Factors affecting workers' satisfaction with human resource management at Hai Phat real estate joint stock company, Hanoi
Economic & Policies
FACTORS AFFECTING WORKERS' SATISFACTION
WITH HUMAN RESOURCE MANAGEMENT AT HAI PHAT REAL
ESTATE JOINT STOCK COMPANY, HANOI
Ho Van Hoa1, Pham Thanh Que1, Pham Huyen Phuong1, Nguyen Thi Hai1, Tran Thu Ha1
1Vietnam National University of Forestry
SUMMARY
The study is based on the survey data on 250 officials and employees of Hai Phat Real Estate Joint Stock
Company, using the Exploratory Factor Analysis (EFA) method to identify the satisfaction level and the factors
affecting employee satisfaction with human resource management at Hai Phat Real Estate Joint Stock
Company. The research results indicate that the employees evaluate the Company's human resource
management at a relatively good level and there are 5 groups of factors with 24 elements affecting human
resource management in the Company. In which: the biggest impact is salary, bonus and welfare (β = 0.235),
the second is the working environment (β = 0.240), the third is Promotion opportunity (β = 0.186), the fourth is
the recruitment process (β = 0.177) and finally it's the Job characteristics (β = 0.140). From these results, the
research proposes a number of solutions to improve the human resource management at Hai Phat Real Estate
Joint Stock Company including: improve remuneration and remuneration policies for employees; improve the
working environment to ensure workers are friendly and the best conditions; There are specific criteria to
ensure favorable conditions for employees to have the opportunity to develop capacity and advance; improve
the qualifications of the team right from the beginning, the recruitment process should combine training from
where, recruitment information should be detailed and clear.
Keywords: Hai Phat, human resource management, laborer, real estate, satisfaction.
1. INTRODUCTION
Real Estate Joint Stock Company has been
facing many issues related to human resource
management to meet the requirements for the
new development phase. This study aims to
evaluate the satisfaction of employees with
human resource management at Hai Phat Real
Estate Joint Stock Company, thereby
determining the factors affecting employee
satisfaction with human resource management
and proposing solutions to complete the
company's human resource management
(Vietnam Real Estate Association, 2017).
2. RESEARCH METHODOLOGY
One of the factors that lead to the success of
any business is resource management
efficiency. Numerous studies on employee
satisfaction have demonstrated that job
satisfaction in employees affects the
performance of human resource management
(Spector, 1997).
With such role, it is crucial for each
organization that employee satisfaction is
appreciated and enhanced. The first and
foremost task in improving job satisfaction is
to determine the factors that have a decisive
effect on employee satisfaction, thereby
contributing to improving the efficiency of
human resource management (Tran Xuan Cau
and Mai Quoc Chanh, 2008).
Hai Phat Real Estate Joint Stock Company
is a member of Hai Phat Investment Joint
Stock Company, one of the five largest real
estate exchange platforms in Việt Nam. The
competitive pressure with other exchange
platforms on the market is tremendous. Over
the years, the exchange platform has developed
a reasonable human resource management
policy to ensure the balance of economic
benefits between human resources and
business. However, due to the increasing
demand for human resource quality, Hai Phat
2.1. Theoretical basis
In practice, human resource management is
“organisational activities aiming for human
resourse management in order to guarantee that
these resources are being used to fulfill the
organisation’s goals” (Nguyen Van Diem &
Nguyen Ngoc Quan, 2007).
Spector’s study (JSS – Job satisfaction
survey) (1985) and Spector (1977) developed a
specific model for workers in the fields of
services and trade that affect the human
resource management work, which includes 9
criteria for assessing the level of satisfaction
and attitude: (1) Salary, (2) Promotion
opportunity (3) Working conditions, (4)
Supervision, (5) Colleagues, (6) Fondness for
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the work, (7) Communication, (8) Surprise
bonus, (9) Welfare.
invest in the above factors to attract talents,
stabilize human resource management and
develop.
The
human
resource
management
satisfaction measurement scale includes: job
analyse, recruitment, training, employee
assessment, job planning, opportunities for
promotion and appeal to join the activities,
remuneration, salary and bonus... These
activities are closely related and are
implemented for the purpose of building and
developing human resources.
