooks or books are based on translating, confusing and lengthy materials, long-time bank officials also find it confusing and "horizontal". So far, there is no standard textbook, or at least 3-4 standard textbooks are required for 3-4 subjects on the most essential professional skills, recognized by the specialized curriculum editorial board. But in general, there is a considerable proportion of textbooks with relatively good distance compared to actual banking operations, not updating the current banking knowledge, information and operations of Vietnamese banks, if not saying many parts are still backward, especially some universities outside the banking sector. There is a syllabus with information from the time of implementing two Banking Ordinance and both thinking and interpretation of the old mechanism. There is even a professional curriculum of a university that has too many errors about elementary issues, unnecessary details. Also due to subjective expertise in curriculum compilation, so when designing multiple choice exam questions, many sentences are both obscure and error-prone. There is even a banking expert who said that if they test the questions, getting a score of 5 is very difficult and many sentences they don't know how to answer are correct! We have seen immediately the syllabus of RMIT University in Vietnam, they have updated, compiled, supplemented and completed every year, linking the international issues with the reality of Vietnam, both policies, legal regulations and other practical issues. Vietinbank (2018) 3.1.6.2. About teaching content and subject structure Some subjects are not practical for specialized finance - banking training. There is overlap and overlap between professional subjects. Examples of financial and monetary theory include chapters on interest rates, credit, commercial banks, central banks, exchange rates and foreign exchange, etc. But the same content is also in-house. subjects: commercial banking, international finance, international currency and international payment, Central Bank, 3.1.6.3. About faculty There are many lecturers and lecturers of many universities, although they can be sure about theory, reasoning, but have not updated reality, not close to the reality 516
11. of financial and banking activities. To overcome this situation, there are people- founded universities inviting experts of the Central Bank, the Ministry of Finance and experts of commercial banks, securities companies, the State Securities Commission, and the National Financial Supervision Committee undertaking some chapters or some teaching content, but this method is not commonly implemented. Besides, some experts are busy, so they cannot participate effectively. There are even cases where students of a private university have just graduated for 2-3 years and have just protected the master's thesis but have taught the theory of finance and monetary in the regular university major. finance and banking of the school itself. Or there is someone who has a degree in economics, a degree in economics, a macroeconomics and a political economy, but now also lectures on both Financial and monetary theory and International Finance for mainstream students. University!!!! Young lecturers, who have just graduated, are preaching in professional classes, as well as inadequacies and inefficiencies. Vietinbank (2018) Also about the faculty and teaching staff, the situation of "overload" or "running numbers", less time to study or practical access, also contributes to limiting the training of human resources. High quality force for Vietnamese banking industry. Vietinbank (2018) 3.1.6.4. About teaching methods In recent years there has been an important innovation, especially the top university in the economic sector. But in general, the teaching method of finance and banking in many universities has not had significant changes, discussion, debate and exercises, not much research of the situation. 4. Discussion and conclusion Within the scope of the paper, the author has no conditions to analyze and explain in detail and details of each specific proposal. But the spirit of general solution to the above situation is in overcoming the mentioned limitations: Firstly, it is necessary to associate theory with practice, reasoning with practice, continue to innovate both training methods and content of the curriculum, arrange teaching staff, Secondly, it is necessary to have a specific plan for regular updates on new issues, new operations, in financial and banking activities. First of all, update in case studies, student discussions; Next is to update in the content of teaching and training, updating in the curriculum, if not updated every year, at least every 2 years, need to add new content. case, group discussion, in students. Thirdly, it is necessary to review the contents of the subjects, reduce overlapping, duplication, ensure general subjects and professional subjects. 517
12. Fourthly, it is necessary to strengthen cooperation and exchange of information, materials and discussions between commercial banks and credit institutions with training institutions. On the side of functional units of the Central Bank, commercial banks need to actively invite teachers and scientists at specialized training institutions to participate in scientific research workshops, and actively provide New materials for training institutions, especially professional training materials, foreign survey documents, and seminars should be widely exchanged between training facilities. create and banks. Even training institutions invite practical experts to present research topics, professional subjects, new regulations and policies for students, master students, even teaching staff. young. Should not arrange young lecturers, less practical experience to teach in-service classes for specialized students. Strengthening cooperation of specialized training universities with training and retraining centers of commercial banks. High quality human resources of the banking - finance industry has always been a topic of top priority, researchers and executives really care. This industry is assessed to bring higher income than business premises, but it is accompanied by strict requirements on both capacity, qualifications, working skills and form of integration requirements. In addition, the rate of "fighting" to be recruited by banks and financial institutions is also increasing in the context of supply from specialized and non-specialized schools, while the number of banks, financial institutions have declined again following the policy of the State on restructuring. Therefore, there is a need for real innovation in the training of banking and financial human resources at universities. Reference sources: 1. MB (2013-2018): "Annual report on human resource changes at MB", Internal Report, MB, Hanoi in January 2019 2. -VCB (2018-2019): "Report on assessment of the current status of recruitment and use of human resources in some Vietnamese commercial banks in 2017 and 2018", Vietcombank Training Center, hard copies, internal circulation documents, December / 2017; 12/2018. 3. Vietinbank (2018): "Current status of recruitment and use of human resources in some Vietnamese credit institutions today", Vietinbank training center, hard copy, internal training materials; 12/2018. 4. VNBA (2018): "Report on the assessment of current banking human resources", Vietnam Banking Association, hard copy, internal circulation documents, 12/2018 518