Authors : Vo Thi Thu Hong; Nguyen Anh Toan

Volume/Issue : Volume 11 - 2026, Issue 4 - April

Google Scholar : https://tinyurl.com/3e4973xn

Scribd : https://tinyurl.com/2xb5jpjm

DOI : https://doi.org/10.38124/ijisrt/26apr1182

Note : A published paper may take 4-5 working days from the publication date to appear in PlumX Metrics, Semantic Scholar, and ResearchGate.

Abstract : Digital transformation is reshaping financial services by changing work processes, customer interaction, and organizational systems. In securities firms, where platform-based operations, real-time information processing, and technologyenabled service delivery increasingly define competitiveness, workforce capability has become a decisive condition for transformation success. This study examines the determinants of human resource development for digital transformation at Maybank Securities Vietnam. Drawing on human capital theory, the resource-based view, dynamic capabilities theory, and the knowledge-based view, the study proposes a model in which five organizational factors influence digital-oriented human resource development: leadership strategy and commitment, digital skills training and development, technological capability and digital infrastructure, learning culture and innovation, and HR policies supporting digital transformation. Using a mixedmethod approach and survey data from 203 valid respondents, the study applies Cronbach’s Alpha, exploratory factor analysis, Pearson correlation, multiple regression, and one-way ANOVA. The results show that four factors have positive and statistically significant effects on human resource development for digital transformation, namely digital skills training and development, technological capability and digital infrastructure, leadership strategy and commitment, and learning culture and innovation. Digital skills training and development emerges as the strongest predictor. By contrast, HR policies supporting digital transformation do not show a statistically significant effect in the final model. The findings suggest that digital human resource development depends more strongly on capability-building, infrastructure, leadership, and a learning-oriented culture than on policy support alone. The study contributes firm-level evidence from an emerging-market securities company and offers practical implications for financial service firms seeking to strengthen workforce capability in the digital era.

Keywords : Human Resource Development; Digital Transformation; Digital Workforce; Digital Skills; Securities Firm; Vietnam.

References :

1. Abhari, K. (2025). Employee participation in digital transformation: From digitalization sentiment to transformation predisposition. Information & Management, 62(8), Article 104212.
2. Audrin, B., Audrin, C., & Salamin, X. (2024). Digital skills at work: Conceptual development and empirical validation of a measurement scale. Technological Forecasting and Social Change, 202, Article 123279.
3. Bansal, A., Panchal, T., Jabeen, F., Mangla, S. K., & Singh, G. (2023). A study of human resource digital transformation (HRDT): A phenomenon of innovation capability led by digital and individual factors. Journal of Business Research, 157, Article 113611.
4. Barney, J. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99–120.
5. Becker, G. S. (1964). Human capital: A theoretical and empirical analysis, with special reference to education. University of Chicago Press.

6. Lê, V. H., & Nguyễn, T. V. (2024). Các nhân tố ảnh hưởng đến năng lực số của người lao động trong khu vực tài chính và phi tài chính ở Việt Nam [Factors affecting employees’ digital competence in financial and non-financial sectors in Vietnam]. Tạp chí Kinh tế - Luật và Ngân hàng, 263, 88–98.
7. Nguyễn, T. K. O. (2025). Đào tạo nguồn nhân lực số đáp ứng yêu cầu của nền kinh tế số ở Việt Nam hiện nay [Training digital human resources to meet the requirements of Vietnam’s digital economy]. Tạp chí Khoa học Trường Đại học Mở Hà Nội, Special Issue 5A.
8. Phan, T. C. M. (2024, December 19). Chuyển đổi số công tác quản trị nhân sự: Các xu hướng mới và đề xuất hướng nghiên cứu tại Việt Nam [Digital transformation in human resource management: New trends and research directions in Vietnam]. Tạp chí Công Thương.
9. Schultz, T. W. (1961). Investment in human capital. The American Economic Review, 51(1), 1–17.
10. Teece, D. J. (2007). Explicating dynamic capabilities: The nature and microfoundations of sustainable enterprise performance. Strategic Management Journal, 28(13), 1319–1350.
11. Teece, D. J., Pisano, G., & Shuen, A. (1997). Dynamic capabilities and strategic management. Strategic Management Journal, 18(7), 509–533.
12. Virmani, N. (2025). Navigating the landscape through digital human resource management: A systematic literature review and future research agenda. Journal of Open Innovation: Technology, Market, and Complexity, 11(3), Article 101012.
13. Wang, G., Mansor, Z. D., & Leong, Y. C. (2024). Linking digital leadership and employee digital performance in SMEs in China: The chain-mediating role of high-involvement human resource management practice and employee dynamic capability. Heliyon, 10, Article e36026.
14. Wernerfelt, B. (1984). A resource-based view of the firm. Strategic Management Journal, 5(2), 171–180.
15. Zhang, Y., Iqbal, S., Tian, H., & Akhtar, S. (2024). Digitizing success: Leveraging digital human resource practices for transformative productivity in Chinese SMEs. Heliyon, 10(17), Article e36853.