Researches in Vietnam, Tran Kim Dung and
Van Ly My (2006) assessed the impacts of
human resource management on the activities
of SMEs in Ho Chi Minh City. The research
inheriting Singh’s scale (2004) shows the close
relationship between recruitment, training,
2.2. Research model and hypothesis
Based on relevant researches Pham Minh
Hac (2001), Nguyen Huu Dung (2003) and
Tran Huu Han (2004), this article suceeds and
adjusts the scale in order to develop a model of
satisfaction factors affecting human resource
management,
including
recruitment,
employment, responsibility, salary and bonus,
promotion opportunities, training, working
environment through assessment of employee
satisfaction. In this study, the authors selected
a Likert scale with 5 levels: level 1 - very
dissatisfied, level 2 - not satisfied, level 3 -
neutral (no opinion), level 4 - satisfied, level 5
- very satisfied, to measure the observed
variables.
remuneration,
working
environment,
promotion opportunities and human resource
management. Therefore, enterprises need to
Recruitment
Assigned job
Salary, bonus and welfare
Promotion opportunities
Training
Employee
satisfaction
level
Working environment
Figure 1. Proposed research model
Research hypotheses:
satisfaction of the company employees.
2.3. Data collection method
- H1: Recruitment characteristics affect the
satisfaction of the company employees.
- H2: Job characteristics affect the
satisfaction of the company employees.
- H3: Salary, bonus and welfare affect the
satisfaction of the company employees.
- H4: Promotion opportunities affect the
satisfaction of the company employees.
- H5: Training works affect the satisfaction
of the company employees.
Secondary data: To assess the status of
human resources, production and business
efficiency... The research uses information
from data reports of departments in the
Company.
Primary data: Asessment of the employee
satisfaction with human resource management
through a questionnaire. The interview subjects
in the company are diverse, including
departments, leaders at all levels and
- H6: Working regulations affect the
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employees in the company.
resource management in Hai Phat Real Estate
Joint Stock Company.
According to Hair et al. (1998), the
minimum sample size for analysis is five times
the total number of observed variables. In the
research, the authors used a questionnaire with
26 questions, corresponding to 31 observed
variables, so the minimum sample size should
be: n = 5 x 31 = 155 observations. However, in
fact, we have issued 250 questionnaires in case
of invalid questionnaires. The results obtained
250 questionnaires, reaching 100%, the
questionnaires were valid.
b) Based on the above quantitative
preliminary research results, the official study
was conducted by quantitative research
methods. Data were collected through
interviewing the survey subjects by detailed
questionnaire. The objective of this research is
to reaffirm the reliability and value of the
scales by confirmatory factor analysis (CFA),
while verifying the research model along with
the Hypothesis by SEM (structural equation
modeling).
2.4. Data analysis method
For compatibility with current research
environment, the research is conducted in 2
steps:
3. RESULTS AND DISCUSSION
3.1. EFA results of the model
The scale and reliability of the observed
variables were assessed by Cronbach’s alpha
coefficient and EFA method. Accepted scale
requirements are Cronbach's Alpha of 0.6 or
higher and the overall correlation coefficient
from 0.3 or more. Moreover, in the factor
analysis, the variables with Factor Loading
coefficient of under 0.5 will be excluded from
the scale because of poor correlation with the
potential factor. The final step is to test the
model with multivariate regression method
with a statistical significance of 5%.
a) Preliminary research conducted with
qualitative
and
quantitative
methods:
preliminary qualitative research was used for
exploration, adjustment and addition to the
scale, latent variables and hypotheses. Basing
on the results of this preliminary qualitative
research, the quantitative preliminary research
was conducted to assess the reliability and
value of the scales designed and adjusted to
suit the actual conditions of enterprises,
conducted through detailed questionnaires. The
method of exploratory factor analysis,
Cronbach’s alpha reliability through SPSS 23
software was used in this step (Vo Van Huy
and Hoang Trong, 1997). The results of the
preliminary quantitative study will show
whether the scales meet the requirements for
unidirectional, reliability and validity. This
helped decide whether or not the observed
variables could continue to be used in official
research, as a basis for proposing some
solutions to improve the efficiency of human
3.1.1.
