Research On The Optimization Of Employee Compensation Incentives In A Mechanical And Electrical Company

Since the beginning of the 21^st century,talent recruiting has become a key factor in competition between enterprises and an important part of enterprise's operation.As a major task of human resource management of modern enterprise,the compensation incentive system plays a key role in attracting and motivating talents.Therefore,it is the cornerstone for the enterprise's development as well as the source for the enterprise's core competency.From the perspective of an enterprise,the talent recruiting strategy is critical for obtaining the long-term competitive advantages.In the intense market competition,we need pay more attention to the attraction,retention,and motivation of talents.As the important part of the human res our cooperation,compensation incentive system is an effective measure to motivate employees.Whether an enterprise can establish a reasonable incentive system will directly affect the achievement,competition and development of the enterprise.After nearly 30 years of rapid development,enterprises in China have made great and amazing achievements,however,there are still unsatisfactory issues in the existing incentive system of many corporations,hindering the effective execution of management measures,and resulting in the serious loss of talents,which are not beneficial to the further optimization and development of these enterprises.This thesis,taking a mechanical and electrical equipment company–company A as an example,analyzes the current situation of company A's staff compensation incentive program in details,and studies the deep reason for the failure of company A's staff compensation incentive measures.From these findings,we put forward new thinking and new strategy for improving the compensation incentive system in a more scientific and reasonable way.The improved compensation incentive system can become the core competitiveness of the company,and help the company to develop better and faster.This thesis mainly consists of three parts:Firstly,it analyzes and learns from the compensation incentive theory of traditional and modern enterprises,and conducts a literature review on the compensation incentive theory of enterprises at home and abroad.Guided by the theory study,the paper deeply analyzes the current situation,characteristics,and problems existing in the current compensation incentive plan of company A,so as to provide theoretical support for building the relationship between the company's performance and the employees'compensation.By means of questionnaire survey and related result analysis,this thesis provides vidences for the existing correlation between corporation performance and employee compensation.Secondly,this thesis puts forward the idea of optimizing the compensation system of company A,and optimizes the new design and operation scheme of the compensation incentive system.It puts forward measures and suggestions for the compensation incentive system of company A,including distinguishing different roles for different jobs,and applying new and optimized salary plans for personnel of each administration department,technical personnel,production personnel,and sales personnel,so as to improve the motivation of employees and stimulate individual potentials,so as to better help the enterprise to achieve business goals;In order to successfully implement the reformed compensation incentive system,we should mainly start with the assurance of supports from the aspects of organization,talent recuiting,performance appraisal,technology,communication,corporate culture,and ensure the optimized compensation incentive plan can be implemented in the company.Finally,in the summary and outlook section,the contributions of the research results in this thesis are summarized,the future research prospects are presented,and the limitations of this thesis'results are explained.