With existing and future free trade agreements, including the ASEAN Economic Community and TPP, Vietnamese firms are expected to have opportunities to expand their market, but on the other hand, they would face challenges, including fiercer competition and a loss of talent.
They should pay more attention to improving their HR strategies to attract and retain talent, Tieu Yen Trinh, General Director of Talentnet Corporation, said.
Businesses should build professional and methodical business strategies, and then define their HR strategy to satisfy those objectives, she said, explaining this would result in proper talent attraction and retention policies.
Firms do not need to hire top talents in all positions, but instead can combine internal promotions with hiring outside talents and outsourcing work, she said.
Le Ba Thong, General Director of TTT Corporation, which specialises in interior decoration, furniture, architecture, said corporate culture also plays a very important in retaining talent.
Edward Foong, General Director of Singapore-based Treino Consulting and Honorary General Secretary of the Singapore Human Resources Institute, said: “In Singapore one of the challenges in HR we always face is we can’t find people. In Vietnam, there is a huge amount of talent. The only shortcoming is your English capability. So I encourage you to work hard, to continue to work on your English.”
With new technological innovations, delegates said, smart use of technology would result in efficient talent management.
Organised by Talentnet Corporation, the panel discussion marked the launch of the second biennial Vietnam HR Awards, which recognise and honour enterprises that have displayed excellence in planning and implementing HR policies, contributing to business efficiency and performance as well as enhancing the quality of their employees’ lives.
Vietnam HR Awards have been adapted from the “Singapore HR Awards” by Talentnet Corporation and given in association with the Labour and Social Affairs newspaper.
All businesses operating in Vietnam for at least three years are encouraged to apply for the awards.
Registration for the biennial awards is open until May 15, and the awards will be presented in September.
Winners would have a chance to participate in the Singapore HR Congress or HR training courses in Singapore organised by the SHRI, Trinh said.
This time more Vietnamese firms are likely to stand a chance since, according to her, the focus will be on small and medium sized ones to help them develop confidence in their HR management.
Do Manh Hung, Deputy Chairman of the National Assembly’s Committee for Social Affairs, hailed the awards, saying the Government is focused on HR development.
When the discussion turned to strategies to expand abroad, Thong said businesses must first achieve a strong foothold in their domestic market before thinking of going overseas.
Simon Wan, Managing Director of Cornerstone International Group, said companies need to understand what they are good at and develop their business based on that.