An evaluaion of the talent acquisition and retention strategy of PwC Vietnam - Ho Chi Minh city branch

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An Evaluation of the Talent Acquisition and Retention Strategy of PwC Vietnam – Ho Chi Minh City Branch

Assignment Number: One

Weight: 75%

Student Name: Van Ngoc Long

Email:

Student ID: 2124796

Supervisor: Dr. David Ratcliffe

Date of Submission: May 𝟏^𝒔𝒕 2023

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Declaration

I, Van Ngoc Long, solemnly declare that this dissertation titled "An Evaluation of talent acquisition and retention strategy of PwC Vietnam – Ho Chi Minh City Branch" is my original work and has not been submitted in whole or in part for any other degree or qualification at any university or educational institution. All sources used in this dissertation have been duly acknowledged and cited following the appropriate referencing style as Bolton University required.

I further declare that I have not engaged in any form of plagiarism or academic misconduct in the research, analysis, and writing of this dissertation. I have followed ethical principles and guidelines in conducting research, including obtaining appropriate permissions and approvals where required.

I confirm that this dissertation represents my intellectual work and reflects my personal views and opinions. Any errors or omissions are my responsibility.

Ho Chi Minh City, May 𝟏^𝐬𝐭 2023 Declared by

Van Ngoc Long

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<small>1.1. THE BACKGROUND OF THE RESEARCH ... 1 </small>

<small>1.2. THE OVERVIEW OF PWC VIETNAM - HCMC BRANCH ... 4 </small>

<small>1.3. RESEARCH OBJECTIVES ... 6 </small>

<small>1.4. RESEARCH QUESTIONS ... 6 </small>

<small>1.5. THE STRUCTURE OF THE DISSERTATION ... 7 </small>

<small>Chapter 2: Literature Review ... 7 </small>

<small>2.1. HUMAN RESOURCES MANAGEMENT ... 7 </small>

<small>2.2. TALENT MANAGEMENT ... 8 </small>

<small>2.2. TALENT ACQUISITION STRATEGY ... 9 </small>

<small>2.2.1. Factors affecting talent acquisition strategy of PwC Vietnam - HCMC branch ... 9 </small>

<small>2.2.2. Challenges affecting talent acquisition strategy of PwC Vietnam - HCMC branch ... 16 </small>

<small>2.3. TALENT RETENTION STRATEGY ... 17 </small>

<small>2.3.1. Factors affecting talent retention strategy of PwC Vietnam - HCMC branch ... 17 </small>

<small>2.3.2. Challenges affecting talent retention strategy of PwC Vietnam - HCMC branch ... 20 </small>

<small>Chapter 3: Methodology ... 22 </small>

<small>3.1. INTRODUCTION ... 22 </small>

<small>3.2. RESEARCH PHILOSOPHY ... 23 </small>

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<small>3.7. SAMPLE SELECTION AND SIZE ... 29 </small>

<small>3.8. TECHNIQUES AND PROCEDURES ... 29 </small>

<small>3.9. METHODS OF ANALYSIS ... 31 </small>

<small>3.9.1. Quantitative Data ... 31 </small>

<small>3.9.2. Primary Data ... 32 </small>

<small>3.10. RESEARCH ETHICS ... 32 </small>

<small>3.11. Justification for choosing Research Design... 33 </small>

<small>Chapter 4: Findings and Analysis ... 34 </small>

<small>4.1. Introduction ... 34 </small>

<small>4.2. Result of Survey on TARS of PwC Vietnam - HCMC branch ... 34 </small>

<small>4.2.1. TAS of PwC Vietnam - HCMC branch ... 34 </small>

<small>4.2.2. Challenges of TAS of PwC Vietnam - HCMC branch ... 37 </small>

<small>4.2.3. TRS of PwC Vietnam - HCMC branch ... 39 </small>

<small>4.2.4. Challenges of TRS of PwC Vietnam - HCMC branch ... 41 </small>

<small>Chapter 5: Conclusions & Recommendations ... 43 </small>

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<small>5.1. INTRODUCTION ... 43 </small>

<small>5.2. SUMMARY OF THE RESULT ... 43 </small>

<small>5.2.1. To evaluate the importance of factors and challenges affecting the TAS employed by PwC Vietnam - HCMC branch ... 44 </small>

<small>5.2.2. To evaluate the importance of factors and challenges affecting the TRS employed by PwC Vietnam - HCMC branch ... 45 </small>

<small>5.3. RECOMMENDATIONS ... 47 </small>

<small>5.3.1. To recommend improvements for the TAS of PwC Vietnam - HCMC branch ... 47 </small>

<small>5.3.2. To recommend improvements for the TRS of PwC Vietnam - HCMC branch ... 48 </small>

<small>5.4. RECOMMENDATION FOR FURTHER RESEARCH ... 49 </small>

<small>APPENDIX ... 50 </small>

<small>QUESTIONNAIRE ON EVALUATION OF TARS OF PWC VIETNAM, HCMC BRANCH ... 50 </small>

<small>RESEARCH ETHICS CHECKLIST ... 53 </small>

<small>Research Ethics Checklist Form RE1 - Van Ngoc Long - 2124796.docx ... 53 </small>

<small>REFERENCE ... 54 </small>

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Table of Figures

Table 1: Summary of studies related to the field of TARS

Table 2: The result of factors affecting TAS of PwC Vietnam - HCMC branch by the mean and SD

Table 3: The result of challenges affecting the TAS of PwC Vietnam - HCMC branch by mean and SD

Table 4: The result of the TRS of PwC Vietnam - HCMC branch by the mean and SD

Table 5: The result of challenges affecting the TRS of PwC Vietnam - HCMC branch by mean and SD

Table 6: Summary of research findings

Figure 1: Net Revenue and Profit After Tax of Big Four Companies in billion VND from 2017 to 2021

Figure 2: Campus recruitment activity of PwC Vietnam - HCMC branch

Figure 3: Example of online recruitment through Facebook of PwC Vietnam - HCMC branch

Figure 4: Conceptual Framework

Figure 5: The Research Onion Framework

Figure 6: The importance of factors affecting TAS of PwC Vietnam, HCMC branch by the chart

Figure 7: The importance of challenges affecting the TAS of PwC Vietnam – HCMC branch by the chart

Figure 8: The importance of factors affecting the TRS of PwC Vietnam, HCMC branch by the chart

Figure 9: The importance of challenges affecting the TRS of PwC Vietnam, HCMC branch by the chart

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LIST OF ABBREVIATIONS

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Abstract

Purpose - This study was conducted to evaluate the importance of factors that contribute to a TARS at PwC Vietnam, HCMC branch because the audit industry is a very dynamic industry as well as high competition for human resources with both practical experience and high background knowledge. Since then, we can aim to suggest some improvements to develop TARS at PwC Vietnam, HCMC branch.

