The job market in 2024 is expected to improve after a challenging year that saw a wave of harsh layoffs across various industries. However, to attract and retain talent, employers must also develop well-structured human resource strategies as more and more workers are choosing to work freelance or embrace the trend of “voluntary unemployment” to achieve a better work-life balance.
PNJ, staying agile and responsive to the ever-changing, and sometimes abrupt, shifts in the market, has implemented a restructuring strategy and continuously innovated its human resource management model towards a younger, more flexible, and creative approach since 2017.
Continuously Innovating the Human Resource Management Model
PNJ has been developing programs to encourage its employees to embrace innovative thinking and push boundaries. As a result, the company has not only surpassed its organic growth but also enhanced its customers’ experience by experimenting with new business models. PNJ considers these solutions as the foundation for its transformation from a professional lifestyle retailer into a multi-business ecosystem with a vision towards 2027.
Innovating the human resource management model has borne sweet fruits for PNJ in various aspects. For instance, the company’s skill-enhancing training programs and initiatives to “nurture and develop” new DNA for its team have been instrumental in driving strong and continuous growth in market share and financial indicators.
To keep up with the rapid changes in the market, PNJ hits the “refresh button” in each department every five years, as per its F5 Refresh strategy, followed by an assessment of effectiveness and suitability.
According to Mr. Le Tri Thong, CEO of PNJ, the key to successful transformation lies in the mindset of the leadership and the team. The second crucial factor is internal unity, steadfastness, and determination. Therefore, the company’s leaders always clearly define the goals of the changes and communicate them to all employees so that they understand the importance and necessity of this evolution.
Consequently, the F5 Refresh process has enabled a smooth transition for the company, transforming it from a manufacturing enterprise characterized by precision and meticulousness into a professional retailer with a customer-centric, creative, and agile culture. Changes in work methods and information exchange during the F5 Refresh process have also contributed to a flatter company structure, where the voices of all employees are heard by the highest levels of management.
Creating an attractive, harmonious, connected, and empowering work environment for all generations
Specifically, a decade ago, PNJ embarked on a new business model transformation strategy, evolving from a jewelry maker to a retailer. Today, PNJ has developed a multi-channel sales system, comprehensively reaching out to customers, with over 400 stores nationwide, a strong presence in e-commerce, and a user-friendly website catering to the current shopping preferences of its clientele.
Moreover, all human resource-related activities at PNJ are integrated into the company’s overall development strategy. In the next phase, PNJ will focus on developing the capabilities and enhancing the leadership skills of middle management through customized, hands-on training programs. The company encourages its over 7,600 employees to embrace an entrepreneurial spirit and refreshes its reward and recognition policies to motivate the team to maximize their potential.
As Mr. Le Tri Thong emphasizes, PNJ is committed to creating an attractive, harmonious, and connected work environment that empowers individuals from diverse generations. The company provides a platform for its core personnel to contribute while also offering opportunities for younger employees to take on challenges and be creative.
Harnessing the Strengths of Multiple Generations: Gen Z Emerges as a Rising Force
PNJ is currently undergoing a generational transition. During this journey, the company aims to retain its core DNA while also “refreshing” it with new personalities and work approaches. Conversely, PNJ has also created a space for newcomers with experience working in various multinational corporations.
Additionally, PNJ is witnessing an increasing number of young professionals assuming senior management positions within the executive board and the board of directors. The company also recognizes the growing importance of Gen Z employees, who possess a strong grasp of technology and emerging trends. As of last year, PNJ had over 3,360 young employees under 30 years of age, accounting for approximately 44% of its total workforce. Nearly 7% of the company’s management team falls into this age group.
PNJ Prioritizes Gender Diversity in the Organization
Furthermore, PNJ values gender diversity within its organization, as evidenced by a female-to-male employee ratio of 61% to 39%. To attract top talent, the company closely monitors competitive income levels in the market to ensure equitable and competitive benefits for its staff.
“Nowadays, an employer’s competitive advantage lies in understanding the workforce. Besides committing to competitive salary, bonus, and welfare policies, PNJ also creates a space for liberation. Here, candidates are invited to contribute their dreams, create greater value, and learn together through trial and error, ultimately building success. Since its inception 36 years ago, people have been our most valuable asset and the pillar of our sustainable development,” shared Mr. Le Tri Thong.
Leading Company in Dong Nai Seeks 40,000 Talented Individuals to Join Their Team
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The province of Dong Nai is gearing up for its annual end-of-year production surge, and this year is no exception. With an impressive target of employing up to 40,000 workers, businesses in the area are gearing up for a busy and productive season. This massive recruitment drive highlights the province’s vibrant economic landscape and the potential it holds for both employers and job seekers alike.
