Factors affecting employee performance in the business recovery process at listed banks in Vietnam

Manh Tien Pham; Hoa Thi Hanh Ha Article Factors affecting employee performance in the business recovery process at listed banks in Vietnam Global Business & Finance Review (GBFR) Provided in Cooperation with: People & Global Business Association (P&GBA), Seoul Suggested Citation: Manh Tien Pham; Hoa Thi Hanh Ha (2024) : Factors affecting employee performance in the business recovery process at listed banks in Vietnam, Global Business & Finance Review (GBFR), ISSN 2384-1648, People & Global Business Association (P&GBA), Seoul, Vol. 29, Iss. 4, pp. 80-95, https://doi.org/10.17549/gbfr.2024.29.4.80 This Version is available at: https://hdl.handle.net/10419/305985 Standard-Nutzungsbedingungen: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden. 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If the documents have been made available under an Open Content Licence (especially Creative Commons Licences), you may exercise further usage rights as specified in the indicated licence. https://creativecommons.org/licenses/by-nc/4.0/ Received: Feb. 23, 2024; Revised: Apr. 3, 2024; Accepted: Apr. 22, 2024 † Corresponding author: Manh Tien Pham E-mail: [email protected] I. Introduction In any situation, human resources always play an important role in helping an organization achieve GLOBAL BUSINESS & FINANCE REVIEW, Volume. 29 Issue. 4 (MAY 2024), 80-95 pISSN 1088-6931 / eISSN 2384-1648 Https://doi.org/10.17549/gbfr.2024.29.4.∣80 ⓒ2024 People and Global Business Association GLOBAL BUSINESS & FINANCE REVIEW www.gbfrjournal.org for financial sustainability and people-centered global business1) Factors Affecting Employee Performance in the Business Recover y Process at Listed Banks in Vietnam Manh Tien Pham a† , Hoa Thi Hanh Ha b aFaculty of Finance, Banking Academy of Vietnam, Hanoi, Vietnam bF14B, International School of Banking Academy, Banking Academy of Vietnam, Hanoi, Vietnam A B S T R A C T Purpose: In recent years, many disruptions have occurred in the Vietnamese economy, which has caused listed banks to suffer many consequences, so listed banks must recognize the factors that promote recovery. Although studies on this issue have been conducted, the amount is quite limited and there is little focus on human resource factors. This empirical study was conducted to demonstrate the factors that affect employee performance and its impact on the recovery of business operations of listed banks. Design/methodology/approach: In this study, the author used questionnaires to collect data from 850 listed bank employees between 15 th August 2023 and 26 th December 2023. This study developed a questionnaire that used measures from many previous empirical studies to build a model to measure the impact of human resources on a company's ability to recover performance, using a five-point Likert-style scale (from 1 level equals to totally disagree; to 5 level equals to totally agree). After collecting data, this study used the SPL Smart application, to find the relationship between the role of human resources and the ability to recover business performance. From that analysis, the author will provide an objective perspective on the role of human resources in promoting the recovery performance of listed banks in Vietnam. Findings: Research results show that performance appraisal variables positively impact employee performance. On the other hand, career development and training and development do not affect employee performance. Finally, the analysis shows that there is a positive relationship between employee performance and business recovery at listed banks. Research limitations/implications: This study shows that human resources play a very important role in the recovery process of Vietnamese listed banks. Learning about the factors that influence employee performance will help banks align their HR strategies with organizational goals, ensuring that the workforce has the right skills and competencies necessary force. This process will help listed banks in Vietnam increase their ability to recover from disruptions and enhance their competitiveness. However, this study still has limitations including sample size and number of independent variables not large enough to show the importance of human resources in the recovery process of listed banks in Vietnam. Originality/value: This study contributes to emphasizing that human resources play an important key in the recovery process for Vietnamese listed banks. From an objective perspective, it provides insights into the role of human resources and factors to improve employee performance in listed banks. Keywords: Listed Banks, Human Resources, Employee performance, Business recovery, Vietnam Copyright: The Author(s). This is an Open Access journal distributed under the terms of the Creative Commons Attribution ⓒ N on-Commercial License (https://creativecommons.org/licenses/by-nc/4.0/) which permits unrestricted non-commercial use, distribution , and reproduction in any medium, provided the original work is properly cited. Manh Tien Pham, Hoa Thi Hanh Ha 81 its goals. Currently, when entering a new period of stability, human resources are always the focus for businesses, especially in business recovery. For businesses to be able to develop sustainably, investment in human resource development becomes necessary for the success of the business (Arora et al., 2020). Other research by Davidescu et al (2020) shows that