T-iron And Steel Group’s Young Empolyees Incentive Plans Design

With the recently rapid development of China’s iron and steel industry, it is inevitably for the industry to face the challenges of technological progress, which is not only the requirements of the changing demands of the market, but also a critical word to the enterprises to complete their core competitiveness. Human resource is a significant pillar to enterprise development, and moreover, a team of young pioneers that is capable to fulfil great tasks is inseparable from achieving long-term strategic goals. Under this circumstance, adopt certain employee motivational initiatives within the enterprise to utilize employee’s potential to achieve the enterprises profitability maximization, comes to a problem demanding prompt solution for iron and steel enterprises.As a member of the iron and steel industry, there is also a glass ceiling for T-iron and steel group during development. Young employees occupying half of the personnel of the staff group, and in the future, young staff is bound to become the main force of development and growth. However the reality of T-iron and steel group is, low education quality of the young employee and educated employee brain drain prevent the development of the company. During research, we investigated that although T-iron and steel group has applied some certain incentive measures, it has not yet draw to a complete management system, and there are also some aspects to be improved such as the unfair salary system, unjust between management and production, imperfect welfare, lacking motivation to young staff, inefficient communication issues etc. Although T-iron and steel group has a reasonable corporate culture, due to problems in the incentive system, there is still a great loss of high educated and core technical personnel, which hinder the company development and progress to some extent.This essay based on T-iron and steel group’s real scenario, pursuant to the predecessors of wisdom and classic theory of incentive, combined literature research method, interview method, questionnaire investigation and statistics analysis method to outline the problems appearing in T-iron and steel group, using average analysis and variance analysis methods to analyze staff satisfaction towards their company. According to the incentive principles, we redefine the salary incentive, welfare incentive, professional career planning incentive, training incentive and communication incentive, also incentive compensation linked to performance and salary is introduced into the company and career plans for young staff is set to promote the young employees as well. We also designed the training system for the organization to enhance communication and incentives; guiding young employees make effective efforts to their company. Through the involved incentive programmes we are aiming to help T-iron and steel group reduce their brain drains of young employees and create more efficiency hence to achieve the corporate vision of the enterprise. At the meaning time, we also wish this incentive program can be used for reference to some extent by other enterprises in iron and steel industry.