Connect with us

Business

Manufacturers face talent shortage amid Industry 4.0

Published

on

Manufacturing businesses are facing a talent shortage under the digital transformation impact in the fourth industrial revolution (Industry 4.0), requiring them to set up holistic talent acquisition and development strategies.

Manufacturers face talent shortage amid Industry 4.0
Two women work at a footwear factory at the Song Than Industrial Park in the southern province of Binh Duong. ManpowerGroup Vietnam’s survey showed that over one in five employers reported difficulties in recruitment due to various reasons. – Photo: VNA

ManpowerGroup Vietnam and the American Chamber of Commerce in Hanoi jointly hosted the webinar, “Tackling the talent shortage in manufacturing under Industry 4.0”, last week, during which business leaders and human resource experts discussed the future of manufacturing and sustainable solutions for manufacturers to overcome recruitment difficulties.

Nguyen Thu Trang, country head of Permanent Recruitment and Executive Search at ManpowerGroup Vietnam, kicked-off the discussion, talking about the main forces that impact the future world of work, including the rising tech acceleration.

According to The Future Factory white paper by the ManpowerGroup, new roles are born while many others are disappearing as global manufacturing becomes fully digital. In contrast with the industry growth outlook, global manufacturers, including those in Vietnam, are facing challenges in hiring the needed talent for growth.

According to a survey by ManpowerGroup Vietnam and the Institute of Labor Science and Social Affairs, over one in five employers report difficulties in recruitment due to various reasons. Among them, skills scarcity receives the greatest concern, with 70% of the surveyed employers sharing that candidates fail to meet technical skill requirements.

“To win in the digital age, an effective talent strategy should have four parts: build, buy, borrow and bridge. Build your talent pipeline, buy skills where necessary, borrow from external talent sources and bridge people with adjacent skills from one role to another to complement existing skills,” Trang said.

Tran Thi Thanh Huong, HR Manager at Gentherm Vietnam, a thermal management technologies company listed in the Fortune’s 100 Fastest Growing Companies, shared the current practices of talent sourcing, development and retention strategies since the company entered Vietnam in 2014.

While utilizing all sourcing channels, from building the database of their candidates to identifying and creating other potential talent pools such as partnerships with universities, Gentherm Vietnam has put a strong focus on learning and development programs for employees.

“We apply the 70-20-10 model for talent development. While 70% is played by on-the-job training, 20% is informal learning such as training within the industry, and 10% is formal training like the skill training matrix,” she said.

Regarding talent retention, Huong shared the diverse tools applied by the company, including a communication system to staff at all levels, employee belonging programs and the Korn Ferry Hay job evaluation method.

“Digital transformation is only at the early stage, and with the ongoing Covid pandemic, difficulties in finding new skills and new talent will continue in the next three to five years. Companies should be ready and proactive in preparation, particularly to improve workers’ skills with training and development plans,” Trang added.

The webinar, “Tackling the talent shortage in manufacturing under Industry 4.0”, saw the participation of nearly 50 business leaders and executives in recruitment, human resources and talent acquisition working in various industries.

Source: SGT

Source: https://vietnamnet.vn/en/business/manufacturers-face-talent-shortage-amid-industry-4-0-820028.html

Business

Vietnam’s 2022 economic growth projected at 7%

Vietnam’s GDP is likely to expand by around 7 percent in 2022, much higher than 2.58 percent growth of 2021.

Published

on

Minister of Planning and Investment Nguyen Chi Dung made the above statement at the Cabinet meeting in Hanoi on July 4.

With this scenario, the economy needs to expand 9 percent in the third quarter and 6.3 percent in the last quarter this year, the minister said.

In the first half, the Southeast Asian country’s GDP accelerated to 6.42 percent growth compared to the optimistic scenario of 5,1-5,7 percent as figured out in the Government’s Resolution No. 01/NQ-CP, dated January 01, 2021 on major tasks and solutions for implementation of socio – economic development plan and state budget estimate for 2022. 

Especially, the GDP grew 7.72 percent in the second quarter, which is the fastest growth pace for April-June period since 2011.

Earlier, the World Bank predicted Vietnam’s 2022 GDP growth at 5.5 percent if the COVID-19 pandemic is controlled.

The projection is lower than the Vietnamese Government’s predictions at 6.5-7 percent, HSBC at 6.5 percent and Standard Chartered at 6.7 percent.

Source: https://e.nhipcaudautu.vn/economy/vietnams-2022-economic-growth-projected-at-7-3346528/

Continue Reading

Business

Dragon Capital buys 2.1 million shares of Sacombank

Asset management company Dragon Capital has bought 2.1 million shares of HCMC-based Sacombank, increasing its stake in the bank to 6.09 percent.

Published

on

On June 29, two affiliated funds, CTBC Vietnam Equity Fund and Norges Bank, bought 2.3 million shares of the lender while a third, Samsung Vietnam Securities Master Investment Trust, sold 200,000 shares.

The value of the deal is estimated at VND47.5 billion (US$2.03 million) based on the share’s closing price last Wednesday.

Funds under Dragon Capital own 114.8 million shares or a 6.09 percent stake in the bank.

In March, Dragon Capital had raised its stake from 4.98 percent to 5.05 percent, after its largest fund, Vietnam Enterprise Investment Limited, bought 1.25 million shares.

Source: VnExpress

Source: https://e.nhipcaudautu.vn/companies/dragon-capital-buys-21-million-shares-of-sacombank-3346515/

Continue Reading

Business

Vietnam targets 7% GDP growth this year: minister

Published

on

HANOI — Vietnam is aiming for economic growth of 7% this year, the country’s planning and investment minister said on Monday, higher than an official target of 6.0%-6.5% set previously.

To achieve this, year-on-year economic growth in the third quarter needs to be 9.0% and in the fourth quarter 6.3%, minister Nguyen Chi Dung also said during a government meeting.

Dung said Vietnam’s budget was in surplus, giving scope for fiscal policy to be used to support businesses and residents.

“Credit institutions will need to further cut their lending interest rates to reduce input cost pressure for businesses and for the economy,” he said.

Vietnam, a regional manufacturing hub, started lifting its coronavirus curbs late last year, allowing factories to resume full operations.

The economy is recovering after growing only 2.58% last year, the slowest pace in decades.

The Southeast Asian country reported GDP growth of 7.72% in the second quarter, backed by strong export growth, but warned of upward inflation pressure for the rest of the year. 

Source: https://tuoitrenews.vn/news/business/20220704/vietnam-targets-7-gdp-growth-this-year-minister/67932.html

Continue Reading

Trending