Methodology - The study uses a survey to collect answers from employees of PwC Vietnam, HCMC branch who is also survey participant to analyze the employee's experience and assessment on the strategy of attracting and retaining employees. 100 people were surveyed and a set of 22 questions was drawn from the strategy used by PwC Vietnam, HCMC branch. Quantitative analysis will be used to analyze the data collected from the survey participants.

Findings - The survey results show that all survey participants agree with the importance and challenges affecting TARS at PwC Vietnam, HCMC branch although there are still several factors that represent inconsistency among answer choices and need to be further investigated. Thereby also shows the factors that need to be further improved to improve the strategy of attracting and retaining talent.

Contribution - This study contributes to improving the TARS at PwC Vietnam, HCMC branch. Not only that, it also helps researchers to be more interested in the field of personnel in the auditing industry.

Keywords: Talent acquisition, talent retention, talent management, PwC Vietnam – HCMC branch, audit industry.

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Chapter 1: Introduction

<b>1.1. THE BACKGROUND OF THE RESEARCH </b>

The audit industry is crucial in assuring stakeholders of the quality and dependability of financial information (DeZoort and Harrison, 2018). The rising level of complexity in company operations, globalization, and technological improvements have also made it difficult for auditors to comprehend and analyze the risks and complexities connected with audit engagements (DeFond, Raghunandan, and Subramanyam, 2002). Acquiring and retaining talent is critical for audit companies since it directly impacts the company's capacity to attract and keep experienced and competent audit experts. TA and retention methods are critical in the highly competitive audit sector to guarantee audit companies have a skilled team to perform high-quality audit services (Deloitte, 2018). Qualified auditors have the skills, knowledge, and experience needed to successfully assess and evaluate the risks and complexities associated with audit engagements, hence increasing the credibility and dependability of audit findings (KPMG, 2019). Employees around Asia Pacific are evaluating their lives in the aftermath of COVID-19, and work is at the top of the list. According to a recent poll of almost 18,000 workers in Asia Pacific, the Great Resignation is poised to continue. Talent is starting to rise to unprecedented levels. Hundreds of ex-pats have fled the region, and many locals have returned. Millions of people have resigned or switched occupations. Workers say they want to have more valuable work, a decent bargain on fair compensation, and the ability to be themselves at work. There are some Asia Pacific findings including Vietnam: only 57% of Asian Pacific employees are pleased with their employment. One-third want to request a raise and one-third a promotion in the following 12 months. One in every five people plans to change jobs. Fewer than half of all employees (45%) believe their organization is upskilling its personnel, indicating a tremendous opportunity for improvement. One-third believe their territory lacks individuals who have the appropriate expertise. Two-thirds believe they need help to make ethical decisions. Workers expect firms to be open and honest about important topics (Asia Pacific, 2022). There are several studies related to the topic of TARS of PwC Vietnam - HCMC branch and they are as follows:

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Author(s) Topic Purpose Methodology Result (Rita Kagwiria Lyria,

2017)

The effect of TR on the organizational

firms listed in the Nairobi Securities Exchange

The goal of this research was to look at the impact of TR on the organizational

The findings demonstrated a robust and favorable association between TR and organizational performance across all listed

performance was found to be positively connected to TR. An R squared of 0.489 suggests that variants in the organization's performance explain 48.9% of the variability in TR by listed organizations. TR was also found to be statistically significant in

success. (Naqvi and Bashir,

2015)

IT-expert retention through

organizational

study of public

The research is an attempt to better

characteristics that

Questionnaires (applying a Likert scale) were printed and given to the heads of the respective human resources departments of nine IT

Organizational commitment is

connected to compensation.

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sector information technology

Pakistan

organizational

commitment among high-tech

Pakistan's IT sector.

organizations. The Correlation Matrix was used to analyze data.

2010)

TA and Retention

SJVNL—An Analysis

workers. - To assess employees' attitudes concerning SJVNL's retention methods

The study included both primary and secondary data sources. The original data was acquired from a sample of respondents using a well-

Secondary data was gathered by physically visiting the various offices and reading the organization's published literature. The responses are drawn from the ranks of

The majority of respondents stated that training is a crucial

growing, and sustaining effective and successful leaders and managers.

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for talented workers. investigation's sampling approach consisted of 60 employees who were chosen using a lottery system. The data were examined using a Likert Type Scale and a Weighted Average Score.

<i>Table 1: Summary of studies related to the field of TARS </i>

Based on the above studies, the author found that the topic of TARS was studied in many fields, time, research methods, and research objectives. Therefore, to diversify and have more depth on this topic to help other researchers have a broader view, the author decided to take the topic of evaluating TARS applied in the field of auditing (which is also an area of interest to many researchers), particularly PwC Vietnam - HCMC branch. The difference is shown in the factors studied that affect the strategy of attracting and retaining talent, in addition to factors such as training, benefits, support from management as well as organizational performance.

