Vietnam’s Labor Force Is Growing. Here’s What They Need And Want At Work

We’re nearly through the first half of 2022. Compared to how Vietnam struggled with skyrocketing COVID-19 cases and the start of the severe lockdown this time last year, 2022 has so far been about recovery and rebuilding.

This also means that businesses that were forced to shut their doors last year have now restarted operations. And as companies actively recruit new employees, data from Vietnam’s General Statistics Office show that the country’s labor force has grown to 51.2 million people in the first four months of 2022, higher than last year’s 50.5 million headcounts. Nearly 20% of Vietnamese workers are involved in the service sector, 16.7% are in industry and construction, and 13.9% are in agriculture, forestry, and fishing.

Along with this positive growth — and the drop in unemployment rate, from 3.22% to 2.46% — Vietnamese workers are pillars of the economic growth; thus, the need to safeguard them and provide a favorable environment that promotes efficiency and engagement, whichever industry they belong to.

With Labor Day marked globally today, recognizing workers' contributions to economic and social development and acknowledging their rights, Vietcetera lists down what Vietnamese workers and job seekers want from their jobs based on comprehensive research by YouGov and Grove HR.

Compensation for extra work and flexible work time

Asking an employee to work overtime? It’s necessary for employers to know that compensation for extra work boosts employee morale and encourages productivity. Along with flexibility in work arrangements, reasonable compensation for employees’ extra work is the central pillar of the work-life balance.

YouGov and Grove HR’s ‘What Vietnamese candidates want in 2022’ research revealed that 69.7% of Vietnamese employees don’t mind working overtime if they are compensated properly and accurately. A good 54% stick to the ‘no work’ rule after work hours and on weekends.

Meanwhile, 60.3% said having a more flexible working time — like being allowed to work remotely — is a way to save finance and energy for employees.

Health security

Vietnamese people have become more aware of the importance of good health after the COVID-19 pandemic hit. This is especially true among employees who have to commute to work and face people every day. With the coronavirus still posing a great health risk, 94.7% of employees are now more concerned about their personal health.

Companies offering impressive health and wellness benefits are more likely to retain their best talents and attract new employees. From the research, most people (51.8%) prefer running to keep themselves healthy. More than 49% said team sports, such as football and badminton, are effective ways to inspire a healthier lifestyle and build employee engagement. Yoga and gym also come close to 45% and 40%, respectively.

Year-end bonus

Giving employees a handsome year-end bonus during Tet (Vietnamese Lunar New Year) is a long-standing trend in the country’s growing workforce. Though not legally required, these bonuses are typically offered to employees that have worked for a company for more than one year. More often than not, it’s a game-changer.

Bonuses attached to the job are undoubtedly big scores for workers and prospective employees. A 13th-month salary is considered the most attractive benefit, with 69% of employees saying they’d go for jobs that offer such. It even outweighs health insurance (60%), extra paid leave days (53%), and KPI bonus (50%).

Optimal job security

At a time of uncertainty, employees need to know that the company they’re working for can give them security. Employees consider long-established and financially-stable companies (82%), regular salary raise (77.4%), and high retention rate and low staff turnover (72.8%) as major influencing factors that define job security.

These figures are evidently higher compared to YouGov and Grove HR’s 2021 research, considering how the previous monthslong lockdown in major Vietnamese cities drove company closures and retrenchments.

Positive company culture

Aside from competitive salary and benefits packages, employees believe a nurturing work environment, inspiring leadership, and positive culture heavily impact the overall employee experience. Strong company culture encompasses strategies for igniting productivity and acknowledging employees’ needs and rights. As a matter of fact, most human capital experts believe that a company’s success depends on the culture it fosters.

But how do employees and job seekers interpret positive company culture? From the research, 64% believe that transparency of vision, strategies, and plans contribute to a happier, more collaborative environment. Visible and approachable leadership style (57.1%), recognition and rewards (50.6%), and openness for feedback (50.5) follow closely.

Proactively building a culture that produces happy and self-motivated employees is a continuous process for small and large organizations. It allows employees to feel trusted and respected, thus, encouraging them to give their best constantly.