Reliability
assessment
with
Chronbach’s Alpha
The first Cronbach’s alpha result of the
promotion opportunity scale was 0.667 and the
CHTT3 variable of this scale (you are respected
and trusted in your job, overall variable
correlation = 0.230) was rejected for failing to
meet requirements of overall variable correlation
(< 0.3). The analysis was conducted again and
Cronbach’s alpha analysis results of the scales of
concepts are presented in the table 1.
Table 1. Cronbach ’alpha quality testing results
Number of
variables
No.
Variable group
Code
Cronbach's Alpha
recruitment
Job
salary
promotion
training
1
2
3
4
5
6
Recruitment
5
4
5
3
4
4
0.763
0.837
0.817
0.753
0.763
0.719
Job characteristics
Salary, bonus and welfare
Promotion opportunity
Training
environment
Working environment
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3.1.2. EFA results
which satistfies the condition of 0<KMO<1, so
the EFA is suitable for the actual data.
FA suitability test: in table 2, KMO = 0.860,
Table 2. KMO and Barlett test results for independent variables
KMO: 0.860
Chi-Square
2.308
300
Bartlett test
Difference (df)
Significance (Sig.)
0.000
During the analysis, we had the Eigenvalue
index = 1.094 to extract 6 factors and the
extracted variance was 60.522%. Such
variance deduction was satisfactory. However,
the variable “the interviewing and examination
of candidates is transparent” and the variable
“do you feel satisfied with the current
regulations on working clothes and tools
(Labor Protection) of the Company?” had an
unsatisfactory factor loading value (< 0.50). So
these 2 variables were eliminated.
EFA was conducted for the second time and
after analyzing EFA, 24 observed variables
met the EFA criteria (satisfactory), no
variables were excluded at this stage, the
results are presented in table 3.
Table 3. Rotation factor matrix results
Factor
No.
Code
Variable
1
2
3
4
5
6
Recruitment
Do you think the company is interested in human
resource planning?
You find the employment information clearly
disclosed in detail.
The work related to recruitment decisions goes
very well
1
2
3
TD1
0.700
0.713
0.682
TD2
TD3
The interview and examination of candidates are
clear and transparent
4
5
TD4
TD5
0.741
0.756
You are satisfied with the recruitment process
Work characteristics
Are you assigned to a job that matches your
qualifications and competence?
Do you often receive help from colleagues and
superiors?
Do you receive clear introduction and job
orientation?
6
7
8
9
CV1
CV2
CV3
CV4
0.767
0.765
0.728
0.700
How satisfied are you with your current job at the
company?
Salary, bonus and welfare
Your salary is in accordance with your contribution
capacity.
Are you satisfied with the Company's welfare
policies?
Are you satisfied with the Company's insurance
policies?
Are you satisfied with the Company's annual travel
programs?
10
11
12
13
14
LT1
LT2
LT3
LT4
LT5
0.735
0.746
0.740
0.695
0.713
Are you satisfied with the Company union's
visiting policies?
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Factor
No.
Code
Variable
1
2
3
4
5
6
Promotion opportunity
Do you know the promotion opportunities in your
job?
Are you facilitated to develop expertise in your
work?
How do you assess the organization, arrangement
and appointment of staff in the company?
15
16
17
CHTT1
CHTT2
CHTT4
0.772
0.693
0.795
Training
Is the company's training very useful for your
work?
Are you provided with the knowledge and skills
reqired for the job through training?
Are you satisfied with the training organization of
the Company?
18
DT1
DT2
DT3
DT4
0.744
0.771
0.689
0.773
19
20
21
Do you receive appropriate funding support during
the training period?
Working environment
Are you satisfied with the Company's current
working time policy?
22
23
24
MTLV1
0.652
0.744
0.836
MTLV3 Are you respected and trusted in your work?
Are you satisfied with the current bonus and
punishment regulations?
MTLV4
Through testing the scale and EFA model,
called Promotion opportunity.
there are 6 scales representing the factors
affecting employees' satisfaction with the
management of Hai Phat Real Estate Joint
Stock Company, with 23 observed variables.