<b>1.2. THE OVERVIEW OF PWC VIETNAM - HCMC BRANCH </b>

PwC Vietnam - HCMC branch established offices in Hanoi and Ho Chi Minh City in 1994. PwC Vietnam - HCMC branch's staff consists of almost 1,000 Vietnamese and ex-pats with expertise and in-depth knowledge in diverse fields. PwC Vietnam - HCMC branch is always ready to solve customer concerns. PwC Vietnam - HCMC branch provides services through deals and a wide range of audit services that are not limited to financial statements. PwC Vietnam - HCMC branch relies on the success of TARS to attract and retain highly qualified and experienced audit professionals capable of meeting the complicated and constantly changing needs of audit engagements in Vietnam's fast-paced business climate. Furthermore, because PwC Vietnam - HCMC branch operates in a highly competitive marketplace with high demand for audit and assurance services, the company's capacity to efficiently acquire and retain top talent can

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have a significant impact on its regional competitiveness, reputation, and overall business success. PwC was named a "Great Place to Work" in Vietnam from December 2022 to December 2023. According to the Great Place to Work final report, over 96% of our employees believe that PwC is a physically positive work environment; 92% are proud to tell people that they work at PwC; 92% celebrate important occasions at work; and 91% feel completely welcomed on their first day (PwC Vietnam, 2023).

<i>Figure 1: Net Revenue and Profit After Tax of Big Four Companies in billion VND from 2017 to 2021 (Huyen Trang, 2022) </i>

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According to statistics from the transparency report (Huyen Trang, 2022), in the audit field in Vietnam, 3 companies PwC Vietnam, Deloitte Vietnam, and EY Vietnam are far behind KPMG Vietnam Co., Ltd. When 3 "colleagues" reached the trillion-dong revenue mark, KPMG Vietnam Co., Ltd is still at nearly 600 billion dongs. Not only revenue but also profit after tax KPMG Vietnam Co., Ltd. are inferior to competitors. Specifically, in 2021, KPMG Vietnam Co., Ltd only made a profit of 2 billion VND, equal to 1/6 of EY Vietnam, 1/22 of Deloitte Vietnam, and 1/82 of PwC Vietnam - HCMC branch. The profit margin on revenue of KMPG Vietnam Co., Ltd is also very low, only 0.4%. Two other companies, Deloitte Vietnam, and EY Vietnam, also have low profitability ratios, only 4%, and more than 1%, respectively. PwC Vietnam - HCMC branch alone has a double-digit profit margin of 15% and this is also the only auditing company with a profit after tax of more than VND 100 billion. Besides, in the last 2 years, when EY revenue decreased, PwC has risen to the top in terms of revenue.

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 What talent retention strategy factors are currently important to PwC Vietnam - HCMC branch?

<b>1.5. THE STRUCTURE OF THE DISSERTATION </b>

This dissertation contains five main chapters with the preface, references, and appendix. The introduction shows the background of the studies, what has been researched and how this study varies from these studies, the overview of the PwC Vietnam – HCMC branch and the objectives, and the research questions also mentioned. Next, the literature critically reviews factors and challenges affecting TA and TRS used by PwC Vietnam – HCMC branch. Subsequently, the methodology explains how data is collected and analyzed using the research onion framework. Finally, the result of analyzed data shows in the findings chapter for interpretation, and the conclusion chapter summarizes the result with the research questions and objectives to suggest recommendations for improvement and further research.

Chapter 2: Literature Review

2.1. HUMAN RESOURCES MANAGEMENT

Human resource management is the strategic management of an organization's human resources to accomplish organizational goals and objectives. Workforce planning, recruitment, selection, benefits and wages, employee relations, and performance appraisal are all part of it (John Purcell and Peter Boxall, 2003). Many authors define different views about the objective and concept of HRM; according to Guest, (2011), HRM should prioritize the development of employees' abilities, knowledge, and talents so that they can thrive and contribute to the organization's success while Macey and Schneider, (2008) found that HRM should prioritize fostering employee satisfaction, which refers to employees' emotional connection and devotion to their job and their company. HRM techniques should attempt to attract, maintain, and grow a diverse workforce, as well as foster an inclusive culture that values individual diversity (Taylor Cox, 1991). The author agrees with Taylor Cox's opinion because after being involved in the human resource interview process

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and working in the audit industry, the author feels this is an extremely stressful industry and extremely hard work. In addition, the annual recruitment volume is usually very abundant, mainly fresh graduates with no experience, so it is very important to attract new employees and retain seasoned employees. Thus, this study focuses on TARS.

2.2. TALENT MANAGEMENT

Talent management is an important HRM function that includes actions such as attracting, developing, and keeping talented workers to guarantee organizational performance (Collings and Mellahi, 2009). While there is no universally recognized definition of TM, it is commonly believed to be the process of identifying and developing workers with high potential for leadership or specialized jobs that are vital to an organization's success (Lewis and Heckman, 2006). Organizations value TM because it ensures the availability of trained and competent people who can satisfy the needs of a continuously changing business environment. One of the most important advantages of TM is that it allows firms to develop a pipeline of future leaders (Lewis and Heckman, 2006). Organizations may guarantee that they have a pool of competent individuals capable of assuming significant leadership roles in the future by identifying and developing personnel with high potential. This is especially significant in businesses where trained personnel are in low supply or where specialized talents are in great demand. Another significant advantage of TM is that it improves employee engagement and retention (Collings and Mellahi, 2009). Employees who feel appreciated and supported by their employer are more likely to be motivated and devoted to their work, resulting in better levels of job satisfaction and productivity. Furthermore, by investing in employee development and growth, firms may foster a culture of continual learning and improvement, which can boost employee engagement and retention even further. Despite the potential benefits of TM, its execution is fraught with difficulties and limits. Identifying and training skilled people, for example, may be a subjective and difficult process that necessitates a substantial commitment of time and money (Lewis and Heckman, 2006).

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2.2. TALENT ACQUISITION STRATEGY

According to Heneman, Judge, and Kammeyer-Mueller, (2019), TA spans the entire recruiting cycle, from discovering job openings to onboarding recruits, and entails a proactive strategy for identifying, engaging, and choosing applicants to match the organization's personnel needs whilst Cascio, (2015) defines a systematic method of attracting, engaging, and selecting high-quality people who connect with the organization's strategic objectives and core principles and have the possibility of contributing to its success is referred to as TA. TA, Becker, and Huselid, (2006), entail identifying, attracting, and choosing individuals who have the talents, expertise, and experience needed to contribute to a company's strategic goals. This is consistent with Christopher J. Collins and Cynthia Kay Stevens, (2002) viewpoint, which emphasizes that TA is a strategic and proactive strategy for identifying and obtaining top people to satisfy an organization's current and future needs. Furthermore, according to Subramaniam and Youndt, (2005), TA is crucial for increasing an organization's competitive edge since it allows organizations to acquire personnel with unique talents and characteristics that can contribute to high-quality performance. Other researchers, however, have criticized the concept of TA for being unduly focused on the recruitment process, with little consideration paid to the succeeding steps of selection, onboarding, and retention Peter Cappelli, (2008). Cappelli goes on to suggest that TA tactics must relate to an organization's broader personnel management strategy, taking into mind long-term employee growth and retention. From the author's point of view, attracting talent is recruiting people with skills suitable for their respective positions to ensure the smooth running of the business thereby increasing profits.

