Banks and Bank Systems (Aug 2024)
Relationship between enforcement of labor social welfare laws and internal CSR, job satisfaction: a qualitative study at commercial banks in Vietnam
Abstract
This study aimed to explore the relationship between three factors: enforcement of labor social welfare labor laws, internal corporate social responsibility (CSR) implementation, and job satisfaction as perceived by managers in the commercial banking sector. The research utilized a qualitative research method – in-depth interviews based on a semi-structured questionnaire with 20 experienced managers from 11 commercial banks in Vietnam, an emerging economy. Findings indicated a positive reciprocal relationship between enforcement of social welfare labor laws and internal CSR responsibilities of enterprises. Additionally, enforcing labor social welfare laws and internal CSR implementation positively impacted employee job satisfaction. The study also identified five aspects of internal CSR implementation towards employees: (1) timely and full payment of wages, bonuses, and benefits; (2) establishing a conducive work environment; (3) policies addressing human rights, health, and safety at work; (4) fair and democratic treatment, providing training and career advancement opportunities, and protecting employees through organizational activities; (5) having legal norms, procedures, mechanisms for recording, feedback, monitoring, and reasonable evaluation of job performance. These findings contribute to enriching both theoretical understanding and practical implications regarding the interplay of these three factors in commercial banks, encouraging managers to effectively implement social welfare laws and internal CSR implementation. AcknowledgmentThis collaborative research involves scholars from the University of Law - Hue University and Duy Tan University. The authors extend their gratitude to both institutions for their support and assistance in facilitating the publication of this research. In addition, the authors would like to thank the Editor-in Chief and a reviewer for their helpful comments that in our view have helped to improve the quality of the manuscript significantly. This study was conducted based on decision No. 4741/QD-ĐHDT dated October 18, 2023 of Duy Tan University, Vietnam.
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