Factors influencing talent retention: A case study of techcombank in Vietnam

Nhan Truong Thanh Dang; Nhi Ngo Hoang Yen

doi:10.31893/multiscience.2025590

Keywords:

Abstract

There has been limited research focusing on the impact of various contextual factors on talent retention, which could provide managers with a solid foundation for developing timely and contextually relevant human resource strategies. Based on this gap, this study aims to explore and analyze the factors influencing talent retention at Techcombank (Vietnam Technological and Commercial Joint Stock Bank) in Ho Chi Minh City. The research is based on a literature review of talent retention, job satisfaction, employee loyalty within organizations, and an examination of previous related studies. The author employs a mixed-methods approach, incorporating both qualitative and quantitative research methodologies. In the qualitative phase, the author systematizes relevant concepts and theories, synthesizes prior studies, and subsequently develops an initial research model along with a proposed measurement scale. For the quantitative phase, a survey was conducted with 213 talented employees currently working at Techcombank in Ho Chi Minh City. The findings reveal six key factors influencing talent retention at the bank: (1) Appropriate Work Environment, (2) Well-Suited Job Nature, (3) Competitive Salary and Benefits, (4) Suitable Training and Development Opportunities, (5) Loyalty, and (6) Good Relationships With Colleagues. Among these factors, "Loyalty" is identified as the most decisive factor in talent retention, whereas "Suitable Training and Development Opportunities" have the weakest impact. Based on the quantitative analysis, several managerial implications are proposed to enhance and improve the effectiveness of talent retention strategies. This study represents a continued effort to address the existing gap in the talent management literature, with particular emphasis on a specific sector within a developing country context like Vietnam.
References
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2. Axelrod, B., Handfield-Jones, H., & Michaels, E. (2002). A new game plan for C players. Harvard Business Review, 80(1), 80–90.
3. Colling, T., Scullion, H., & Caligiuri, P. (2018). Global talent management. Routledge.
4. Collings, D. G., & Mellahi, K. (2009). Strategic talent management: A review and research agenda. Human resource management review, 19(4), 304-313. https://doi.org/10.1016/j.hrmr.2009.04.001
5. Collings, D. G., Mellahi, K., & Cascio, W. F. (2018). Global Talent Management and Performance in Multinational Enterprises: A Multilevel Perspective. Journal of Management, 45(2), 540-566. https://doi.org/10.1177/0149206318757018
6. Cooke, F. L., Saini, D. S., & Wang, J. (2014). Talent management in China and India: A comparison of management perceptions and human resource practices. Journal of World Business, 49(2), 225–235. https://doi.org/10.1016/j.jwb.2013.11.006
7. Dang, N. T. T., Ha, V. D., & Ho, T. T. N. (2024). Challenges and solutions for human resource development activities of the FPT Group in the age of digital technology. Multidisciplinary Science Journal, 7(4), 2025152. https://doi.org/10.31893/multiscience.2025152
8. Dang, N. T. T., Nguyen, T. Q., Kok, S. K., & Ha, V. D. (2023). Multi-level challenges in talent management in a post COVID-19 future: Examining the banking sector in Vietnam. Cogent Business & Management, 10(3). https://doi.org/10.1080/23311975.2023.2251198
9. Deery, M., & Jago, L. (2015). Revisiting talent management, work-life balance and retention strategies. International Journal of Contemporary Hospitality Management, 27(3), 453–472. https://doi.org/10.1108/IJCHM-12-2013-0538
10. Devi, S., John, S., & Onn, T. Y. (2024). The determinants of talent retention in the information technology services sector in Malaysia. International Journal of Management, 13(2), 283-298.
11. Do, T. D., Le, L. C., & Phan, T. T. (2020). Factors affecting talent retention: Case study of universities in Ho Chi Minh City. International Journal of Entrepreneurship, 24(1), 1-10.
12. Fei, L. K., Isa, A. M. M., Sigdel, B., Senathirajah, A. R. B. S., Al-Ainati, S., Haque, R., & Devasia, S. N. (2024). Factors affecting talent retention to ensure sustainable growth in the automation industry in Penang free industrial zone. Kurdish Studies, 12(1), 3122-3143.
13. Gagne, F. (2000). Understanding the complex choreography of talent development through DMGT-Based analysis. In K. A. Heller, F. J. Monks, R. J. Sternberg, & R. F. Subotnik (Eds.), International handbook of giftedness and talent (pp. 67–79). Elsevier Science Ltd.
14. Gorman, C. (2003). Managing talent for success: Talent retention strategies in dynamic organizations. Harvard Business Review Press.
15. Hassan, M., Hassan, S., Khan, K. U. D., & Naseem, M. A. (2011). Employee retention as a challenge in leather industry. Global Journal of Human Social Science, 11(2), 8-14.
16. Heimerl, P., Haid, M., Benedikt, L., & Scholl-Grissemann, U. (2020). Factors influencing job satisfaction in hospitality industry. SAGE open, 10(4), 2158244020982998. https://doi.org/10.1177/2158244020982998