2.2.1. Factors affecting talent acquisition strategy of PwC Vietnam - HCMC branch

To recruit and retain skilled people, PwC Vietnam - HCMC branch offers a variety of factors that support the TA tactic. They are as follows:

PwC Vietnam - HCMC branch routinely engages in college recruitment activities to find and attract new prospects. Campus recruiting is described as "the procedure of attracting, screening, and choosing suitable candidates for employment through visits to university campuses" by Gault, Redington, and Schlager, (2000). Campus recruitment is a significant component of many firms' TA strategies,

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including PwC Vietnam. It is the process of employing and recruiting college and university students and recent graduates. This technique enables businesses to identify and employ individuals who have the necessary skills, credentials, and potential to thrive in the firm. For various reasons, research has proven that campus recruiting is an effective approach to TAS. For starters, it gives businesses access to a pool of potential applicants who are new to the labor market and have a fresh viewpoint. According to a survey conducted by The Conference Board, campus recruiting allows firms to tap into a broad and dynamic talent pool capable of bringing fresh ideas and enthusiasm to the organization (The Conference Board, 2016). This is especially crucial in businesses like technology that demand ongoing innovation and adaptation to change. Second, campus recruiting may assist businesses in developing their brand and reputation among students and colleges. Campus recruiting, according to a poll conducted by Universum, a worldwide research and consultancy group, is an efficient strategy for firms to raise brand recognition and attract top talent. According to the poll, 78% of students saw campus recruitment as a chance to learn more about organizations and their cultures (Universum, 2019a). Third, college recruiting may assist firms in filling their talent pipelines with students with the potential to be future leaders. According to research conducted by the Society for Human Resource Management (SHRM), campus recruiting is an efficient strategy to build a solid talent pipeline and identify individuals with the potential to be promoted to leadership positions (SHRM., 2016). Campus recruiting as a TA method, however, has limits. One problem is that because it tends to target students from certain colleges and backgrounds, it may result in a lack of diversity in the organization. Another drawback is that campus recruitment requires firms to spend time and resources attending employment fairs, conducting interviews, and managing the recruitment process.

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<i>Figure 2: Campus recruitment activity of PwC Vietnam - HCMC branch (source: PwC Vietnam - HCMC branch, 2022) </i>

PwC Vietnam - HCMC branch uses new technologies like social media, online job markets, and applicant tracking systems (ATS) have altered TA techniques in audit companies, allowing for more efficient and effective recruiting processes (Dawson, L., Stevenson, M., & Gerritsen, 2019). Online sites like LinkedIn, for example, have grown in popularity for locating and engaging potential audit talent (Cohen, S.G., & Willis, 2017). Social media platforms have evolved as important platforms for TA strategies, allowing firms to attract, engage, and recruit prospects. According to an SHRM survey, 84% of firms utilize social media for recruiting, and 96% of recruiters use sites like LinkedIn, Facebook, and Twitter to locate and assess potential applicants (Society for Human Resource Management, 2019). Social media recruiting provides various benefits, including a wider reach, lower costs, and speedier hiring procedures. According to the National Association of Colleges and Employers., (2019), social media recruitment boosted the number of eligible applications by 28%. Furthermore, the cost per hire for social media recruiting is significantly cheaper than for traditional approaches like job boards or staffing agencies (LinkedIn., 2021). Furthermore, social media recruiting allows businesses to build a favorable employer brand and attract passive job searchers. However, there are certain drawbacks to using social media for recruitment. Unconscious bias in applicant

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selection is a big issue, since recruiters may draw assumptions based on a prospect's social media presence (Higgins, 2019). Furthermore, the veracity of material published on social media may be called into question, and candidates may exaggerate their qualifications and experience (Shaw, S. & Ling, 2019). Organizations may address these issues by implementing rules and procedures that promote fair and objective selection processes, such as structured interviews and blind resume screening (Shaw, S. & Ling, 2019). Furthermore, before hiring, it is critical to verify the information offered by candidates on social media and to undertake complete background checks (Higgins, 2019). Overall, social media channel recruiting plays an important part in TAS since it provides greater reach, lower costs, and speedier hiring procedures. However, to ensure fair and objective applicant selection, companies must address the problems connected with social media recruiting and develop suitable rules and processes.

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<i>Figure 3: Example of online recruitment through Facebook of PwC Vietnam - HCMC branch (source: PwC Vietnam - HCMC branch, 2022) </i>

PwC Vietnam - HCMC branch fosters diversity and inclusion in its recruiting process by aggressively seeking people from varied backgrounds and giving equal opportunity to all applicants. In addition to students majoring in accounting and auditing, PwC Vietnam - HCMC branch is ready to welcome students from majors such as finance-banking or business administration. Diversity and inclusion programs are gaining traction in audit companies' TA procedures, intending to cultivate a diverse staff that represents society as a whole and improves organizational performance. According to research, diverse audit teams may provide a greater range of

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viewpoints, improve decision-making, and boost creativity and problem-solving (Bell, B.S., Bell, A.S., & Little, 2018). To increase inclusion and diversity in TA procedures, audit companies are employing tactics like varied applicant sourcing, inclusive job marketing, and unconscious bias training (Lopez, D.M., & Arora, 2019). According to research, diversity, and inclusion recruiting may provide several benefits to firms. For starters, a diverse workforce may boost creativity, innovation, and problem-solving abilities. In terms of financial performance, diverse teams outperform non-diverse teams, with ethnically diverse organizations 35% more likely to generate financial returns above their national sector median (Hunt, V., Layton, D., & Prince, 2015). Second, a diverse staff may assist firms in better understanding and catering to varied consumer demands, resulting in higher customer satisfaction and loyalty. Finally, hiring for diversity and inclusion may improve an organization's reputation and brand image, making it more appealing to potential consumers, workers, and investors. While the benefits of diversity and inclusion recruiting are obvious, there are considerable difficulties in properly implementing it. For starters, companies may struggle to attract diverse applicants, particularly in industries dominated by specific demographic groups in the past. Second, unconscious biases can affect the hiring process, with recruiters unintentionally selecting candidates who are similar to themselves. Third, diversity and inclusion recruiting demands a long-term commitment on the part of firms, which must foster an inclusive culture and actively endeavor to remove any hurdles that hinder workers from feeling appreciated and supported.

