| At present, the urbanization process has provided a broad space for the developmentof commercial real estate as China’s urbanization rate is still relatively low. Meanwhile,the enhancement of the national consumption level has offered a good opportunity for thedevelopment of commercial real estate. As a large commercial real estate company,WDSG is now in the period of rapid expansion. On one hand, WDSG Company isreplicating the commercial real estate development model of the urban Complexes; on theother hand, it is creating a new business model of integrating a variety of urbancommercial functions such as commercial, business and housing. Facing the rapiddevelopment and the fierce competition, it is particularly important to establish acompensation system of external competitive, internal fairness and incentive, and in linewith the period of company development. It is also important for the improvedcompensation system to attract, motivate, develop and retain the key employees, and tomaintain the company’s competitive advantage and achieve its strategic developmentgoals.According to the compensation theory and compensation system design principles,this paper has given a detailed description and analysis on the existing compensationsystem through the literature reviewing, staff interviewing and surveys, based on thecommercial real estate industry and WDSG Company’s development and human resource.Then the paper summarizes the main problems of the compensation system and proposesthe basic ideas and specific measures for the improvement. First, the compensation systemdesign must define the improvement objectives: to attract and retain key employees, toenhance the performance and to improve staff skills. Second, the compensation systemmust be established based on the company’s strategy. Third, the improvement programcarries out from the following four aspects: salary structure optimization, pay standardoptimization, strengthen the relationship of pay and performance, competency-basedsalary adjustment policies. Finally, the paper adds some issues that should be noted in theimplementation of the new compensation system. The improved system is more in linewith the corporate strategy and development practical of WDSG Company; what’s more it provides talent support for the realization of the company’s strategy development. Wehope the compensation system could have a certain reference for the similar enterprises inthe process of rapid expansion. |
