Labor reshuffle has businesses struggling to recover post pandemic

By Minh Ngoc
Wed, June 15, 2022 | 3:43 pm GMT+7

Many business owners are struggling to recover and rebuild amid a Covid-induced labor shortage, with employees increasingly seeking greater benefits.

More people have been returning to work and changing jobs, resulting in a mass reshuffle leaving companies disproportionately impacted, according to the Q3 2022 Employment Outlook report by ManpowerGroup, a world leader in innovative workforce solutions.

The report, released at the conference “Retaining Employees After the Covid-19 Pandemic” on Tuesday in Long An province, noted that employees prioritize the duration of a working day, having more days off, and choosing their workplace.

Female employees were 49% less positive about their career prospects than they were pre-Covid, and 57% stated they plan to leave their current job within the next two years, according to its findings.

“While it’s encouraging to see employers have the intention to hire workers, it’s been increasingly difficult for them to find the talent they need,” said Jonas Prising, CEO of ManpowerGroup.

Workers at an export processing zone in Ho Chi Minh City. Photo courtesy of VOV.

Workers at an export processing zone in Ho Chi Minh City. Photo courtesy of VOV.

Speaking at the conference, Nguyen Tam Thanh, human resources manager of food corporation Cargill Vietnam and Thailand, said that a total 54% of Vietnamese workers are considering leaving their current company, while the figures in Thailand are 60%, according to their surveys.

“Factories are obliged to seek workers from other sources,” Thanh said as workers do not want to be stuck in one place for a long period of time. “Currently, the ratio of service employees to factory workers is 15-85%, but it is likely to increase to 25-75%, and 50-50% in future.”

“Labor shortage is driven by a shift in mindset, as well as a post-pandemic worldview that emphasizes enjoying life rather than working,” she added.

Pham Anh Thang, deputy chief of the Office of the Ministry of Labor, Invalids and Social Affairs, said post pandemic, over 1.3 million employees in Vietnam relocated from urban to rural areas. “Vietnamese workers believe that their wages and non-wage perks do not meet their expectations or actual living expenditures.”

According to a report by Vietnamese workforce solutions website vieclamtot.com, more than 60% of over 1,300 workers polled stated they wish to change occupations and look for employment in other fields including online, from home, sales, as drivers, or in delivery.

Approximately 70% of people in different labor groups want to work in other major cities or different locations, the report noted.

Nguyen Thu Trang, country head of permanent recruitment, executive search and consulting services at ManpowerGroup Vietnam, told the conference that company owners should provide competitive compensation, a decent working environment, and long-term employee health care in order to retain employees and assure staff satisfaction.

ManpowerGroup Vietnam's Employment Outlook Survey for first half of 2022, shows that 59% of the sampled employers said their hiring activities had fully recovered, followed by about 18% and 14% expecting their recruitment plans to increase within the next three months and six months, respectively.

In the long run, about 9% of respondents expect nine months or more than a year for their recruitment activities to return to the pre-pandemic level.

Comments (0)
  • Read More
Singapore-domiciled TAEL Two Partners struggles to divest from Vietnam taxi operator Vinasun at loss

Singapore-domiciled TAEL Two Partners struggles to divest from Vietnam taxi operator Vinasun at loss

Singapore-headquartered fund TAEL Two Partners has planned to divest entirely from Vietnamese taxi operator Vinasun at a heavy loss after more than a decade of investment.

Finance - Mon, November 18, 2024 | 10:19 am GMT+7

Vietnam, Brazil elevate bilateral ties to strategic partnership

Vietnam, Brazil elevate bilateral ties to strategic partnership

Vietnam and Brazil issued a joint statement on elevating their bilateral relations to a Strategic Partnership in Rio de Janeiro on Sunday (local time) on the occasion of Prime Minister Pham Minh Chinh’s ongoing trip to the Latin American nation to attend the G20 Summit and join bilateral activities.

Politics - Mon, November 18, 2024 | 8:11 am GMT+7

The Investor to host seminar on removing legal bottlenecks for infrastructure, property investment

The Investor to host seminar on removing legal bottlenecks for infrastructure, property investment

A seminar themed “Removing legal bottlenecks for infrastructure and property investment” will be organized by The Investor in Hanoi on Tuesday.

Companies - Mon, November 18, 2024 | 7:52 am GMT+7

State-owned housing developer HUD has new chairman

State-owned housing developer HUD has new chairman

Dau Minh Thanh, chief of the Ministry of Construction (MoC) Office, has been appointed chairman of the ministry’s Housing and Urban Development Corporation (HUD).

Companies - Sun, November 17, 2024 | 9:34 pm GMT+7

Vietnam private lender LPBank reports $394 mln profit in 10 months

Vietnam private lender LPBank reports $394 mln profit in 10 months

Hanoi-based Loc Phat Vietnam Joint Stock Commercial Bank, or LPBank, logged an after-tax profit of VND10 trillion ($394 million) in the first 10 months of this year, said its leadership at the EGM on Saturday.