17. Herzberg, F. (1968). One More Time: How Do You Motivate Employees? Harvard Business Review, 46, 53-62.
18. Hesse, J. (2015). The talent to win. Price Water House Coopers LLC. https://www.pwc.com/co/es/publicaciones/assets/talent-to-win.pdf
19. Jehanzeb, K., Rasheed, A., & Rasheed, M. F. (2013). Effects of training and development on job satisfaction and turnover intentions in fast food franchises of Saudi Arabia. The Business & Management Review, 3(3), 101.
20. Lim, E. Z., Phang, Z. B., Foong, M. L., S'ng, J. H. M., & Tiong, X. Y. (2015). Talent retention: A study in Malaysia manufacturing industry (Doctoral dissertation, UTAR).
21. Luddy, N. (2005). Job satisfaction amongst employees at a public health institution in the Western Cape (Doctoral dissertation, University of the Western Cape).
22. Maslow, A. H. (1943). A theory of human motivation. Psychological Review, 50(4), 370–396. https://doi.org/10.1037/h0054346
23. Michaels, E., Handfield-Jones, H., & Axelrod, B. (2011). The war for talent. Harvard Business Press.
24. Mohammed, A. (2015). The impact of talent management on employee engagement, retention and value addition in achieving organizational performance. International Journal of Core Engineering & Management, 1(12), 142-152.
25. Navigos Group. (2022). Opportunities and Challenges of employers and candidates in Banking in Digital Transformation. https://www.navigosgroup.com/opportunities-and-challenges-of-employers-and-candidates-in-banking-in-digital-transformation-n19.html
26. Nguyen, D. T. T., & Vu, T. T. M. (2023). Factors influencing employee loyalty in the food and beverage sector at hotels in Ho Chi Minh City. Journal of Economics and Forecasting, 12, 121–124.
27. Nguyen, L. H. K. (2020). Factors affecting employee satisfaction in e-commerce enterprises in Vietnam. Journal of Management and International Economics, 129(6), 79–92.
28. Nguyen, N. M., & Vo, H. N. T. (2021). Talent retention in commercial banks in Vietnam. International Journal of Management and Marketing, 11(1), 48–59. https://doi.org/10.32479/irmm.10908
29. Nguyen, T. L. (2020). Determinants of Talent Retention in Textile and Garment Companies in Binh Duong Province. The Journal of Asian Finance, Economics and Business, 7(6), 475–484. https://doi.org/10.13106/JAFEB.2020.VOL7.NO6.475
30. Nhue, M. (2023). Banks retaining employees: Salary is no longer the top factor. https://www.tinnhanhchungkhoan.vn/ngan-hang-giu-chan-nhan-su-luong-khong-con-la-yeu-to-hang-dau-post319389.html
31. Nishanthi, H. M., & Kailasapathy, P. (2018). Employee commitment: The role of organizational socialization and protean career orientation. South Asian Journal of Human Resources Management, 50(1), 1–27. https://doi.org/10.1177/2322093717739729
32. Phan, A. (2023). Human resource demand in the finance and banking sector in the digital economy and policy recommendations for Vietnam. https://www.tapchicongsan.org.vn/web/guest/nghien-cu/-/2018/827685/nhu-cau-nhan-luc-cua-nganh-tai-chinh%2C-ngan-hang-trong-nen-kinh-te-so-va-mot-so-khuyen-nghi-chinh-sach-cho-viet-nam.aspx
33. Safiullah, A. B. (2015). Employee motivation and its most influential factors: A study on the telecommunication industry in Bangladesh. World Journal of Social Sciences, 5(1), 79–92.
34. Schuler, R. S., Jackson, S. E., & Tarique, I. (2011). Global talent management and global talent challenges: Strategic opportunities for IHRM. Journal of World Business, 46(4), 506-516. https://doi.org/10.1016/j.jwb.2010.10.011
35. Singh, S., & Dixit, P. K. (2011). Employee retention: The art of keeping the people who keep you in business. VSRD International Journal of Business & Management Research, 1(7), 441-448.
36. Sinha, C., & Sinha, R. (2012). Factors affecting employee retention: A comparative analysis of two organizations from heavy engineering industry. European Journal of Business and Management, 4(3), 145-162.
37. Slavich, J. A. (2011). Talent management: The key to economic recovery. South Carolina Business, 32(3), 24.
38. Spector, P. E. (1997). Job satisfaction: Application, assessment, causes, and consequences. Sage publications.
39. Techcombank. (2022). Annual Report 2022. https://techcombank.com/nha-dau-tu/bao-cao-thuong-nien/2022/trang-chu
40. Thunnissen, M., & Buttiens, D. (2017). Talent management in public sector organizations: A study on the impact of contextual factors on the TM approach in Flemish and Dutch public sector organizations. Public Personnel Management, 46(4), 391–418. https://doi.org/10.1177/0091026017721570
41. Tran, H. (2022). Techcombank With Vietcetera: Fostering Innovation And Talent At The Overseas Vietnamese Summit. https://vietcetera.com/en/techcombank-with-vietcetera-fostering-innovation-and-talent-at-the-overseas-vietnamese-summit
42. Williams, M. R. (2000). The war for talent: Getting the best from the best. CIPD Publishing.
43. Yee, K. L., & Mansor, N. S. (2023). Factors of Talent Retention in Malaysian Construction Industry: Employee’s Perspective. Online Journal for TVET Practitioners, 8(3), 14-22.