PwC Vietnam - HCMC branch encourages its workers to suggest eligible people for firm employment opportunities. This method not only aids in the identification of possible candidates but also guarantees that the firm recruits personnel who are culturally compatible with the organization. According to one study conducted by Adler, L. M., & Kwon, (2002), employee recommendations are the most successful recruiting source in terms of job performance and retention. Employee recommendations, according to the study, are not only more successful in terms of work performance, but they also minimize employee turnover, raise job satisfaction, and improve organizational commitment. Satariano, A., & O’Brien, (2015) discovered that not only are employee recommendations less expensive than other recruiting methods, but they also result in higher-quality hiring. Referrals from employees who have been with the firm for

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a longer amount of time are also more likely to result in successful hires, according to the report. It is crucial to highlight, however, that depending only on employee referrals may result in a lack of diversity inside the firm. This may be a source of concern, particularly in areas where diversity and inclusion are valued, such as technology and finance. According to Roscigno, V. J., Mong, S., Byron, R. A., & Tester, (2009), employee recommendations might perpetuate existing inequities and impede workforce diversity.

PwC Vietnam - HCMC branch has a strong employer brand as one of the four largest companies in the world in auditing services that emphasizes the company's principles and culture. A great employer brand may help a company recruit and retain high-quality applicants (De Nobile, J., McCormack, B., & Green, 2019). To recruit and retain personnel, audit companies invest in employer branding initiatives such as highlighting corporate culture, work-life balance, career progression possibilities, and employee testimonials (Stamarski, C.S., & Liao, 2017). Company brand recruiting is an important component of TAS since it focuses on creating the company's reputation and image in the job market as an employer of choice. The notion of employer brand recruiting highlights that applicants are interested in working for an organization that has a good reputation and a favorable image, in addition to the job and remuneration (Berthon, P., Ewing, M. T., & Hah, 2005). Organizations with a strong employer brand have a competitive edge in the labor market because they can attract a broad pool of qualified candidates. Furthermore, applicants that are drawn to an employer's brand are more likely to suit the organization's culture and values, resulting in higher employee retention (Backhaus, K., & Tikoo, 2004). According to Universum, (2019) survey, 80% of job searchers evaluate the employer's reputation and brand before applying for a job. Furthermore, 84% of respondents said they would consider quitting their present work if offered a position with a well-known organization. Building a good employer brand, on the other hand, is a difficult process that needs ongoing efforts to preserve and strengthen the organization's image. Employee referrals, social media, and business culture are the top drivers of employer brand, according to a Deloitte., (2015) study. To recruit and retain top talent, firms must focus on creating a healthy corporate culture, connecting with their employees, and marketing their brand on social media channels.

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2.2.2. Challenges affecting talent acquisition strategy of PwC Vietnam - HCMC branch

High technical knowledge requirement: the increased demand for specialized abilities and expertise is one major element leading to the audit industry's scarcity of competent employees. With the changing regulatory framework, corporate climate, and technology improvements, audit companies demand individuals with capabilities in data analytics, cybersecurity, and risk management (DeZoort, F. T., Hermanson, D. R., Archambeault, D. S., & Reed, 2019). Yet, there's a limited number of individuals with these talents, resulting in a talent pool lack of competent candidates.

Stress and workload: another issue contributing to a lack of competent individuals is the impression of the audit profession as hard and tough, which may discourage potential candidates from seeking a profession in auditing (Mak, 2018). Employees experiencing occupational stress are more likely to retire, according to Ahmad et al., (2020); Arijanto et al., (2020); Fukui et al., (2020); Nanda, (2020); Yunharmini, (2020). Workload, according to Suwatno & Priansa, (2011), is a task that a worker must perform within a particular amount of time utilizing a technical examination of positions or other management approaches in order to gain information on work efficiency and effectiveness. Workload is the process of assessing the time spent by an individual or group in accomplishing work duties. According to Arshad, (2020), excessive workload can have a detrimental influence on employee health, hence many employees decide to quit their jobs.

Furthermore, increased competition from other areas, such as consulting, banking, and technology, presents a difficulty in the audit industry's TA (Cohen, J. R., & Simnett, 2019). These businesses frequently provide attractive income packages, improved work-life balance, and anticipated professional progression chances, which might entice applicants who might not have explored a career in auditing otherwise.

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2.3. TALENT RETENTION STRATEGY

TR has been defined in the literature as "a commitment to continuing to do business or deal with a specific business on an ongoing basis" (Zineldin and Vasicheva, 2012). Several studies have also found that several key factors influence TR, all of which should be managed in tandem: organizational culture, interaction, strategy, benefits and salaries, flexible work schedules, and career growth mechanisms (Logan, 2000). An increasing number of organizational acquisitions and mergers have left individuals dissatisfied with their employers and tormented by fears about general job security. As a result, people are now undertaking smart career movements to get jobs that meet their desire for security. Employers, on the other hand, possess a duty to keep their employees from quitting or traveling to work for other businesses. Organizations that provide staff development programs are more likely to retain employees (Logan, 2000). Indeed, employee retention literature indicates that wooing current staff members through professional growth or TM initiatives costs less than gathering new talents because companies know what their staff members want and desire; and the initial cost of attracting fresh talent has been previously expended (Davidow, W.H., Uttal, 1989). Employee retention literature clearly states that pleased workers who are satisfied with their employees are more committed to performing excellent work and look forward to boosting the happiness of their corporate consumers (James W. Denton, 2000). Numerous studies have hypothesized and empirically verified the relationship between job fulfillment and behavioral intentions and behaviors like employee retention (Eugene W. Anderson and Mary W. Sullivan, 1993). Furthermore, numerous studies demonstrate the significance of significant staff involvement and how it can improve retention (Arthur, 1994).

