Paying 3P salaries for lecturers of public universities in Vietnam

Abstract

Applying the 3P salary formula and evaluating job performance according to KPIs in salary payment is a popular tool in the world and in Vietnam applied by many organizations in paying employees. In order to attract talents and retain them, public higher education institutions in Vietnam need to consult and apply the 3P salary formula and evaluate job performance according to KPIs to pay lecturers. 3P salary is a remuneration model for employees based on a combination of salary payment according to 3 basic factors: job position, personal capacity and work results. KPI is a system of measuring and evaluating work performance expressed through numbers, ratios, and quantitative indicators, in order to reflect the performance of an organization, a functional department or an individual. From there, the organization can apply the 3P salary formula and evaluate job performance according to KPIs to pay salaries and bonuses in accordance with the job position and motivate employees in the organization.