Research On Improvement Of Incentive System For Z Exchange

In recent years,with the continuous improvement of the internationalization of the domestic futures industry,the competitions among the futures exchanges related with products,services,markets,talent and technology have become more and more fierce.Besides,the rapid development of various commodity trading venues has put more pressureon technical,personnel and management capacity of the exchanges.Z Exchange is located in the Central of China,is a national exchange,which faces competition from the national market.With the increasing internationalization of the futures market,competition will expand to the global market.The Z Exchange is the first pilot unit of China's futures market,established by the State Council.It was established in October 1990.After more than 20 years of development,Z Exchange has gradually formed a set of human resource management system and incentive mechanism suitable for the actual development of Z Exchange.However,the accumulation of various factors in the past decade has led to some irrationality and can not really play an incentive role for personnel.The current internal and external environment has caused more pressing pressure on the internal management of Z Exchange,and it is urgent to optimize the incentive mechanism.From the macro environment,the international financial environment,the world futures trading market environment,domestic economic forms and financial reforms are undergoing profound changes,which puts higher demands on the innovation and development of exchanges.Under the centralized and unified supervision and management of the SFC,the domestic exchanges have entered a new period of supervision and transformation,and the requirements for market supervision,risk control and technical safety are getting higher and higher.From the internal view of Z Exchange,the number of people introduced by the exchange in the past five years accounted for more than half of the total number of official incumbents,especially,young employees are very concerned about salary,performance and future growth and promotion routes.And the key positions and core staff also need a more scientific and reasonable internal incentive system to ensure a certain degree of stability and belonging.Gradually optimizing the incentive mechanism on the original basis is also conducive to improving the external competitiveness of the exchange and providing human resources for the further development of the exchange.Through the diagnosis and analysis of the relevant modules of human resources management,this paper uses questionnaires and interviews to sort out the overall situation of the incentive mechanism,focusing on the phenomena and problems in the post grade,salary,performance,and commendation.According to the research,the main problems of incentive mechanism are as follows: First,the salary system is not clear in the compensation system,the concept of pay is vague,and the salary rules Opaque,insufficient internal equity of salary level,etc.Second,there are problems in the performance system: small effect of assessment,flow in form,assessment procedure and operational responsibility;Third,there are poor communication channels between management and expert sequences in the rank system,lack of performance and ability requirements for promotion standards,lack of operationality in promotion rules.Fourth,there are problems in the commendation mechanism,such as single form of commendation and narrow scope of recognition.This paper sorts out and evaluates the phenomena and problems in the ranks,salary,performance and commendation incentive mechanism,and proposes practical and feasible implementation plans in a targeted manner,redesigning the new rank system and promotion mechanism,and establishing transparency.The open and motivating salary rules simplify the performance appraisal operation and strengthen the application of performance appraisal results,enriching the types and contents of awards,thus fully optimizing the incentive mechanism of the Z Exchange,and striving to optimize the implementation of the project.The results can be based on the status quo,but also can adapt to the development of the Z Exchange in the next 5-7 years.