VIETNAM GENERAL CONFEDERATION OF LABOR

TON DUC THANG UNIVERSITY

FACULTY OF BUSINESS ADMINISTRATION

MID-TERM REPORT

Lecturer: HOANG MY PHUONG

Group: 06

Course: Planning, Recruitment and Selection

Class: 01
 HO CHI MINH CITY, 2021

MEMBER LIST OF GROUP 6

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Trần Lê An Nhiên Contents of part 2.2

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 TABLE OF CONTENTS

1. VIETNAM’S MARKET DESCRIPTION.................................................................4

1.1. Labor market of Vietnam......................................................................................4
1.2. Demographics of Vietnam’s market.....................................................................4
1.3. Labor market of insurance industry in Viet Nam..................................................6
2. CURRENT PRACTICE OF THE INSURANCE INDUSTRY IN VIETNAM..........8
2.1. Recruiting advertisement in Insurance industry in Vietnam.................................8
2.2. Selection in Insurance industry in Vietnam..........................................................9
3. JOB ANALYSIS......................................................................................................10
3.1. General introduction about Prudential plc...........................................................10
3.2. General introduction about Prudential Vietnam Finance Company Ltd..............10
3.3. Pruventure Sales Recruitment Manager in Prudential Vietnam..........................11
3.3.1. Job description..........................................................................................11
3.3.2. Job specification.......................................................................................14
3.3.3. Competency of the position......................................................................15
REFERENCE................................................................................................................... 16

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1. VIETNAM’S MARKET DESCRIPTION
1.1. Labor market of Vietnam

In recent years, labor market in Vietnam has change from agriculture to industry.
The percentage of people who work in agriculture field has decreased 1.6% each year in
30 years. They change to work in non-farm enterprises, non-farm households and paid
work. Thus, Vietnam is changing to be an industrial nation.

The labor survey result has reflected that the total labor force of the country is
55.35 million people, of which the labor force in rural areas accounts for 67.4%. The
number of employed workers is 54.25 million people. On average, every year, it has
created jobs for 1.5-1.6 million domestic workers and sent over 100,000 workers to work
abroad under contracts. The unemployment rate is maintained at a low level with about
1.2 million people of working age. In which, male accounted for 48.3% and female
accounted for 51.1%.

1.2. Demographics of Vietnam’s market

In 2020, the working age population in Vietnam amounted to approximately 74.18
million people. In that year, the population of Vietnam was approximately 97 million
people.

Working age population in Vietnam from 2010 to 2020

(in millions)
76
74
72
70
68
66
64
62
60
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

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 Figure 1. Working age population in Vietnam from 2010 to 2020 (in millions)
(Source: statista.com)

Graph of GDP per capita in Vietnam (1985 – 2020)

Labour force participation rates by sex in Vietnam
(2010 - 2019)
84
82
80
78
76
74
72
70
68
66
64
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Female Male

Figure 2. Labour force participation rates by sex in Vietnam (2010 – 2019)

(Sources: Viet Nam’s Labour Force Survey and ILO modelled estimates (2020))

Labour market participation of women is remarkably high in Viet Nam. In 2019,

70.9% of Vietnam’s working-age women were in the labour force. In addition, not only is
the participation of women in Vietnam’s labour market high in absolute terms, but it is so
in comparison to men’s rate as well. The participation gap between men and women in
Vietnam has averaged 9.5 percentage points over the last decade.

Figure 3. GDP per capita in Vietnam

(Source: Solieukinhte.com)

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 Vietnam's GDP per capita (GDP/person) is 2,786 USD/person in 2020. Vietnam's
GDP per capita growth rate will reach 1.98% in 2020, down 71 USD/person compared to
the figure. $2,715/person in 2019.

1.3. Labor market of insurance industry in Viet Nam

Synthesized from the Faculty of Finance, University of Economics Ho Chi Minh
City. Vietnam's insurance market is still growing at a high and stable rate, with more than
20% with 69 businesses (including 31 non-life insurers, 18 life insurers, 18 insurance
brokerage enterprises, 2 reinsurance enterprises) and 1 branch of foreign non-life insurers
are always ready to receive insurance students to work.

After the COVID-19, lots of jobs revenue has decreased except insurance
business. The reason for this phenomenon is people realize that they need some service to
protect them. And insurance is the thing they need. As a result, there is an increase in the
number of people buying insurance. This has made the insurance business cannot manage
all the thing with the number of workers at that time. Therefore, there is an increased in
insurance agents.