the labor market is always evolving, and the role of workers is crucial. Employees play an important role in the construction and growth of an organization's human and social resources, as well as the primary source of expertise and support for company recovery. Sustainable HR practices are heavily influenced by levels of performance and work satisfaction; thus, in-depth knowledge of these elements is crucial in the success of any firm. In addition, research in the Jordanian Banking Sector suggests that employee-organizational relationships are key organizational requirements as organizations face globalization, competition, and innovative individuals and others, particularly recovering from the worldwide economic downturn to achieve competitive advantage over others (Mahmoud et al, 2018). Besides, Widakdo (2022) suggests that the survival, maintenance, and development of businesses are all affected by the role of human resources. Additionally, employee performance also plays an important role in the progress or regression of companies' operations. Currently, Vietnam has 40 financial and banking training institutions, including 24 universities (Nguyen et al, 2021). Reality demonstrates that bank personnel can meet the criteria of the banking business with basic training, but the quality of trained human resources remains low, and many students after graduation still have a "gap" in both technical and soft skills. Banks require time to train new staff to satisfy employment criteria. In some specialist industries, recruiting demand is high; for example, numerous commercial banks are currently spending a lot of money to seek foreign professionals for senior management roles, network growth strategies, and risk management. Given the fact that Vietnam's economy is on the way to recovering from the pandemic, it is, even more, emphasized that to recover businesses, it is necessary to have a deep understanding of personnel training practices as well as the role of resource development (Do, 2020). Therefore, this study was conducted to find out the factors affecting employee performance and the role of human resources in the recovery process of listed banks. II. Theoretical Background and Hypotheses A. Performance Appraisal Performance appraisals, the assessment of a worker's job performance over the previous period by one's supervisor, are common practices in almost every firm (Cappelli et al, 2017). Typically, motivationrelated research and theory have concentrated on how performance assessment influences the appraisee's following work behavior; it focuses on what motivates the performance appraisal activities (Landy et al, 2017). Performance evaluation behaviors are essentially a subset of the whole range of role behaviors that organizational members engage in. Organizations are increasingly recognizing the potential central role of performance appraisal in a larger integrated human resource management system (Heywood et al, 2017). Besides, Cappelli et al (2017) also have the same view on performance assessment, they are an essential part of an effort to solve agency problems, motivate employees to act for the benefit of employers, and therefore, are a central practice in the field of management. In addition, researching and checking to improve employee quality right from the beginning will also help businesses recruit quality employees, which will limit problems that will occur during the process work (Kim et al., 2023). According to Takemura et al (2018), to analyze and improve performance that helps the company reach its goals, performance appraisal is a process that involves evaluating an individual's or another GLOBAL BUSINESS & FINANCE REVIEW, Volume. 29 Issue. 4 (MAY 2024), 80-95 82 level of performance. In addition, Weinzimmer et al (1999) also believe that businesses managing and evaluating the quality of employees will have a positive impact on performance. The current study, which influence of performance appraisal on employee motivation and productivity in Turkish, discovered that performance appraisal has a significant effect on employee motivation and productivity (Aydın, 2018). Besides, Dangol (2021) points out that performance appraisal can be considered a method to help improve work performance and motivate employees. Employees can be motivated if their evaluation is based on an accurate and up-to-date job description. This is consistent with the opinions of many other authors who believe that integrated human resource and performance management strategies have a substantial influence on employee engagement and attitudes (Gallardo-Gallardo et al, 2020; Pandita et al, 2018). The following is hypothesized: H1: Performance appraisal has an impact on employee performance B. Career Development Career development combines future training demands with human resource planning (Sugiarti, 2022). From the employee's perspective, career development provides an overview of prospective career options inside the organization and demonstrates the organization's long-term value to its personnel. Besides, a human's professional development, according to Sima et al (2020), is a lifetime process that encompasses maturity and change in childhood, formal vocational education in school, and maturity in adulthood and retirement. In today's employment market, adaptability is becoming increasingly important for career development and success. The concept of career adaptability, which refers to the ability to adjust to changing job-related situations and