Specifically, factor 1 including 5 variables
from LT1 to LT5 is called Salaries, bonuses
and welfare; factor 2 including 4 variables
from CV1 to CV4 is called Work
characteristics; factor 3 including 5 variables
from TD1 to TD5 is called Recruitment
process; factor 4 including 4 variables from
DT1 to DT4 is called Training, factor 5
including 3 variables from MTLV1 to MTLV3
is called Working environment; and factor 6
including 3 variables CHTT1 to CHTT3 is
3.1.3. Multivariate regression analysis results
The present research used linear regression
model to study the 6-factor relationship drawn
from the above EFA analysis. In the regression
analysis model, the dependent variable was:
Your overall satisfaction rating (SAT) on
human resource management activities at the
company. The independent variables were
factors extracted from observed variables from
EFA. The regression model in this study was
as follow: SAT = β0 + β1*recruitment +
β2*Job + β3*salary + β4*promotion +
β5*training + β6*environment.
The regression results were as in the table 4.
Table 4. Model synthesys results
Adjusted
R2
Estimated
difference
Durbin-
Watson
Model
R
R2
1
0.724a
0.525
0.513
0.40863
1.918
The results of the model synthesys
illustrated that the adjusted coefficient of
adjusted R2 was 0.513, which showed the
significance in the relationship between the
satisfaction level.
Thus, the suitability of the model was
acceptable. However, this conformance only
applied to sample data. To test whether the
model can be inferred for the real population or
not, we must test the the model suitability
through the F test.
independent
and
dependent
variables.
Specifically, all 6 independent variables
explained the difference of 51.3% in employee
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Table 5. Variance analysis results
Squared
average
Model
Squared sum
Df
F
Sig.
Regression
44.800
40.576
85.376
6
7.467
0.167
44.717
0.000b
1
Remainder
Total
243
249
The analysis results show that the F test has
a value of 44.717 with Sig. = 0.00, showing
that the multiple linear regression model is
suitable for the data set and can be used to
predict the population as a whole. To see the
influence of each factor on the result, we
calculate the regression coefficient; the results
are shown in table 6.
Table 6. Regression coefficient table
Standardized
regression
coefficient
Unstandardized
regression coefficient
Multi-collinear check
Model
t
Sig.
Std.
Error
Acceptance
VIF
B
Beta
level
(Constant)
recruitment
Job
-0.024
0.204
0.142
0.239
0.189
0.036
0.179
0.248
0.063
0.059
0.052
0.054
0.036
0.040
-0.098 0.922
3.247 0.001
2.391 0.018
4.640 0.000
3.477 0.001
1.018 0.310
4.492 0.000
0.177
0.140
0.235
0.186
0.049
0.240
0.655
0.570
0.764
0.685
0.858
0.688
1.527
1.755
1.308
1.461
1.166
1.454
salary
1
promotion
training
environment
3.2. Discussion
3.3. Solutions for improving the satisfaction
of employees with human resource
management of Hai Phat Real Estate Joint
Stock Company
3.3.1. Solution for completion of recruitment
and job assignment
The research has offered a new aproach in
in assessing human resource management. It
has clearly shown the relationship between
satisfaction and human resource management.
That is, the better the human resource
management, the higher the satisfaction level,
and vice versa. Thus, weaknesses and
shortcomings in human resource management
in the Company can be found through
measuring employee satisfaction. Although
with this method, qualitative factors were
quantified logically and easily, it still had
limitations, especially when only conclusion of
the level of satisfaction can be drawn without
knowing the root causesr and shortcomings.
This is also reflected in the research of Spector
(1985), Le Tuan Loc et al. (2015), Le Thai
Phong (2015). Therefore, in researches for
improvement of human resource management
quality, it is necessary to include the causes or
reasons for satisfaction or disatisfaction,
combined with factor analysis method to
clarify the basis of the proposed solution.
Recruitment is the first stage, the "input" of the
human resources system in Hai Phat Real Estate
Joint Stock Company. The inadequate quality of
"input" human resources in recent years is mainly
due to recruitment. Analysis of the situation of the
Company's human resource management
indicates that the labor recruitment plays an
important role in forming an efficient, dedicated
and long-term workforce for the company. Below
are some solutions for this work:
- Improve the qualifications of the planning
team from departments to meet the work
requirements in human resource management.
