Competitive advantage: Recruitment and retention of senior managers in financial sectors in laos

Andries J. Du Plessis; Suksamon Sumphonphakdy; James Oldfield; Cristoff Botha

Andries J. Du Plessis PhD, Senior Lecturer, Department of Management and Marketing, Unitec, New Zealand
Suksamon Sumphonphakdy MBus Graduate, Department of Management and Marketing, Unitec, New Zealand
James Oldfield Senior Lecturer, Department of Accounting & Finance, Unitec New Zealand
Cristoff Botha PhD, Professor to Potchefstroom Business School, North-West University, Potchefstroom, South Africa

Keywords: Employees, competitive advantage, human resource management, recruitment, retention

Abstract

The focus of this research is to identify the importance of recruiting and retaining senior management resources in the banking industry in Laos. This paper reports on some of the findings. Both quantitative and qualitative research methods were adopted to collect data from three banks in Laos. Interview section: the questions were designed to explore participants’ understanding of basic concepts of HRM and their perspectives towards HRM in their organisations about recruitment and retention. Questionnaire section: part one involves demographics data, while part two of the survey questions are focused on participants’ attitudes towards HRM processes such as recruitment in their organisations. The findings of the study demonstrate that HRM plays a critically important role in their banks in terms of keeping their competitive advantage. There is a lack of development and implementation of HRM practices and policies to recruit and retain the right people.