predict advancement in career development, appears to provide a useful scientific foundation for effective career intervention (Bocciardi et al, 2017). Additionally, Hidayat et al (2019) found that career maturity is not something that happens naturally to everyone; rather, it is accomplished through a sequence of actions that must be completed by an individual in an organized program. Career development programs can help individuals reach career maturity, particularly at the college level. According to Bagdadli et al (2019), the career growth of a business is determined by its goals, staff requirements, profit margins, and career service resources. Although the findings of Napitupulu et al (2017) show that career development has a beneficial direct impact on perceived organizational support, motivation, and affective commitment, but career development has no direct impact on performance. On the contrary, the results revealed that career development and the employee work environment had a significant impact on job motivation and performance. In addition, career growth and work environment have a direct impact on performance (Yusuf Iis et al, 2022). Additionally, Kakui and Hazel (2016) found that career development assists organizations and their workers in developing healthy connections, improving their knowledge, skills, and competencies, and demonstrating improved abilities and competencies when doing duties. McGraw (2014) discovered that the successful implementation of employee career development programs may considerably boost employee talents and performance. Examine how career development might improve employee performance through counseling and assistance, assisting them in developing strategies and resolving problems (Katharina et al, 2020). Previous contributions led to the second theory, which is as follows: H2: Career development influences employee performance C. Training & Development According to Nwali and Moses (2021) to thrive in today's competitive business environment, firms must invest extensively in human resources training Manh Tien Pham, Hoa Thi Hanh Ha 83 and development to stay current on the latest industry business practices from across the world. Moreover, training and development are one way to improve and expand an employee's available skill sets, knowledge, and capacities to meet all of the critical needs of the organization's clients (Nwali et al, 2021). Lee (2018) believes that building common values and standards to encourage employees to learn and improve their skills will be an important basis for improving the quality and services of the organization. Besides, the quality of human resources is an advantage to any firm, so training has become an issue that must be addressed by all organizations (Laing, 2021). The majority of employees believed that training and development were helpful strategies for achieving personal and organizational success. In addition, research by Hoeckesfeld et al (2020) suggests that when faced with an aggressive economic scenario, businesses use Training and Development (T&D) techniques to improve people's performance, develop skills, and pick up new knowledge, increase human capital satisfaction and prepare them to face the challenges and changes that might come their way in the social and work environment. Given the global saturation of services, firms must keep their employees' knowledge and competencies up to date. As economies become more serviceoriented, competition increases and strengthens by leaps and bounds. Therefore, it is critical to develop strategic and appropriate T&D programs (Imran et al, 2015). Several authors contend that improving employee performance and organizational growth requires training and development (Majid et al, 2018; Mardiyah et al, 2019; Zemburuka et al, 2020). Besides, research by Mohammed (2016) shows that employees who have been well-trained and developed are regarded as the cornerstones of success. These results showed that training and development were favorably connected and had a statistically significant association with employee performance and productivity (Mohammed, 2016). According to Ismael et al (2021) feel that training and development might enhance an employee's knowledge and skills, ultimately resulting in enhanced higher efficiency. Karim, Wasib and Choudhury (2019a); Yimam (2022b) consider employee development and training to be essential for enhancing organizational performance and industry attractiveness. It is assumed, based on the preceding discussion, the following hypothesis is proposed. H3: Training and development have an impact on employee performance D. Employee Performance and Business Recovery Employee performance is defined in terms of quantity, quality, timeliness, work presence or participation, the efficiency of finished work, and the efficiency of the completed job (Goffar et al, 2022). According to Bulto et al (2017), an individual's entire evaluation and appraisal of the work environment make up their performance as an employee. Besides, Mastrangelo, Erik, and Steven (2014) underline that organizational performance incorporates individual employees' performance. In this paper, the following staff performance assessment indicators were investigated: task efficiency, work planning, originality and invention, and effort (Mastrangelo et al, 2014). (Kim, 2023) also believes that building high-quality human resources is an effective way for businesses to improve business efficiency. Moreover, to get the most out of employee performance, the company must create a suitable working environment that meets the demands of both individual employees and an organization's managers (Hagos et al, 2018). According to Denyer (2017), the anticipation, planning, response, and adaptation of an organization to unforeseen changes in the environment is called business resilience. It is divided into two main drivers: defensive and progressive, with four approaches: preventive control, conscious action, performance optimization, and adaptive innovation. It has no defined formula, but it is up to leaders to strike a balance between various methods (Denyer, 2017). According to Niemimaa et al (2019), organizations' GLOBAL BUSINESS & FINANCE REVIEW, Volume. 