2015 2016 2017 2018 2019

Employment (employees and 1.059.6

584.719 603.089 773.541 929.562
agents) 51

Staffs 22.946 23.721 24.086 35.7324 33.427

Total number of individuals agents

1.026.2
(including individual agents belong 561.773 595.040 756.846 899.701
24
to Agency Organization)

Table 1. Employment of insurance industry in Vietnam (2015 – 2019)

(Source: The Ministry of Finance, Vietnam Insurance Market, 2015 - 2019)

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 As of 2019, insurance business has created more than 1 million jobs for people.
According to the data in Table 1, there had been more than 474,932 new employees
working in insurance industry from 2015 to 2019. That means an average of 260 people
enter the job every day. This figure has reflected that Vietnam's insurance industry is
growing and attracting many workers, contributing positively to solve the unemployment
problem for the country's economy.

However, growing quickly in human resource concentrate in the number of

workers just to serve mainly for the distribution system. This has led to another problem
that the company realize workers lack of skills, low effectiveness. And the result for the
quickly growth that shortage of high-quality human resource.

2. CURRENT PRACTICE OF THE INSURANCE INDUSTRY IN

VIETNAM
2.1. Recruiting advertisement in Insurance industry in Vietnam
In the insurance sector, the current state of internal and external recruitment
methods for job vacancies is gradually shaping the most productivity practices to fit
activities of the Insurance industry in the context of e-recruitment. During the COVID-
19, the insurance market in Vietnam had growth, but the number of employees in
Vietnam was still modest. Therefore, HRMs expand recruitment advertisement through
many different methods such as: HR/Insurance networks, orther media, social media,
external agencies, education liaison, etc.

Regarding the external method, in addition to using social networks, insurance

companies cooperate with quality external job boards, which have rich data of candidates
and millions of visits per month and possess a range of high-tech hiring support such as
auto-suggesting potential candidates based on AI, posting highlights, accessing
candidate’s CV data,.. Some popular websites such as Vietnamwork, Indeed, TopCV,
Timviec365, Careerbuilder... trusted by Prudential, AIA, FWD,…

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 Regarding internal methods, HR experts believe that this is one of the top
recruitment methods considered as a HR solution of the insurance industry. Surprisingly,
after a pandemic situation, according to the observations of human resources experts, that
when "accidentally" they applied job rotation and lateral transfer to solve the problem of
shortage of personnel workforce due to the pandemic, it increased the employee’s
performance while they take on larger quantities of tasks. Major insurance corporations
in Vietnam are shaping a common thing that is to focus on employers branding from
within through communication channels. Previously, job vacancies were informed
through printed media along with online media, whereas there has been gradually formed
focusing on investing in online media In the form of webinars, talkshows, programmes,
videos through private groups of Social media Platforms: Linkedin, Facebok, Zalo,
Twitter,…

Large insurance corporations in the Vietnam market tend to apply education

liaison, especially internships. Internship programs for seniors are launched annually for
companies to recruit talents at university, then plan to train and develop specialized skills
lacking in the Insurance Industry like data analysis, risk analysis,…. For example,
Springboard student challenge (Fwd), THE STRIVES (Prudential), Baoviet Life's EB
Ambassadors (Bao Viet) are published annually via their online channels such as
Linkedin, Facebook, Youtube, Career Website company, Ybox (common agency for
internship), University connection.

According to reports by the end of 2019, the total number of students trained in
insurance each year is only about 600 people, while the personnel needs for non-life
insurance alone has reached thousands of people. The number of graduated workforce
only meets about 20% of the needs. However, the number of universities and academies
with majors in professional insurance training is not common and Institute construction is
generally still theoretical. Therefore, many insurance corporations in Vietnam tend to
apply the education liaison trend, especially internships. Through the LEAP method to
train the next management generation, also functional positions like actuarial science,

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bancassurance, medical excellence, data analyst. Some signature programs are launched
such as: Genext Challenge (Generali), Springboard student challenge (Fwd), THE
STRIVES (Prudential), Baoviet Life's EB Ambassadors (Bao Viet).