2.3.1. Factors affecting talent retention strategy of PwC Vietnam - HCMC branch The TRS at PwC Vietnam, HCMC branch is based on the following key factors:

Work environment and learning culture: Because opportunities for growth and learning appear to be critical for retaining talented staff members (Walker, 2001; Arnold, 2005; Hytter, 2007), a company must create a welcoming learning and working environment. Previous research has informed the notion of "learning and working climate" (Abrams et al., 2008). It often refers to the atmosphere in which

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people learn and work. More specifically, the concept can be defined as direction and appreciation at work; work pressure; the amount of empowerment and accountability that employees experience; options in job tasks and growth; provision of demanding and meaningful work; and opportunities for advancement and development.

Compensation and benefits: Companies face a unique difficulty in developing a remuneration system that encourages an employee development program. Many organizations claim that pay increases are based on performance, but this is not the case. Some businesses aim to encourage teamwork while still rewarding individuals for individual accomplishments (Feldman, 2000). Employees may get frustrated and cynical because of these discrepancies. It is especially challenging when employees do not receive big raises while firm executives are lavishly compensated (Feldman, 2000). Employee development must be embraced by the whole organization. When Sears entered the employee development business, it developed a new compensation system. They used to only provide pay increases for workers who were promoted, but now they may offer pay increases for subsequent promotions that are beneficial for their growth (O’Herron, P., & Simonsen, 1995).

Work-Life Balance and Flexibility: Flexibility in the workplace is critical for keeping employees of all ages (Boomer Authority., 2009). Researchers emphasize the significance of occupational flexibility, such as schedule changes that better match individual work periods, loads of work, responsibilities, and locations that are convenient for family duties (Sharon Cunningham, 2002; Pleffer, 2007). According to research, "flexibility" helps workers to achieve a healthy balance between work and personal duties, which appeals to employees of all ages (Eyster, Johnson, and Toder, 2008). According to Kimberly Prenda, (2001), employees who have employment flexibility alternatives have greater levels of individual loyalty, focus, contentment, efficiency, loyalty, and mental ability at any age.

Employee Recognition: Recognizing personal and professional successes is an excellent retention approach for employees of all ages (Yazinski, 2009). According to research, satisfying people's demand for acceptability by recognizing individual job successes increases employee retention (Redington, 2007). According to (Yazinski, 2009), an increasing number of job seekers are looking for organizations

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that promote employee participation, development, education, and teamwork in addition to the typical compensation/benefit packages supplied by employers. Individual talent recognition is age-restricted and inspires all employees to engage in positive conduct, ethics, collaboration, confidence, and progress (Redington, 2007). As a result, both skill recognition (from verbal praise to providing an incentive/rewards) along with educational opportunities (growth/development) improve one's performance, effectiveness, and

<i>retention (Agrela et al., 2007). </i>

Employee Well-Being: Employee health and well-being initiatives are critical in audit companies for retaining talent. Employee retention may be improved by implementing wellness and well-being initiatives like stress management courses, support for mental health, and employee assistance programs (KPMG., 2018). Initiatives that encourage work-life balance, mental wellbeing, and well-being, for example, can help with TR (Ernst & Young (EY), 2017).

Career planning and Leadership development: The goal of planning a career as part of a program for staff development is to assist people to manage the numerous facets of their life and deal with the reality that there is no obvious promotion pathway. Organizations can no longer guarantee job stability, but they may assist workers in maintaining the skills required to remain competitive in the labor market (Moses, 1999). According to Eyster, Johnson, and Toder, (2008), employment flexibility, as well as accepting career and life possibilities, is a crucial motivation for all employees. According to research, employers are increasingly providing greater job flexibility, which includes flexible career options (such as instruction, coaching, workstation accommodations, job portability, and reduced work hours) as well as flexible life options (such as counseling services, well-being, and health programs) (Boomer Authority., 2009). The issue for firms is to acknowledge that this process may result in some people leaving the company to explore other possibilities (O’Herron, P., & Simonsen, 1995).

Employee Voice and Feedback Mechanisms: Providing options for employee voice and feedback can help audit companies retain talent. Providing means for workers to share their ideas and concerns, as well as encouraging open and honest communication, helps build a

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sense of connection and involvement (Deloitte., 2019). Employee feedback polls, town hall discussions, and frequent check-ins, for example, can all help to enhance retention (PricewaterhouseCoopers (PwC), 2019).

2.3.2. Challenges affecting talent retention strategy of PwC Vietnam - HCMC branch

Absence of options for job progress: Audit professionals frequently seek chances for professional development and growth. Yet, restricted upward mobility, ambiguous career trajectories, and a lack of developing chances might stymie their advancement and lead to talent loss (Ernst & Young (EY), 2017). To retain top people and support their progress in the business, audit firms must give genuine career development opportunities.

Generational differences: Intra-generational disputes are common in the workplace due to such distinct and frequently contradictory features and attitudes toward work. Generational disputes or "collisions" in the workplace, according to (Artley, J.B. and Macon, 2009), can "reduce profitability, raise hiring difficulties, boost employee turnover, and reduce morale among every generation of employees in the organization." Companies must acknowledge that "every generation is affected by the economic, political, and social circumstances of its era" and that open communication among all employees may "help remove the stigmas that can exist when generations are classified" (Simons, 2009). Traditionalists and Baby Boomers prefer face-to-face meetings or phone conversations, but Gen Xers and Millennials choose text and email texting (Glass, 2007; Wagner, 2007). In fact, communication style variations may "cause conflict in regular operations/processes and make collaboration more challenging" (Artley, J.B. and Macon, 2009).