29 Issue. 4 (MAY 2024), 80-95 84 business models nearly completely overlook business recovery solutions, therefore when faced with interruptions, these businesses are on the verge of being seriously impacted, if not bankrupt. This study states that, to develop sustainably, each business must have its business recovery plans tailored to its industry or position. Moreover, following the disruption, many firms may cease to exist since they are no longer able to survive in the new time; nevertheless, business recovery strategies will be able to adapt the way enterprises operated before the pause (CaballeroMorales, 2021). As a result, organizations not only recover from interruptions, but also make significant adjustments to their operational techniques, goods, or services to adapt to market developments. This comprehensive transformation has the potential to help many firms expand and succeed in their respective industries. Workers are the organization's most valuable asset, and the organization's growth, advancement, and success are all dependent on their performance. Employee performance, according to Pradhan et al (2017), encompasses measures such as work quality, quantity, working knowledge, cooperation, dependability, initiative, and competence. Using suitable human resource development approaches to improve employee performance, according to Domsch (2017), can increase emotional commitment to organizational effectiveness. Increasing an individual's knowledge, skills, and competencies to enhance performance, according to Werdhiastutie et al (2020); Krekel, Ward and De Neve (2019), necessitates an effective training and development program that may also raise organizational effectiveness. Besides, AlHamad et al (2022) found that the application of knowledge, skills, and abilities connected to personnel is necessary for many firms to run efficiently. Human resource development technology may increase employee performance and overall organizational efficiency (Mishra, 2017). Human resource development encourages the acquisition of new skills, abilities, and attitudes that impact employee performance to fulfill organizational objectives (Akdere et al, 2020). Additionally, Human resources development initiatives such as training and development, according to Tan and Nasurdin (2011), promote organizational effectiveness by providing employees with essential information, skills, and competencies. The fourth assumption is based on these contributions: H4: Employee performance influences business recovery The proposed model in Figure 1 illustrates the objectives and hypotheses in the given framework III. Research Methodology A. Measures This research developed a questionnaire which uses measures from various previous empirical research to construct the model measuring the impact of human Figure 1. Research model Manh Tien Pham, Hoa Thi Hanh Ha 85 resources on firm performance recovery, using a five-point Likert-style scale (from 1 level equals to totally disagree; to 5 level equals to totally agree). The questionnaire was designed in English and references can be found in Table 1, and then translated into Vietnamese, the native language of respondents. In the next step, the questionnaire was pre-answered by 20 bankers and asked to provide feedback. These responses were used to revise the questionnaire structure, the items of which are presented in Table 1. Constructs Item Reference Performance Appraisal 1Your company provides a written and operational performance appraisal system Mehrez et al (2020), Lin et al (2019), and Cappelli et al (2017) 2 Performance is measured based on objective and quantifiable results 3 Employees are provided performance-based feedback and counselling 4Performance review discussions are conducted with the highest quality and care Career Development 1 Your company provides coaching to enhance your career Yu et al (2019), Albrecht et al (2018), Kim et al (2018) 2 Your company supported your development strategy 3 Your company provided unprejudiced career guidance whenever required 4 Management team assigns tasks which improve your skills Training & Development 1The skills and knowledge related resources that were used in the training program are available for use on the job Hodzic et al (2018), and Rahayu et al (2019) 2The activities of the training program provided meet the needs of the employees 3Employees are sponsored by training programs based on relevant training needs 4Adequate and relevant knowledge and skills are acquired through the training program Employee Performance 1Your job performance has increased as a result of improvement in you learning skills Diamantidis et al (2018), Narayanamurthy et al (2021), Athar et al (2022), and Sudiardhita et al (2018) 2Human Resource Development boosts