Research On Compensation System Optimization In PY Steel Co.,LTD

For a long time,steel industry,as an important pillar industry in China,has played an important role in promoting social and economic development.In recent years,influenced by the domestic policies of environmental protection,production restriction and elimination of backward production capacity,and the COVID-19 epidemic,private iron and steel enterprises must strengthen human resource management while striving to improve the added value and competitiveness of their products.Salary management,as an important part of human resource management,is directly related to the success or failure of enterprise strategy,so it has been widely concerned by academia and industry.This study selected PY Iron and Steel Co.,Ltd.as the research object.On the basis of systematic study of the relevant theories of the salary system,through field visits and questionnaires,it analyzed and studied the current salary system of PY Iron and Steel Co.,Ltd.,and found out that there are some problems in the current salary system of PY Iron and Steel,such as weak performance orientation,unclear values of academic qualifications and technical titles,and unscientific performance salary settings.Based on the above problems,this research has optimized and improved the original salary system of PY Iron&Steel,refined the key indicators of the company’s salary management at all levels and confirmed the weight using the key performance indicator method and the weight factor judgment method,providing detailed guidance for PY Iron&Steel to carry out scientific and efficient hierarchical salary management.Thereafter,we optimized the salary management process,emphasized feedback and improvement,and guaranteed it from four aspects: system organization,system optimization,talent team,and corporate culture to ensure that the optimized salary system can be effectively implemented in PY Steel.This study provides a targeted optimization plan for PY Steel’s salary system problems,helps enterprises improve their salary management level,and also provides reference for enterprises facing similar problems.