It is necessary to have the standards on
business departments, business divisions, etc.,
the basis for establishment, development and
conditions for such establishment to avoid
oversupply of personnel in some departments
and lack of personnel in others.
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- One of the good ways to recruit new
employees is to receive interns in the company.
Offering free training and special policies for
students will give the company the opportunity
to choose the most suitable candidate for the
vacancy, as the selected staff has had time to
get used to the work and familiar with the
company's culture.
- According to the surveyed data, there were
5.4% of respondents disagreeing that
recruitment information was clear and detailed.
Therefore, the recruitment announcement of
the Company should provide a job description
for the vacancy, to ensure finding the right
people for the right job, to help the Company
avoid cost damages when re-recruiting or
interruption of work due to the employee
leaving the job. Besides, it is also necessary to
mention the issues of remuneration,
remuneration policies, benefits and working
conditions to attract good and competent
candidates to improve the quality of human
resources of the Company.
It is advised to set specific standards and
apply measures to create favorable conditions
for
employees
to
have
promotion
opportunities, and to treat employees more
fairly, without discrimination. In addition, the
board of directors should create conditions for
employees to develop their capacity,
examinations for eligible candidates should be
held openly and transparently before
appointment.
3.3.4. Solutions for improving working
environment
The working environment of the business
takes up a considerably important part in
employees’
evaluation.
The
working
environment should be construed as the
combination of tangible elements such as
buildings, equipment and supporting software,
and the intangible environment being the
corporate culture. To improve the working
environment, the following solutions are
recomended:
- First, investment in small sales office
equipment should be increased to ensure that
employees have the best working conditions
when directly participating in projects.
- Second, it is necessary to actively apply
specialized software in real estate transactions
and general management operations to
accelerate the computerization of work and
human resource management.
3.3.2. Solutions for completing salary, bonus
and welfare policies
- First, the Company pays for each position
based on the work evaluation results. The
salary differentiates for each employee. It is
recommeded that quarterly key performance
indicator are set for sales staff so that they
have better performance.
- Second, the criteria for rewards and
penalties should be public, transparent and
accepted by the employees. The employees
with good performance and contributions to
the business should receive meritorious salary
and bonuses. On the other hand, there should
also be suitable policies for those who work
uneficciently and passively, so that they can
reconsider and strive to be more responsible
at work.
- Third, it is advisable to regularly organize
cultural and artistic events in the trading
platform, as well as professional contests to
increase the mutual understanding between
sales offices and between branches.
- Fourth, activities should be enhanced in
order to develop corporate culture of manners
with customers and code of conduct within the
company, as well as movements encouraging
employees to promote creativity.
- Third, salary policies should be consistent
with the business strategies, budget plans as
well as other management policies of the
Company. At the same time, they should also
comply with the provisions of law. A set of
standards for remuneration in the company
should also be developed for employees who
have significant contributions and long-term
commitment to the company.
4. CONCLUSION
The research is based on the theoretical
model of satisfaction, synthesizing relevant
practical studies to develop a model to assess
the level of employee satisfaction with human
resource management in Hai Phat Real Estate
Joint Stock Company.
Based on the results of a survey on 250
employees of the Company, the research
assessed the management of human resources
3.3.3. Solutions for promotion opportunities
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3. Le Thai Phong (2015). Factors affecting
employee satisfaction: Research in Hanoi, Journal of
Development Economics No. 219, pp 66-77.
4. Nguyen Huu Dung (2003). Effective use of
human resources and people in Vietnam, Labor - Social
Publishing House, Ha Noi.
5. Nguyen Van Diem & Nguyen Ngoc Quan
(2007). Managing human resource, National Economics
University Publishing House, Ha Noi.
at Hai Phat Real Estate Joint Stock Company,
finding the factors that affected the satisfaction
with human resource management at the
Company, including: (1) recruitment, (2) job
duties, (3) compensation and remuneration
policies, (4) promotion opportunities, (5)
working environment. All five factors are
tested through statistical tools to guarantee the
reliability of the research.