your learning skills which in turn enhance your performance 3 You are capable of handling your tasks without much supervision 4 You use to complete your tasks on time 5You know you can handle multiple tasks for achieving your company's goals 6 Job rotation in your company facilitates your performance development 7You believe you perform well in your job situation following the restructuring Business Recovery 1 There is a clear mission that gives meaning and direction to your work Denyer (2017), and Ansong (2017) 2Your company has ability to adapt the changing business environment and responding to external environmental factors 3 Your company has ability to maintain stability 4Your company develops human resources according to organizational changes 5 Your company always tries to optimize the resources Table 1. Questionnaire items GLOBAL BUSINESS & FINANCE REVIEW, Volume. 29 Issue. 4 (MAY 2024), 80-95 86 B. Sample and Data Collection To find out the relationship between the roles of human resources and firm performance recovery, this research acquired data from respondents who were working in listed banks in Vietnam. According to Hair et al (2013), when applying the structural equation model (SEM), the sample size should be greater than 300 to have more information and stable results. The author used Google Form to send questionnaires and collect data from 15th August 2023 and 26th December 2023 related to 850 employees of listed banks in Vietnam, including 800 people from Big cities such as Hanoi, Ho Chi Minh, Hai Phong and Quang Ninh (94.1%), and 50 people from others (5.9%) as shown in Table 2. IV. Data Analysis and Results A. Participant Characteristics In this study, 391 male participants responded to the questionnaire, accounting for 46% of the total 850 participants. Next were 383 female employees who responded to the questionnaire, making for about 45% of bank employees conducting the survey. Finally, there are about 9% with 76 employees of a different gender. Besides, Table 2 shows the details of this research article collects information from 850 bank employees of different ages. The age group with the largest number of participants is 36-45 years old, accounting for about 41%. Next are two age groups over 45 years old and 25-35 years old with 196 and 187 employees, making up 24% and 22% respectively. Finally, the group of people under 25 years old had the least number of participating bankers with 119 people. The demographic question included the bank employees' years of work experience. The group of employees with less than 1 year and more than 10 years of experience had the largest number of participants, 255 and 243 people answering the question, respectively. Followed by the group with 1-5 years of experience with 225 people, accounting for about 26.5%. Finally, the number of participants was at least 127 people in the 6-10 years experience group. Demographic Characteristics Frequency % Cities Big Cities (Hanoi, Ho Chi Minh City, Hai Phong, Quang Ninh) 800 94.1 Others 50 5.9 Genders Males 391 46% Females 383 45% Others 76 9% Age <25 years 119 14% 25-35 years 187 22% 36-45 years 348 41% >45 years 196 23% Working Experience < 1 year 255 30% 1-5 years 225 26.5% 6-10 years 127 15% >10 years 243 28.5% Job title Employee 744 87.5% Manager 106 12.5% Table 2. Respondents' demographic characteristics ( n = 850 ) Manh Tien Pham, Hoa Thi Hanh Ha 87 In this survey, more than 87.5% of participants held employee positions at listed banks in Vietnam. In addition, the remaining 12.5% of participants are managers at these banks. Therefore, the results obtained will become objective when including the opinions of managers and employees. B. Reliability and Validity of the Measurement Data was collected using the PLS-SEM method and SmartPLS software version 4.0.9.6, which included the PLS algorithm and bootstrapping approach. The model of measurement was evaluated by calculating the internal consistency, convergent, and discriminant validity of the instrument items. Convergent validity was assessed using factor loadings, Cronbach's , Composite Reliability (CR), α and Average Variance Extracted (AVE) (Hair, 2013) as shown in Table 3. The data show that the constructs of Performance Appraisal, Career Development, Training & Development, Employee Performance, and Business Recovery have outer factor loading values greater than 0,6, which exceeds the 0,5 criterion for acceptable results (Daskalakis et al, 2008). Cronbach's values α ranged from 0,656 to 0,892, while composite reliability ranged from 0,811 to 0.926, indicating acceptable levels more than 0.70 (Hair, 2013). Lastly, the average variance extracted (AVE) values fluctuated between 0.462 to 0.762, exceeding the lowest acceptable AVE threshold of 0.5 (Hair, 2013). Item Outer Loading Cronbach's Alpha CR AVE Performance Appraisal PA1 0.764 0,656 0,795 0,494 PA2 0.770 PA3 0.679 PA4 0.583 Career Development CD1 0.642 0,850 0,902 0,700 CD2 0.904 CD3 0.898 CD4 0.875 Training & Development TD1 0.952 0,892 0,926 0,762 TD2 0.965 TD3 0.881 TD4 0.659 Employee Performance EP1 0.473 0,865 0,904 0,655 EP2 0.447 EP3 0.811 EP4 0.694 EP5 0.742 EP6 0.874 EP7 0.906 Business Recovery BR1 0.667 0,716 0,811 0,462 BR2 0.716 BR3 0.688 BR4 0.702 BR5 0.621 Table 3. Reliability and convergent validity GLOBAL BUSINESS & FINANCE REVIEW, Volume. 29 Issue. 4 (MAY 2024), 80-95 94 Measurement and Theory. London: Routledge. doi: 10.4324/9781315211947 Lee, K. J. (2018). 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