Banking - Sun, November 17, 2024 | 3:30 pm GMT+7

Vietnam stock market unlikely to experience further steep declines in next sessions: experts

Vietnam stock market unlikely to experience further steep declines in next sessions: experts

The probability of continued sharp falls in the Vietnamese stock market over the next sessions is relatively low, barring unexpected geopolitical turbulences that could cause significant volatility, according experts.

Finance - Sun, November 17, 2024 | 1:30 pm GMT+7

Taiwan’s Cooler Master gets nod for $125 mln additional investment in northern Vietnam

Taiwan’s Cooler Master gets nod for $125 mln additional investment in northern Vietnam

Taiwan-headquartered Cooler Master, a global computer hardware giant, especially in cooling devices, will invest an additional $125 million in the northern province of Bac Ninh, according to a project report.

Industries - Sun, November 17, 2024 | 10:00 am GMT+7

Vingroup’s hospitality arm Vinpearl becomes public company as part of listing plan

Vingroup’s hospitality arm Vinpearl becomes public company as part of listing plan

Vinpearl JSC, a hospitality subsidiary of conglomerate Vingroup, has completed its registration as a public company, the State Securities Commission of Vietnam (SSC) said on Friday.

Companies - Sun, November 17, 2024 | 9:00 am GMT+7

Vietnam pledges to make more contributions to APEC cooperation

Vietnam pledges to make more contributions to APEC cooperation

APEC leaders adopted a joint statement and endorsed two signature initiatives proposed by host country Peru: the Lima Roadmap to Promote the Transition to Formal and Global Economy and the Ichma Statement on a New Look to Advance the Free Trade Area of the Asia-Pacific.

Politics - Sun, November 17, 2024 | 8:05 am GMT+7

Construction of $2.3 bln central Vietnam LNG power plant to restart in 2026

Construction of $2.3 bln central Vietnam LNG power plant to restart in 2026

Construction of the 1,500-MW Hai Lang Power Center project in Quang Tri province will restart on January 1, 2026, the project investor has informed local authorities.

Energy - Sun, November 17, 2024 | 8:00 am GMT+7

PM arrives in Brazil, beginning trip to attend G20 Summit

PM arrives in Brazil, beginning trip to attend G20 Summit

Prime Minister Pham Minh Chinh, his spouse and a high-ranking delegation of Vietnam arrived in Rio de Janeiro, Brazil on November 16 afternoon (local time), beginning their three-day visit to attend the G20 Summit and have bilateral meetings.

Southeast Asia - Sun, November 17, 2024 | 7:30 am GMT+7

Vietnam-China partnership to enable export of Kim Long brand cars

Vietnam-China partnership to enable export of Kim Long brand cars

Vietnam’s Kim Long Motor and Futa Group have struck a strategic cooperation agreement with China’s Dongfem Dana that will enable the production and export of cars under the Kim Long brand, executives said Friday.

Companies - Sat, November 16, 2024 | 7:13 pm GMT+7

Northern Vietnam province attracts $124 mln investment from Taiwan firm

Northern Vietnam province attracts $124 mln investment from Taiwan firm

Taiwan-based Nien Made Enterprise Co., Ltd. will invest $124.1 million to make furniture accessories at Phu Ha Industrial Park in the northern province of Phu Tho.

Industries - Sat, November 16, 2024 | 7:01 pm GMT+7

Vietnam’s first LNG-fired power plants to enter commercial operation in Jun-Sept 2025

Vietnam’s first LNG-fired power plants to enter commercial operation in Jun-Sept 2025

Nhon Trach 3 and Nhon Trach 4, Vietnam’s first LNG-to-power plants, will begin commercial operations in June and September 2025, respectively, says project investor PV Power.

Energy - Sat, November 16, 2024 | 3:20 pm GMT+7

Vinhomes spends $276 mln on buying back 162 mln shares, more than half to go

Vinhomes spends $276 mln on buying back 162 mln shares, more than half to go

Vinhomes, the largest housing developer in Vietnam, has spent around VND7 trillion ($275.7 million) on implementing its record buyback plan since kick-starting it on October 23.

Finance - Sat, November 16, 2024 | 1:21 pm GMT+7

Indonesia secures funding for green power infrastructure at COP29

Indonesia secures funding for green power infrastructure at COP29

Indonesia has attracted EUR1.2 billion ($1.26 billion) worth of green funding for the electricity sector from Germany’s Kreditanstalt für Wiederaufbau (KfW) at the 29th UN Climate Change Conference of the Parties (COP29) in Baku, Azerbaijan.

Southeast Asia - Sat, November 16, 2024 | 10:10 am GMT+7