This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.

How to cite

Dang, N. T. T., & Yen, N. N. H. (2025). Factors influencing talent retention: A case study of techcombank in Vietnam. Multidisciplinary Science Journal, 7(12), 2025590. https://doi.org/10.31893/multiscience.2025590

[1] Allen, D. G., Bryant, P. C., & Vardaman, J. M. (2010). Retaining talent: Replacing misconceptions with evidence-based strategies. Academy of Management Perspectives, 24(2), 48–64. https://doi.org/10.5465/amp.24.2.48

[2] Axelrod, B., Handfield-Jones, H., & Michaels, E. (2002). A new game plan for C players. Harvard Business Review, 80(1), 80–90.

[3] Colling, T., Scullion, H., & Caligiuri, P. (2018). Global talent management. Routledge.

[4] Collings, D. G., & Mellahi, K. (2009). Strategic talent management: A review and research agenda. Human resource management review, 19(4), 304-313. https://doi.org/10.1016/j.hrmr.2009.04.001

[5] Collings, D. G., Mellahi, K., & Cascio, W. F. (2018). Global Talent Management and Performance in Multinational Enterprises: A Multilevel Perspective. Journal of Management, 45(2), 540-566. https://doi.org/10.1177/0149206318757018

[6] Cooke, F. L., Saini, D. S., & Wang, J. (2014). Talent management in China and India: A comparison of management perceptions and human resource practices. Journal of World Business, 49(2), 225–235. https://doi.org/10.1016/j.jwb.2013.11.006