Competitive salary and perks: Competitive remuneration and benefits are essential for keeping top audit expertise. Limited or inadequate salary, a lack of performance-based rewards, and gaps in benefit packages, on the other hand, may result in talent loss (KPMG, 2018). To retain their personnel, audit companies must guarantee that their remuneration and benefits are in line with industry norms and that they satisfy their employees' requirements and expectations.

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Lack of leadership assistance: The importance of management and leadership in retaining talent cannot be emphasized. Insufficient leadership and management support, a lack of appreciation and feedback, and poor communication may all influence staff engagement and retention in audit businesses (Deloitte., 2019). TR must have a supportive and inclusive leadership culture that values and celebrates workers' efforts.

<i>Figure 4: Conceptual Framework </i>

Talent Management

TALENT ACQUISITION

Factors affecting talent acquisition strategy of

PwC Vietnam - HCMC branch

Challenges affecting talent acquisition strategy

of PwC Vietnam - HCMC branch

TALENT RETENTION

Factors affecting talent retention strategy of PwC

Vietnam - HCMC branch

Challenges affecting talent retention strategy of PwC Vietnam - HCMC

branch

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Chapter 3: Methodology

3.1. INTRODUCTION

The methodology chapter is an important part of any research study since it describes the technique and procedures used to gather and evaluate data to answer the research questions or objectives. This chapter describes in full the research strategy, data collecting, and data analysis processes used in the study. We will discuss the methods utilized in this study to analyze TARS in the context of the PwC Vietnam - HCMC branch. We will begin by addressing the study's research design and methodology, followed by a full discussion of the research strategy, data collection methods, and data analysis procedures based on the research onion framework. The research onion is a conceptual framework that symbolizes the numerous layers or stages of the research process, ranging from general philosophical assumptions to the precise research methodologies and procedures employed. Saunders, M. N. K., Lewis, P., & Thornhill, (2018) proposed it as a method to assist researchers in designing a well-structured and complete study plan. Typically, the research onion has six layers or stages: philosophical assumptions, research methodology, research strategy, research choices, time horizon, and data collection and analysis. The research onion offers researchers an organized and methodical approach to designing and conducting studies, ensuring that all components of the research process are properly studied and coordinated. It is crucial to highlight that the application of the research onion framework is not without controversy. Some academics say that it oversimplifies the intricate and constantly changing nature of the research process and that it is not necessarily appropriate to all areas of research or paradigms (Bryman, 2015; Hennink, M., Hutter, I., & Bailey, 2017). The methodology chapter is an important aspect of the research process since it serves as the basis for the empirical study as well as the framework for generating meaningful findings based on the data. A well-designed and conducted methodology is required to assure the study findings' credibility, reliability, and generalizability. As a result, it is critical to thoroughly analyze and explicitly disclose the methodology used during the investigation to guarantee that the study is rigorous and transparent.

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<i>Figure 5: The Research Onion Framework (Saunders, M. N. K., Lewis, P., & Thornhill, 2018) </i>

3.2. RESEARCH PHILOSOPHY

The underlying ideas and assumptions that influence the author's approach to conducting studies are referred to as research philosophies. They impact the research design, data collecting, and data analysis methodologies employed for a study, as well as the researcher's worldview and viewpoint on the foundations of reality and knowledge. In this research, the author will demonstrate the use of positivism.

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3.2.1. Positivism

According to Alan Bryman, (2016), positivism is a research philosophy that stresses the value of empirical data in comprehending the social environment. It is founded on the notion that the social world, like the natural world, can be investigated using scientific methods to observe, measure, and evaluate social phenomena. One of positivism's main strengths is its emphasis on the use of rigorous scientific procedures to gather and evaluate facts. This can result in very trustworthy and valid data that can be utilized to generate precise predictions about the social environment (Alan Bryman, 2016). However, the positivist approach is not without criticism. One of the major critiques is that it presumes an objective reality that can be viewed and measured and that this reality exists independently of the observer (Guba Yvonn and Lincoln, 1994). This assumption is flawed because it ignores the fact that social reality is frequently complicated and diverse and that various observers see it differently. Another critique leveled towards positivism is that it tends to emphasize quantitative data while overlooking the value of qualitative data in comprehending social processes (Alan Bryman, 2016). This can narrow the scope of research and result in a limited understanding of the social world. Despite these objections, positivism remains a popular and important scientific theory, notably in economics, psychology, and sociology. Because of its emphasis on rigorous scientific procedures and empirical data, it is a great instrument for understanding the social environment and creating information that can be utilized to influence policy and practice.

3.3. RESEARCH APPROACH

There are two research approaches which are deductive and inductive. According to (Bryman, A., & Bell, 2019), deductive and inductive methodologies are opposed. The deductive technique begins with a theory or assumption and then tests it by gathering facts, whilst the inductive approach begins with observations or data and afterward creates concepts or ideas based on those observations. The research process seems to be more organized and driven by previous theories or hypotheses in the deductive method, which can offer a distinct direction to the study and guarantee that the study findings are consistent with current knowledge. The inductive technique, on the contrary, offers greater flexibility and receptivity to new concepts and ideas since it is not restricted by

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prior theories or assumptions. In quantitative research, the deductive technique is widely used to examine known ideas or hypotheses using empirical data. In qualitative research, on the other hand, the inductive technique is widely utilized, with researchers aiming to explore and produce new hypotheses or notions based on facts.

3.3.1. Deductive Approach

The deductive approach is a method in which researchers begin with a hypothesis or theory and thereafter test it using empirical data collecting and analysis. The deductive approach's emphasis on scientific rigor and the use of known theories or hypotheses to guide the research process is one of its strengths. Researchers can generate distinct study objectives, hypotheses, and research questions by starting with a theory or hypothesis, which can give a strong framework for gathering and analyzing data (Goddard, W., & Melville, 2004). This method enables researchers to put preexisting ideas or hypotheses to the test, contribute to the existing body of information, and make broad statements about the target population (Trochim, 2006). However, the deductive technique has significant drawbacks. One of the primary complaints is that it may restrict the researcher's capacity to capture the variety and depth of social phenomena since it often depends on preexisting ideas or assumptions that may not completely capture the subtleties of the study issue (Bryman, 2016). Also, the deductive technique may not be appropriate for investigating new or developing research topics when established concepts or hypotheses are not accessible. In this study, the author uses this method to test the theories of TARS at the PwC Vietnam - HCMC branch by developing survey questionnaires based on the theory which was developed in chapter 2 to gather information from participants and analyze information in the findings.

