XX Machinery Parts Company Compensation System Optimization:Total Rewards Perspective

With the rapid development of China’s current economy and the rise of new economic models such as Internet plus and sharing economy,the market competition for smes in third-tier cities is becoming increasingly fierce.For these enterprises,it is difficult to attract and retain talents,and unreasonable compensation management is one of the most important reasons.A scientific and reasonable salary system is conducive to the development of the company’s human resource system,which can greatly reduce the economic cost of human resource links such as personnel management and training management,and fully stimulate the potential of employees and mobilize their enthusiasm for work.The key to whether a company can improve its core competitiveness and gain a firm foothold in the market competition lies in how the company can improve its human resource management ability and how to optimize and improve the company’s internal management system.This paper first expounds the concepts of compensation,compensation design,compensation system and overall compensation,summarizes the overall compensation system theory,analyzes the current situation of the compensation system of small and medium-sized enterprises in China and introduces the compensation effectiveness theory from the perspective of domestic and foreign.Then,by introducing the compensation reform practices of three leading enterprises,Toyota,huawei and haier group,this paper provides practical experience for the design and optimization of the compensation system of XX machinery parts company.Then,this paper USES the methods of field visit,questionnaire survey,interview and communication to understand the basic situation of XX machinery parts company,the current situation of human resource management,the main practices of the compensation system and the implementation effect of the compensation system.In this article,through the questionnaire survey and field interview survey XX machinery accessories company internal and external environment condition,XX machinery accessories company compensation system related original data collection,analysis of the XX machinery accessories company organization operation at present pay design from the overall strategy,compensation level slightly lower than the same industry pay levels,unreasonable salary structure,imperfect compensation module,likely random dynamic adjustment of salary system,communication feedback mechanism is not clear,the system of compensation incentive effect is not obvious.Finally,this paper introduces the overall design idea of compensation system optimization countermeasures,and puts forward the following optimization compensation system countermeasures and Suggestions: Second,to enhance the level of compensation and enhance external competition;Third,optimize the salary structure and give full play to the salary incentive effect;Fourth,improve the compensation module and promote the internal fairness of compensation;Fifth,design the payment method,control the salary economic cost;Sixth,the revision salary system,ADAPTS the company dynamic development;Seventh,conduct salary communication and increase salary transparency.