Keeping payroll in house to save costs

 A consulting client called me today.  He had chosen another provider of payroll service in Vietnam over HR2B for his outsourcing.  He explained that he was thinking of ending the contract with his provider after 6 months to save costs.  I counseled him to work with his existing provider and come to a better arrangement.

Taking back an outsourced process has hidden costs over and above the obvious ones of staff salary and office space, consider

Computer Systems (software licenses);

Training of staff;

Legal compliance issues (how well do your staff keep up to date);

Image issues to your employees and their perception of confidentiality.

A good outsource provider will work with you to find a solution that matches your budget.

Call HR2B today to find out more about payroll services in Vietnam

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2009 Softening Labour Market in Vietnam?

With the global turmoil leading to job cuts how are Vietnamese companies affected? So far we have not see mass layoffs or major social dislocation associated with unemployment and / or underemployment. As an executive search firm our month on month order book keeps growing, however how much of this is due to us taking market share and how much is due to the wider economic forces is difficult to say.

What we can say is that packages offered to senior level people have remained pretty flat for the last six months compared to the crazy growth of 2007. Hardest hit have been the financial and banking sector, probably due to uncertainties of their parent companies.

What does this all mean for you?

As a person, the advice is to keep to your career objectives however be prepared to implement your skills and gain your achievements in a different industry or organizational setting if you happen to have to leave your current job or company.

As a company, now is the time to identify and make plans to keep your best and brightest. Giving them that little bit extra now will be remembered when the good times come along again and they are tempted to leave you a better offer. If you do need to cut headcount, know in advance who is contributing to your business success.

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Pay me in USD

Part of our payroll service in Vietnam is to gather and answer the queries of our client's employees in Vietnam. The wildly fluctuating black market exchange rate recently has caused some of these people to complain bitterly about being paid in Vietnamese Dong.

The law in Vietnam is very clear on this.

1. In principle, a Vietnamese person can sign a labour contract with an employer being organizations duly established and existing under the laws of Vietnam, mutually agreeing the salary in foreign currency, usually in USD.
2. However when the employer pays the salary to the employee directly or indirectly, the salary must be exchanged for Vietnamese Dong on the basic of average rate as provided by the State Bank of Vietnam at the time of salary payment or other exchange rate as agreed in the labour contract by the parties, other than a foreigner.
3. In accordance with the law of Vietnam, the use of foreign currency within the territory of Vietnam is subject to Ordinance 28, Decree 160 and related documents. Specifically, under Article 22 of Ordinance 28, “within the territory of Vietnam, all transactions, payments, listings and advertisements of the organizations being residents must not be carried out in foreign currency except for transactions with credit institutions and payments made via intermediaries, including authorized collection, entrustment, agency and other necessary cases permitted by the Prime Minister of the Government” .

Organizations with Vietnamese staff need to be aware of this so they can quickly and easily explain to their staff that USD or other foreign currency payments as part of an employment contract are not legal.

If you have any questions, do not hesitate to contact HR2B Payroll Services in Vietnam

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HR2B / Talent Recruitment Company - What is in a name?

Talent Recruitment Joint Stock Company is a Vietnamese organisation dedicated to serving the Vietnam Human Resources needs of business. Our main business lines are

• Executive Search and Selection of top quality Vietnamese management and professional talent;
• International standard payroll outsourcing;
• Human Resources management consulting.

We use the brand name HR2B (Human Resources to Business) because that is easier to remember and because in 2002 when we were setting up that was the best available URL.

HR2B.com (along with email) is the way we communicate with our clients and candidates. It is also the home of our purpose built Executive Search and Selection information System. This system is built by our sister company Super Cyber Enterprises and helps us provide exceptional customer service to our clients and candidates.

The logo of HR2B Vietnam Human Resources company was designed by Mr Tuan at Spot designers.. The concept is that the black circle defines the white star and the white star defines the black circle. Sort of yin-yang idea. A lot of Human Resources management decisions are as much about what you don't do as what you do do! (is that correct English?).

Originally our logo was black and white and the "HR2B" was in lower case "hr2b". As a westerner the simplicity was appealing, however feedback from my Vietnamese friends (and Binh Vo in particular) was that the logo needed to be more colourful and more bold. After a few experiments we ended up with the version you see now by the end of 2003.

Five years later, and the logo is still drawing positive remarks. Our staff no longer stumble over "HR2B good morning" and clients say that it is memorable, so I guess it has achieved what a logo should achieve. What do you think?

If you have any questions, do not hesitate to contact HR2B Vietnam Human Resources company.

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