After going through all the legal procedures required for the establishment of their business in Vietnam, the next big challenge is the process of recruitment, and dealing with the associated payroll obligations. This is a confusing process as it involves a lot of complicated legal obligations. The strong recommendation to the business is that they should take a careful look at all relevant regulation and engage a professional where appropriate to ensure proper compliance with all laws.
In recent years, Vietnam has become an increasingly attractive place for businesses of all types. The country has a young and dynamic workforce that is continuing to grow up and a fast growing consumer class. In fact, Vietnam’s labor force is growing by more than one million people per year. Currently, the hottest jobs in Vietnam are sales, IT & software, and marketing.
There are a number of important HR trends occurring in Vietnam. While labor costs are still low, wages are steadily rising. Over the past five years, productivity does not come along withthis increase in salaries.
As a nature of force of the workforce in Vietnam, it is natural that there exists some difficulty in finding highly skilled employees. industries such as technology and banking are in great shortage of skills and talent shortages. Being proactive to create their own talent pipeline, many international companies, in partnership with the Vietnamese government, are sponsoring training programs to ensure that there are a growing number of highly skilled employees. Additionally, some companies, such as ANZ, are looking to attract Vietnamese young talents to go back to their home countries for working.
The country’s young employees have new demands and high expectations for their career path in the future. Vietnam is just now experiencing the full advantages of its demographic dividend – where the country will see a massive influx of young people into the workforce over the next few years.
As the country’s workforce has continued to grow there has been a resulting rise in competition within the job market. Companies now have to face the high turnover as employees are often shopping their skills around to other potential employers. It is a common fact that applicants’ work experience mentions a lot of companies over a short period of time.
While accepting high turnover as a cost of doing business in the country, employers in Vietnam still look for methods to increase the amount of time that an employee is willing to spend at a company. First of all, it is the high salary. However money may not be the only factor. Businesses that find ways to build employee loyalty will therefore be exceptionally successful.
Furthermore, dealing with jobs in Vietnam, the employers have to deal with the strong local connection, the transfer of employees (especially women) to different cities or areas meets with difficulties. This is a potential hindrance on a company’s expansion plans as it will definitely have unwanted effects on relocation experienced employees. Thus, finding the right partner to aid in the recruitment process is crucial.
For further information about jobs in vietnam, access to Vietlambank website: http://vieclambank.com