[7] Dang, N. T. T., Ha, V. D., & Ho, T. T. N. (2024). Challenges and solutions for human resource development activities of the FPT Group in the age of digital technology. Multidisciplinary Science Journal, 7(4), 2025152. https://doi.org/10.31893/multiscience.2025152

[8] Dang, N. T. T., Nguyen, T. Q., Kok, S. K., & Ha, V. D. (2023). Multi-level challenges in talent management in a post COVID-19 future: Examining the banking sector in Vietnam. Cogent Business & Management, 10(3). https://doi.org/10.1080/23311975.2023.2251198

[9] Deery, M., & Jago, L. (2015). Revisiting talent management, work-life balance and retention strategies. International Journal of Contemporary Hospitality Management, 27(3), 453–472. https://doi.org/10.1108/IJCHM-12-2013-0538

[10] Devi, S., John, S., & Onn, T. Y. (2024). The determinants of talent retention in the information technology services sector in Malaysia. International Journal of Management, 13(2), 283-298.

[11] Do, T. D., Le, L. C., & Phan, T. T. (2020). Factors affecting talent retention: Case study of universities in Ho Chi Minh City. International Journal of Entrepreneurship, 24(1), 1-10.

[12] Fei, L. K., Isa, A. M. M., Sigdel, B., Senathirajah, A. R. B. S., Al-Ainati, S., Haque, R., & Devasia, S. N. (2024). Factors affecting talent retention to ensure sustainable growth in the automation industry in Penang free industrial zone. Kurdish Studies, 12(1), 3122-3143.

[13] Gagne, F. (2000). Understanding the complex choreography of talent development through DMGT-Based analysis. In K. A. Heller, F. J. Monks, R. J. Sternberg, & R. F. Subotnik (Eds.), International handbook of giftedness and talent (pp. 67–79). Elsevier Science Ltd.

[14] Gorman, C. (2003). Managing talent for success: Talent retention strategies in dynamic organizations. Harvard Business Review Press.

[15] Hassan, M., Hassan, S., Khan, K. U. D., & Naseem, M. A. (2011). Employee retention as a challenge in leather industry. Global Journal of Human Social Science, 11(2), 8-14.

[16] Heimerl, P., Haid, M., Benedikt, L., & Scholl-Grissemann, U. (2020). Factors influencing job satisfaction in hospitality industry. SAGE open, 10(4), 2158244020982998. https://doi.org/10.1177/2158244020982998

[17] Herzberg, F. (1968). One More Time: How Do You Motivate Employees? Harvard Business Review, 46, 53-62.

[18] Hesse, J. (2015). The talent to win. Price Water House Coopers LLC. https://www.pwc.com/co/es/publicaciones/assets/talent-to-win.pdf

[19] Jehanzeb, K., Rasheed, A., & Rasheed, M. F. (2013). Effects of training and development on job satisfaction and turnover intentions in fast food franchises of Saudi Arabia. The Business & Management Review, 3(3), 101.

[20] Lim, E. Z., Phang, Z. B., Foong, M. L., S'ng, J. H. M., & Tiong, X. Y. (2015). Talent retention: A study in Malaysia manufacturing industry (Doctoral dissertation, UTAR).

[21] Luddy, N. (2005). Job satisfaction amongst employees at a public health institution in the Western Cape (Doctoral dissertation, University of the Western Cape).

[22] Maslow, A. H. (1943). A theory of human motivation. Psychological Review, 50(4), 370–396. https://doi.org/10.1037/h0054346

[23] Michaels, E., Handfield-Jones, H., & Axelrod, B. (2011). The war for talent. Harvard Business Press.

[24] Mohammed, A. (2015). The impact of talent management on employee engagement, retention and value addition in achieving organizational performance. International Journal of Core Engineering & Management, 1(12), 142-152.

