Compensation System Redesign Of X Bank

Compensation is one of the important parts of incentive mechanism in enterprises.It plays a significant role in such aspects as improving job satisfaction and strengthening cohesion of the enterprise.Reasonable compensation system can not only inspire the staff to work actively and positively and raise the interests of the bank, but also attract and retain a group of competitive staff with high quality under the circumstances of hot competitions of human resources.After China became a member of WTO,plenty of foreign banks pour in and the competitions among domestic banks become more intense.With the globalization of finance,how to exert employees' enthusiasm furthest and construct a scientific,sound efficient compensation-incentive mechanism of the commercial banks is of grate significance.Taking compensation system of X Bank as research object,based on the fundamental theory relative to the compensation,the reasonable and backward aspects of this system are found out by carrying out systemic analysis and research. Furthermore,the new compensation and benefit system of X Bank has been redesigned by using scientific tools.Firstly,it makes clear the general thinking and the anticipating target of the compensation system redesign of X Bank.Secondly,by means of Mercer Company's position analysis tool--IPE,it makes the assessment of the original work position and set up the broad-band compensation system.Thirdly,It makes a great change in the following aspects:the basic wage,merit pay and welfare to set up a new compensation system which is more suitable for the development of X Bank.The Paper involves the entire process of Pay survey,design,study,and administration.The aim of the paper is to put forward some recommend of the establishment and management of the compensation system to banks in China.