These LEAP programs focus on advertising on common Online channel for youth:

- Nonprofit development organization club like AIESEC, Amcharm, Next

Management Trainee, Vietnam management trainee by the trainee club, Future
Management Trainee Club (FMT)
- Company Formal Online Platform (Facebook, Linkedin, Website)
- Jobboard: Vietnamwork, Careerbuilder, YBox (common for internship programs)
- University/ University’s Club Email, Website, Fanpage

2.2. Selection in Insurance industry in Vietnam

According to Investment Newspaper, most businesses in the life insurance
industry in Vietnam are opening their doors to a new workforce, including office and
sales personnel in 2020. For example, AIA Nghe An General Agent Office showed that
the number of recruitments at this branch has increased dramatically compared to before
the epidemic, reaching a rate of 200%. In addition, a representative of Hanwha Life
Vietnam also stated that although the epidemic situation affects many industries, the
recruitment demand of the insurance industry is still high to serve the restarted business
activities. Specifically, for the business sector, by the end of May 2020, recruiting new
financial consultants at Hanwha Life Vietnam reached 1,615 people, an increase of more
than 10% compared to the previous month and recruitment demand for the coming time
in both these blocks is expected to increase by about 33% compared to the beginning of
the year.

On the report of the Labor Market Report in the third quarter of 2021 of the Center
for Forecasting Human Needs and Labor Market Information of Ho Chi Minh City, the
insurance industry in particular is accompanied by the finance - credit - banking
industries, accounting for 4.08% of the total human resource demand in the third quarter

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of 2021. In which, the insurance industry focuses on recruiting in the following positions:
Insurance financial advisor and Customer service manager.

According to surveyed businesses, among the main criteria for companies to

recruit employees in the insurance field, the most priority is customer care skills,
communication and adaptability. Most positions in the insurance industry require
applicants to have a bachelor's degree, with a background in actuarial and statistical or
customer service. However, currently, for positions such as insurance officers, companies
only require education at the level of a high school graduate.

Some of the most challenging and unique jobs in the insurance industry, such as
Data analyst, require candidates to understand database/software management and coding
language SQL, Access. That said, insurance job positions also require specific training,
vocational certification, or licensing.

3. JOB ANALYSIS
3.1. General introduction about Prudential plc.
Prudential plc. is a British multinational insurance company headquartered in
London, England. It was founded in London in May 1848 to provide loans to professional
and working people. Prudential Group is one of the world's leading financial groups with
17 million clients in Asia and Africa.

Prudential Group provides life insurance, health insurance, and wealth

management solutions, with a focus on Asia and Africa. The group's mission statement is
to help people achieve the best in life, by making it easier and more affordable for people
to access health care services, as well as providing comprehensive financial solutions.
The Group, which serves more than 17 million customers in Asia and Africa, is listed on
stock exchanges in London, Hong Kong, Singapore and New York.

3.2. General introduction about Prudential Vietnam Finance Company Ltd.

Prudential Vietnam is a member of Prudential Group, the world's leading financial
group headquartered in the United Kingdom with a long history of business, sustainable
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development, commitment to long-term, safe and effective investment. Prudential was
present in Vietnam market in 1995 and officially came into operation in 1999.

 Industry: life insurance business and financial investment.

 Head office: 25th floor, Saigon Trade Center Building, 37 Ton Duc Thang, Ben
Nghe Ward, District 1, Ho Chi Minh City.
 Extensive business system: Prudential has more than 223.000 professional
financial advisors; 360 General Agent Offices, Transaction Offices and Customer
Service Centers in 63 provinces and cities across the country; along with a
network of 8 reputable partner banks and a hospital fee guarantee system at more
than 366 hospitals and clinics.

Prudential is also a pioneer in applying modern technology to simplify processes,

improve customer experience and support the community on their journey to mastering
their own health and life. During its operation, Prudential has been honored to receive a
series of prestigious awards from domestic and international organizations. Besides
business activities, Prudential has always actively carried out social responsibility
activities through projects for the community focusing on 3 areas of Education, Safety
and Healthy Living. Asia Insurance Magazine also awarded Prudential the title of Life
Insurance Company with the best social performance.