[25] Navigos Group. (2022). Opportunities and Challenges of employers and candidates in Banking in Digital Transformation. https://www.navigosgroup.com/opportunities-and-challenges-of-employers-and-candidates-in-banking-in-digital-transformation-n19.html

[26] Nguyen, D. T. T., & Vu, T. T. M. (2023). Factors influencing employee loyalty in the food and beverage sector at hotels in Ho Chi Minh City. Journal of Economics and Forecasting, 12, 121–124.

[27] Nguyen, L. H. K. (2020). Factors affecting employee satisfaction in e-commerce enterprises in Vietnam. Journal of Management and International Economics, 129(6), 79–92.

[28] Nguyen, N. M., & Vo, H. N. T. (2021). Talent retention in commercial banks in Vietnam. International Journal of Management and Marketing, 11(1), 48–59. https://doi.org/10.32479/irmm.10908

[29] Nguyen, T. L. (2020). Determinants of Talent Retention in Textile and Garment Companies in Binh Duong Province. The Journal of Asian Finance, Economics and Business, 7(6), 475–484. https://doi.org/10.13106/JAFEB.2020.VOL7.NO6.475

[30] Nhue, M. (2023). Banks retaining employees: Salary is no longer the top factor. https://www.tinnhanhchungkhoan.vn/ngan-hang-giu-chan-nhan-su-luong-khong-con-la-yeu-to-hang-dau-post319389.html

[31] Nishanthi, H. M., & Kailasapathy, P. (2018). Employee commitment: The role of organizational socialization and protean career orientation. South Asian Journal of Human Resources Management, 50(1), 1–27. https://doi.org/10.1177/2322093717739729

[32] Phan, A. (2023). Human resource demand in the finance and banking sector in the digital economy and policy recommendations for Vietnam. https://www.tapchicongsan.org.vn/web/guest/nghien-cu/-/2018/827685/nhu-cau-nhan-luc-cua-nganh-tai-chinh%2C-ngan-hang-trong-nen-kinh-te-so-va-mot-so-khuyen-nghi-chinh-sach-cho-viet-nam.aspx

[33] Safiullah, A. B. (2015). Employee motivation and its most influential factors: A study on the telecommunication industry in Bangladesh. World Journal of Social Sciences, 5(1), 79–92.

[34] Schuler, R. S., Jackson, S. E., & Tarique, I. (2011). Global talent management and global talent challenges: Strategic opportunities for IHRM. Journal of World Business, 46(4), 506-516. https://doi.org/10.1016/j.jwb.2010.10.011

[35] Singh, S., & Dixit, P. K. (2011). Employee retention: The art of keeping the people who keep you in business. VSRD International Journal of Business & Management Research, 1(7), 441-448.

[36] Sinha, C., & Sinha, R. (2012). Factors affecting employee retention: A comparative analysis of two organizations from heavy engineering industry. European Journal of Business and Management, 4(3), 145-162.

[37] Slavich, J. A. (2011). Talent management: The key to economic recovery. South Carolina Business, 32(3), 24.

[38] Spector, P. E. (1997). Job satisfaction: Application, assessment, causes, and consequences. Sage publications.

[39] Techcombank. (2022). Annual Report 2022. https://techcombank.com/nha-dau-tu/bao-cao-thuong-nien/2022/trang-chu

[40] Thunnissen, M., & Buttiens, D. (2017). Talent management in public sector organizations: A study on the impact of contextual factors on the TM approach in Flemish and Dutch public sector organizations. Public Personnel Management, 46(4), 391–418. https://doi.org/10.1177/0091026017721570

[41] Tran, H. (2022). Techcombank With Vietcetera: Fostering Innovation And Talent At The Overseas Vietnamese Summit. https://vietcetera.com/en/techcombank-with-vietcetera-fostering-innovation-and-talent-at-the-overseas-vietnamese-summit

[42] Williams, M. R. (2000). The war for talent: Getting the best from the best. CIPD Publishing.

[43] Yee, K. L., & Mansor, N. S. (2023). Factors of Talent Retention in Malaysian Construction Industry: Employee’s Perspective. Online Journal for TVET Practitioners, 8(3), 14-22.

Abstract

References

How to cite