52 types of labour market labour market trends the

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5.2 Types of Labour Market, Labour Market Trends The labor market is a place of labor supply for those who are capable of labor and want to work. The labor market trend provides information on economic trends and career forecasts to help employers make informed decisions in recruiting. Status of Vietnam's workforce: The population is over 96 million people, Kinh majority accounts for 85.7% ( CIA Factbook, 2017). People in working age account for over 70%, mostly from the age of 25 to 54 (CIA Factbook, 2017). Low unemployment rate only accounts for 2-3%, the proportion of people with degrees occupies about 12% ( Chu, 2017). Executive secretary Assistant Manager Customer service manager Head cashier
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The number of graduates but no job is 237,000 ( Chi, 2018) The percentage of English speakers accounted for 54% (Vietnam.net, 2016) Workforce is young and abundant but not equipped with technical expertise, no degree. In addition, the unemployment rate is low. This is a big challenge for hiring qualified staff. However, the unemployment rate of those with fairly large degrees. This gives the opportunity to find suitable employees quite feasible. Economically, Vietnam has the capacity to open a new branch. Specifically, Vietnam exceeded its 2017 GDP growth target of 6.7% with growth of 6.8% ( CIA Factbook, 2017). Vietnam has a young population, a stable political system, a commitment to sustainable growth, relatively low inflation, stable currencies, and strong FDI flows. In addition, the country is committed to continuing global economic integration ( CIA Factbook, 2017). Economic statistics show that it is a springboard for the development strategy of Vietinbank so opening up to the new branch is considered to be successful. Recruitment posts show that the recruitment of staff in the banking and finance sector accounts for large numbers. 5.3 The Internal Labour Market. With 23,000 current employees and goal is to become the leading bank in Vietnam's banking system providing international and modern banking and financial products and services. It seems that recruiting staff for most positions will benefit Vietinbank. Therefore, the recommendation is to recruit experienced staff in the field of finance and banking for a long time to ensure high performance and growth. 5.4 Analysing Turnover, Stability and Retention. Turnover analysis can give HR directors with valuable data almost the probability of long run work supply and the desired abilities, competencies and encounter. Compelling administration of
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turnover can recognize issue zones and offer assistance HRM to create appropriate techniques ( Resources, 2018). The stability of human resoureces management depends on training and development and employee relations activities (Talentnetwork.vn,2018). Rentention of staff is more critical than ever in this tight work a. Hence, workers who are fulfilled with the way their association treats them as representatives and rewards them for their execution or endeavors, are less likely to take off the organisation ( Resources, 2018).
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