Turnover rate and unfair paying salary and benefit at Tin Nghia petrol joint stock company

Abstract

There are potentially existing problems in Tin Nghia Petrol Company which may reduce the competition edge of organization and harm to its culture. This research was commissioned to examine what problem in the company, the causes leading to problem are and to suggest the validated solutions to deal with problem, which are in line with company’s policy and resources. The main purpose of this thesis is to explore the causes of high turnover rate through the current problems with staffs at Tin Nghia Petrol Company. Method of analysis is combined between validated data and theory-informed which collected through in-depth interview and company survey to explore the causes of problem. The findings of the study revealed that unfair paying salary and benefit tend to play a significant role in turnover intention of staffs. The findings are discussed in details in the research along with some recommendations for the company and management board to increase the level of employee satisfaction and reduce the turnover intention in Tin Nghia Petrol Company. The solutions focus on main cause of unfair paying salary and benefit: Setting up paying salary and benefit based on performance. Build the performance appraisal logic and fairly combine setting up KPIs system with clear job description. Total cost to implement above solutions is approximately 250milion VND. In currently, this cost is really high but it will be strategic objective to 2030, the company aim for investing in human resource