3.4. RESEARCH STRATEGY

Overarching plans or techniques that researchers utilize to direct their research procedure and accomplish their research objectives are referred to as research strategies. Many research techniques may be used in various research situations, and they are frequently influenced by the study design, research topic, and data-collecting methods. In this research, the researcher uses a survey research strategy to gather data from participants of the PwC Vietnam - HCMC branch gaining a better interpretation of TARS.

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3.4.1. Survey

Survey research is a popular research approach in the social sciences and other domains for gathering data from a sample of persons or organizations using standardized questionnaires or interviews. It enables researchers to collect data easily and methodically from a significant amount of people. Survey research is frequently used to define and record the features, views, habits, or attitudes of a certain sample or population (Babbie, 2016). Survey research may also be utilized to investigate new areas of interest or provide hypotheses for further investigation (Neuman, 2014). Survey research may be employed to explain variable correlations or to test current hypotheses or models (Bryman, 2016). Survey research can additionally be utilized to compare groups, populations, or historical periods to uncover similarities, contrasts, or changes through time (Bryman, 2016). One of survey research's benefits is its capacity to collect data from a wide and varied sample, which can improve the generalizability of findings (Babbie, 2016). Surveys, for example, are "used to collect data from a sample of respondents that is typical of a wider community," according to Babbie, (2016). One restriction of questionnaire surveys is the possibility of response bias, which occurs when participants submit erroneous or skewed replies because of social appropriateness or other reasons (Bryman, 2016). Moreover, surveys may fail to capture complicated or subtle phenomena that need in-depth investigation since they often rely on closed-ended questions with restricted response alternatives (Neuman, 2014).

3.5. RESEARCH CHOICE

Research choices include mono-method, mixed-method, and multi-method. While mono-method involves the use of a single research method throughout the entire research process, mixed method and multi-method involve the use of multiple research methods within the single study or separate but related studies within a larger research project. In this research, the author uses the mono-method to reach a focused and streamlined approach to research.

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3.5.1. Mono-method

The employment of a single research technique throughout the whole process of research, from data gathering to data analysis, is referred to as mono-method research. This method is frequently utilized when a single method, including a survey, interview, or experiment, can successfully address the research issue. Since it allows researchers to continuously follow a single technique, mono-method research can give a concentrated and streamlined approach to study, which may be advantageous in research environments where simplification and efficiency are goals (Smith, 2015). Brown, A., & Johnson, (2018); Miller, K., & Thompson, (2019) state the simplicity of mono-method research is one of its merits since it provides for a clear and easy study design, data gathering procedure, and data analysis strategy. It can be a more cost-effective strategy than mixed-method or multi-method research since it requires fewer resources such as time, money, and manpower. When the research subject is addressed using a single approach with a tight focus, mono-method research also can yield exact results. Mono-method research, on the other hand, has limits. It may not capture the whole intricacy and richness of the research issue; therefore, it could lack the comprehensiveness and depth of certain other research methodologies that employ numerous methods. When just one approach is utilized, it may have limited applicability for triangulation, that is the use of several sources or methodologies to confirm study findings. When the study findings are not cross-validated using diverse methodologies, this might raise issues regarding their reliability and validity. Furthermore, because it does not capture the varied views or elements of the study issue, mono-method research may be less suited for addressing research topics that need a multi-dimensional or multi-perspective approach. Because the study design is restricted to a particular method, it may also be constrained in its capacity to examine unanticipated discoveries or emergent themes. As a result, the suitability of mono-method research for the study question, objectives, and overall design of the study should be carefully considered.

3.6. TIME HORIZON

In the social sciences, two frequent types of study designs are cross-sectional and longitudinal. A cross-sectional study captures a specific population at a certain point in time. It is a sort of observational research in which data is collected from a sample of people

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reflecting the target population at a specific period. A longitudinal study, on the other hand, is an observational study methodology that entails observing a group of people through time to track changes within the variables being studied. In this study, the researcher will demonstrate the use of cross-sectional as it fits the direction of the author.

3.6.1. Cross-sectional

A cross-sectional survey entails gathering survey data from participants at a particular moment in time, allowing researchers to acquire information on current TA and retention procedures, attitudes, and outcomes in a reasonably effective manner. A cross-sectional survey design's ability to offer a glimpse of the present condition of TA and retention methods in the audit business is one of its benefits. It enables the quick gathering of statistics from an extensive sample of participants, resulting in a comprehensive picture of the prevalence, methods, and effects of talent recruiting and retention activities in audit companies (Pittino, D., Visintin, F., Lenger, T., & Sternberg, 2016). Additionally, as compared to other research methods, cross-sectional survey designs are highly cost effective and time efficient. They may be given in a variety of ways, including internet surveys, postal surveys, and in-person interviews, making them available to a diverse range of participants and places (Dillman, D. A., Smyth, J. D., & Christian, 2014). Cross-sectional surveys may also be used to investigate connections and relationships between factors, allowing statistical analysis to find possible predictors, modifiers, or mediators of TA and retention results (Welman, J. C., Kruger, S. J., & Mitchell, 2017).

However, cross-sectional surveys collect data at a single moment in time, making determining the chronological sequence of events and establishing causation challenging. Cross-sectional surveys, for example, can uncover links between TA and retention methods and outcomes like turnover rates or employee satisfaction, but they can't tell you if the strategy caused the results or vice versa. Another disadvantage is the possibility of common method bias or response bias since data is gathered using self-report measures. Participants may offer socially desired replies or demonstrate prejudices in their responses, thereby leading to data errors or biases (Podsakoff, P. M., MacKenzie, S. B., & Podsakoff, 2003). From the author's point of view, the study uses a cross-sectional survey design because it can help the author survey a large number of participants at a single point in time which is the end of the fiscal year, so the number of

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