6. Pham Minh Hac (2001). Studying people and
human
resources
into
industrialization
and
The research results have helped offer
important suggestions and bases in developing
solutions to improve the quality of human
resource management in Hai Phat Real Estate
Joint Stock Company. In general, there are
numerous solutions to ensure human resource
management. However, in order for these
solutions to be really effective, managers are
required to take into account the interests of
the employees and the society together with
the interests of the enterprise and to accurately
plan the labor force of the company.
modernization, National Political Publishing House,
Hanoi.
7. Spector, P. E. (1985). “Measurement of Human
Service Staff Satisfaction: Development of the Job
Satisfaction Survey. American Journal of Community
Psychology”, 13 (6). 693-713.
8. Spector, P. E. (1997). “Job satisfaction:
Application, assessment, causes, and consequences”.
Thousand Oaks, CA.: Sage.
9. Tran Huu Han (2004). International experience
on human resource development, extracted from the
book: Human resource management in Vietnam, some
theoretical and practical issues, Social Science
Publishing House, pp. 377 – 398.
10. Tran Xuan Cau and Mai Quoc Chanh (2008).
human resource economy, National Economics
University Publishing House, Ha Noi.
11. Vietnam real estate association (2017). Vietnam
real estate market report 2016 – 2017.
12.Vo Van Huy and Hoang Trong (1997). SPSS
for Windows application to process and analyze
research data, Publishing scientific and technical, Ho
Chi Minh City.
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MỘT SỐ NHÂN TỐ ẢNH HƯỞNG ĐẾN SỰ HÀI LÒNG
CỦA NGƯỜI LAO ĐỘNG VỚI CÔNG TÁC QUẢN TRỊ NGUỒN NHÂN LỰC
TẠI CÔNG TY CỔ PHẦN BẤT ĐỘNG SẢN HẢI PHÁT
Hồ Văn Hóa1, Phạm Thanh Quế1, Phạm Huyền Phương1, Nguyễn Thị Hải1, Trần Thu Hà1
1Trường Đại học Lâm nghiệp
Nghiên cứu dựa trên số liệu điều tra 250 cán bộ, nhân viên của công ty cổ phần bất động sản Hải Phát, bằng
phương pháp nhân tố khám phá (EFA) để tìm hiểu mức hài lòng và các nhân tố ảnh hưởng đến mức hài lòng
của người lao động với công tác quản trị nguồn nhân lực tại công ty cổ phần bất động sản Hải Phát. Kết quả
nghiên cứu chỉ ra rằng người lao động đánh giá công tác quản trị nhân lực của công ty ở mức tương đối tốt và
có 5 nhóm nhân tố với 24 nhân tố ảnh hưởng đến công tác quản trị nhân lực tại công ty. Trong đó: tác động lớn
nhất là lương, thưởng và phúc lợi (β = 0,235), thứ hai là môi trường làm việc (β = 0,240), thứ ba là cơ hội thăng
tiến (β = 0,186), thứ tư là quá trình tuyển dụng (β = 0,177) và cuối cùng là đặc điểm công việc (β = 0,140). Từ
những kết quả đó, nghiên cứu đề xuất một số giải pháp nhằm hoàn thiện công tác quản trị nguồn nhân lực tại
công ty cổ phần bất động sản Hải Phát bao gồm: hoàn thiện chính sách đãi ngộ, đãi ngộ người lao động; cải
thiện môi trường làm việc để đảm bảo người lao động thấy thân thiện và có điều kiện tốt nhất; Có tiêu chí cụ
thể đảm bảo tạo điều kiện thuận lợi cho người lao động có cơ hội phát triển năng lực và thăng tiến; nâng cao
trình độ cho đội ngũ ngay từ khi tuyển dụng, quá trình tuyển dụng cần kết hợp đào tạo từ đầu, thông tin tuyển
dụng cần chi tiết, rõ ràng.
Từ khóa: Bất động sản, Hải Phát, người lao động, quản trị nguồn nhân lực, sự hài lòng.
Received
Revised
Accepted
: 12/5/2020
: 08/7/2020
: 20/7/2020
166
JOURNAL OF FORESTRY SCIENCE AND TECHNOLOGY NO. 9 (2020)
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