Economists believe that the global economy still faces numerous challenges due to ongoing conflicts and the volatility of the global commodities market. Inflation remains high, trade growth is weak, and consumer confidence is slow to recover. In this context, many countries are continuing to maintain tight monetary policies to prioritize containing inflation. Weakening aggregate demand has led to slower economic growth in many countries, including major economies, while financial markets, real estate, and other sectors in some countries pose significant risks.
Amidst the general “gloom” of the global economy, Vietnam in general and the construction sector in particular have also been significantly affected. For example, many construction companies have been forced to downsize their operations or lay off employees in bulk to reduce costs. The remaining employees have had to accept pay cuts, salary arrears, and take on the responsibilities of multiple other positions. As a result, their lives have become precarious, and they have had to cut back on spending as much as possible in order to “hold on” during this difficult economic period.
Construction industry employees are facing precarious situations. (Source: Hieu Tran)
“At the end of 2023, I received a notice of termination and was asked to hand over my work within 3 days because the company was downsizing and dissolving several departments. I was really shocked by this decision. Before that, I had already accepted a pay cut, and there were even months when my salary was in arrears, but I still believed in the company and felt that I needed to share the burden with the business during this difficult time. I became unemployed “involuntarily.” The high cost of living in Hanoi for my wife, two young children, and me has made life really difficult,” confided Tran Thinh, an architect.
With few options, Thinh and many other construction industry employees have had to change and adapt quickly to their circumstances. Nguyen Thanh Nam, a young engineer working in Hai Duong, shared: “During this difficult economic period, businesses are limiting their hiring. If they do hire, the requirements are extremely strict, and candidates are expected to be more versatile. After leaving my old job, it took me a long time to find a suitable new one, and I had to accept projects that were farther away. I also had to learn many new skills to meet the demands of my new job. I believe that I have to change myself, constantly learn, and acquire new knowledge every day in order to always be proactive.
Assessing the recruitment market, Le Tu Anh, Head of Giza Group’s Recruitment Department, said that after the impacts of the Covid-19 pandemic and the ongoing economic volatility, the recruitment market has also become quieter. Only those employees and businesses that are truly agile, flexible, and proactive in seizing opportunities will be able to adapt. Giza Group’s leadership has made efforts to find new markets, restructure its organization, and enhance staff training, considering high-quality personnel as the foundation for sustainable development, leading to a breakthrough in business performance.
Giza Group’s strategy for attracting human resources (Source: Giza Vietnam)
“In 2023 and Q1/2024, the company continuously won bids for many new projects of large scale and high progress, which has led to a great demand for personnel to serve these projects. However, due to the specific nature of industrial construction, finding suitable human resources for this field is also difficult and highly competitive. Therefore, Giza must develop a strategy to attract human resources, such as expanding recruitment targets, accepting candidates without prior experience in industrial construction and providing training, and implementing other strategies to increase competitiveness and attract more potential candidates,” said Tu Anh.
Over the years, Giza Group has always focused on building a healthy working environment so that employees feel happy and motivated to come to work each day, such as: Being open and honest when discussing work, respecting personal opinions, encouraging员工发展, creating conditions to stimulate creativity, new ideas, new spaces, and new leadership styles; avoiding being rigid and mechanical; recognizing employees’ initiatives and work results promptly; implementing a system of rewards and punishments that is fair and just; and creating work regulations that are followed but also promote self-discipline and a high level of awareness.
The application of digitalization to Giza’s work and personnel management processes has helped employees to be more proactive and efficient in their work, while also optimizing time and space for the development of unique ideas and creativity.
Giza Group always focuses on building a healthy working environment for its employees (Source: Giza Vietnam)
In the first half of 2024, Giza Vietnam has continuously won bids for many industrial construction projects in various provinces and cities, so the company has a great demand for human resources. Giza Group is always looking for the right people to join the company in achieving its upcoming goals.
