PNJ Chairperson Cao Thi Ngoc Dung: Management is ‘Training yourself' to "Grow people’

PNJ Chairperson Cao Thi Ngoc Dung shared her experience in many programs.

Cash assets are not the most valuable asset at PNJ

Over time, the PNJ brand has always been in the top awards for human resources and sustainable development. Indeed, this is no coincidence? What is your view on the concept of human resources?

In my point of view, NHÂN is Human and SỰ is Affair. NHÂN represents EQ, while SỰ represents IQ. Relying on SỰ only means operating the system based on professional standards and managing it with KPI... which certainly cannot bring much value.

Similarly, managing only with emotions cannot build a strong and sustainable organization. The reality shows why LÝ (Reason) and TÌNH (sentiment), NHÂN (Human) and SỰ (Affair) should always blend and accompany each other.

However, human is an invaluable assets to an organization. I have been always proud to tell my partners that: People and Culture of PNJ are the most precious things, not monetary assets.

Thus, it can be seen that you have flexibly applied the concept of human resources to the management and administration, bringing PNJ to the strong development as it is today. So in the 35 years of PNJ's story, which HR milestone do you remember the most?

That's right; everything starts at its root. PNJ's success today must be no exception.

When being established in 1988, PNJ was just a tiny store with nearly 20 employees. The difficulty for us is that most personnel worked in the administrative sector, without jewelry knowledge, and were arranged to work with artisans who worked hard every day but never joined any organization.

In addition, this business was sensitive in that society when the country had just started the Doi Moi (Renovation policy) and faced many difficulties.

The first "brick" in human resource management at PNJ was the word “Trust”. I have usually told my co-workers like that. But verbal “Trust” alone is not fine. In order for everyone to work together and contribute to the company, it is necessary to ensure a spiritual and material life (at a minimum). Thinking so, I boldly applied for a mechanism with the State, allowing the Company to account under the State mechanism but operate as a private store.

Besides, I constantly researched and cared about the thoughts and aspirations of all 20 employees. That has created a compassionate and loving atmosphere like in the same family, motivating us to overcome the initial difficulties.

To this day, that habit has been still in my thoughts and actions. PNJ now has more than 7,000 employees, vigorous growth. But the responsibility of the head always reminds me to pay close attention to the family life, thoughts, and daily fluctuations of employees and transmit the spirit of sharing and caring to all employees in the group, especially leaders of departments.

Ms. Cao Thi Ngoc Dung at PNJ's cultural Day.

“See yourself” to “see people”

Managing a team of more than 7,000 people will undoubtedly be challenging and different from 20 people?

Human resource affair and modern human resource management have many sides. PNJ has been always conscious of renewing and elevating to match the company's stature and market practices.

We will review the work done in the last term every five years and set up an orientation for the next five years. In 2012, PNJ invited foreign experts to advise changing the sustainable development model towards retail rather than focusing on production. That is a significant milestone. In 2017, the company started substantial restructuring called Hit F5-Refresh.

But sometimes, it doesn't take five years. PNJ will reform if necessary. As in 2018 and 2019, we did a midterm restructuring.

In 2017, when I first heard about the concept of "block chain", and "4.0" at the APEC Vietnam Summit in Da Nang, I thought we needed training as soon as possible to get ahead of digital transformation. From the Chairperson, members of the Board of Directors, and Board of Management to each individual, we all learn to keep up with the change in the world's digital economy.

It is essential to have a strategic vision. At the end of 2019 and the beginning of 2020, when the Covid-19 pandemic broke out, we saw the importance of digital transformation.

Currently, the Government is accelerating the implementation of digital transformation. The atmosphere of digital transformation is taking place firmly across ministries, agencies, and organizations...

PNJ is proud to have grasped the trend and has been ahead for many years.

It can be said that sharp thinking, catching opportunities, strength, and determination have helped PNJ successfully overcome the "storm" in the past time?

I agree. Despite many difficulties, PNJ easily overcame and took off quickly. Currently, that restructuring continues. Since then, PNJ has continuously received many prestigious awards, especially for human resources, corporate governance, sustainable development, and corporate culture... We are proud to be promoted year by year.

On such a long and tumultuous journey, you must have concluded many things about human resource management?

I think, to have a good organization, first and foremost, the leaders must be talented and always see themselves. They must be aware of and supplement the lack of management knowledge in each stage.

Past success does not mean repeating in the future. Therefore, constantly build internal resources that must be spread to the next leadership team. At the same time, it is necessary to share and coach so that our team also has the mindset of "seeing yourself", meaning enhancing integrity.

The most significant value of “PNJ people” is INTEGRITY. Above all, be honest with yourself.

Only when we have the skill of "seeing oneself" with frankness and honesty can we "see people" with an intelligent mind.

When setting the goal of "planting people", the leaders must first "train themselves", cultivate and take care of their Body- Mind – Spirit first.

Share to reach new spaces together

In addition to business activities, PNJ is also devoted to social movements. Is this also PNJ's "principle"?

Caring for mutual development, integrating the customers' and society’s benefit into the company’s interests - That is the value that has been formed since the early days of PNJ. It is not enough to do good for yourself but to share with society.

Over the past 15 years, PNJ has always maintained and developed a culture in which each PNJ employee voluntarily deducts his quarterly salary to contribute to the community charity fund. All members in the same house are mindful of the community, not the surface activities of the organization.

Greater than material values are the sharing of wisdom, experience, and spirit of PNJ members with the community.

Many people ask why I disseminated business management tactics that should be hidden. But we think let's share what we can do so that everyone can have the same experience and shorten the time on the journey to their destination.

Therefore, our leaders' sharing is like a personal obligation, not to be kept hidden.

Thank you

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