Research And Design On Compensation System Of CWEC

As one of the core issues of income distribution and human resource management,compensation not only concerns the fundamental interests of employees,but also relates to the strategy implementation of company.Nowadays,the market competition among enterprises is abnormally drastic,the role of the market in determining the income distribution has been strengthened,reward and labor force are gradually diversified.However,many small and medium-sized private companies in our country cannot profoundly understand the structure and decision-making mechanism of compensation and attract,retain and motivate staff members through effective use of compensation to gain competitive advantages for the development of company and promote the achievement of strategic goals.CWEC is a wholly owned subsidiary of a mid-sized listed company which can provide clients with one part or the whole EPC turn-key service including system and products design,equipment procurement,and high-efficiency,high-quantity construction.Since the founding for three years,the scale of company has been continuously expanded and the division of internal functions has been increasingly improved.However,the current compensation system still follows the system of group company,which cannot be matched with the current business.At the same time,there exists a series of problems in the compensation system of CWEC company,such as lack of science and motivation,external competitiveness and internal alignment,resulting in the loss of some core employees and the difficulty of recruiting.To this end,the use of scientific concepts and methods to redesign the compensation system according to the actual situation is the focus of this study.Based on the above problems,this paper firstly sorts out the concepts,types and functions of compensation,and reviews a large number of researches at home and abroad.Secondly,it introduces the basic situation of CWEC company,and summarizes the current compensation system and performance appraisal system.Then it gets an accurate understanding of employees' familiarity and satisfaction with the current salary system through the form of questionnaire.After summarizing the questionnaire,the existing problems of compensation system in the company have revealed.At last,the author formulates the compensation strategy in line with the strategy of the company and put forward the broad band compensation system with certain competitiveness in line with the current development of the company.In order to ensure the implementation and management of the compensation system,several guarantee measures have been made.In the process of compensation redesign,it is necessary to organize the system of posts according to job analysis and job description.Combined with salary surveys and compensation positioning,Hay Group job evaluation method has been used to evaluate the existing and reserved posts in the company so as to carry out the scientific and standardized classification and adjustment of position salary.Based on the actual situation of the company,differentiated compensation management will be implemented according to job category.In order to make performance appraisal play a stimulating role and promote the common development of employees and the company,optimized performance appraisal system will be used for different types of positions.The author hopes to work out a compensation system that is more practical and adapts to the development of CWEC company so as to stimulate the enthusiasm of employees and improve company's efficiency.It will lay a good foundation for attracting and cultivating a competitive talent team and promoting the realization of the strategic goals of CWEC company.In addition,the author also hopes that this study can provide reference for the compensation design of other companies of the same type.