3.3. Pruventure Sales Recruitment Manager in Prudential Vietnam

3.3.1. Job description
- Job title: Pruventure Sales Recruitment Manager
Job - Job level: Manager
identification - Employment type: Full-time
- Job Category: Human Resources, Insurance, Sales
Vincom Trade Center, 54A Nguyen Chi Thanh, Lang Thuong Ward,
Location
Dong Da District, Hanoi
What company - 13th salary and performance bonus

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 - 21 annual leave day per year
can offer?
- New laptop for each employee
To deliver this ambitious objective, we need to build-up recruitment
team who have life insurance knowledge, HR academic background
and experience screening and evaluating candidates. Recruitment
Job summary manager will work closely with our recruiters to manage sourcing,
interviewing and employment processes. The incumbent of this job
is responsible for the quantity and quality of Pru-Planner. They also
need to develop and implement recruitment strategies.
Duties and Recruitment:
responsibilities  Develop, implement and update recruitment strategies,
funnels, and procedures
 Work closely with sales and training team to deliver the
recruitment target
 Proactively search, build and diversify the recruitment
sources (internal, job posting, referral, vendor…)
 Plan and coordinate with event team to organize career
fair/networking event
 Qualify candidate using several methods
People Management:
 Train and supervise recruiters to perform recruitment
activities
 Take corrective action with subordinates when performance
needs improvement, provide coaching and support when
necessary
 Encourage high teamwork spirit, build bridges between teams
 Be a role model for subordinates
Operation & Risk Management:

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  Build and maintain the effective relationship within team,
across various levels and functions
 Foresee the conflict and develop various solutions
 Be responsible for the development of the annual functional
budget in collaboration with senior management.
 Ensures that all the business’s recruiting practices comply
with the applicable regulations, both internal and external
Others:
 Actively attend and engage in The PruVenture training
classes
 Lead and encourage new initiatives in a team
 Promote think “Out of the box”
 Other tasks and projects as assigned by managers
- University degree in Business Administration/ Human
Resources/ Economics
- At least five years working experience in Human Resource
preferably in insurance/ banking/ finance/consulting
organizations
Job - Good understanding of insurance market and Financial services
requirements in Vietnam
- Experience of how to plan and tracking recruitment activities;
how to build-up relationship and network with partner
- Foreign language (English)
- High aptitude for research and analysis; growing Talent
- Integrity; customer centricity
Authority of Reports to: Head of Human Resource, CEO
Incumbent
Salary and - Salary: Competitive

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 - Benefits:
 Insurance
 Travel
 Incentive bonus
benefits
 Healthcare
 Training
 Scheme
 Salary review

3.3.2. Job specification

Educational background and professional experience:

 University degree in Business Administration/ Human Resources/ Economics

 At least five years working experience in Human Resource preferably in
insurance/ banking/ finance/consulting organizations
 Foreign language (English)
 Good understanding of insurance market and Financial services in Vietnam

Competencies:

 Experience of how to plan and tracking recruitment activities

 Experience of how to build-up relationship and network with partner
 High aptitude for research and analysis
 Integrity
 Customer Centricity
 Growing Talent

3.3.3. Competency of the position

The position of Pruventure Sales Recruitment Manager requires a lot of
requirements as well as competencies and skills as in part 3.3.2 that the group mentioned

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above. However, here are the 3 most essential and important competencies that our group
thinks this position must have:

Candidates must have employability qualifications. This capacity requires a lot of

soft skills such as communication, psychological analysis of candidates, handling
situations to be able to select and find talents in recruiting, evaluating qualified
candidates by using many different methods. From organizational development, to
implementation and improvement of recruitment strategies, channels and procedures.
Actively searching, building and diversifying recruitment sources (internal, recruitment
news, referrals, suppliers...).

Furthermore, this role requires the ability to manage people. For example,
coaching and supervising recruiters while they conduct recruitment activities. Good
management skills such as delegation and communication are key to creating a positive
working environment, helping to understand employees and promote collective
development. Managers need to overcome and improve the performance of subordinates
when they are not satisfied, as well as provide guidance and support when necessary.
Management skills also include the ability to motivate the spirit to be able to effectively
carry out the responsibility of managing individuals who have been recruited to work,
collaborate highly and develop bridges between groups.

In addition, the candidate must be able to establish and maintain successful

connections within the team, at all levels and roles. The position of a manager requires
creating a good relationship between employees in the department to increase cohesion
and promote work productivity. Thereby creating a friendly and comfortable working
environment for employees. Also, anticipate disagreements and offer alternative solutions
when internal problems arise. Furthermore, the ability to establish and maintain
connections will ensure that all of the enterprise's recruitment efforts are in accordance
with all applicable requirements, both internal and external.

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