The Optimization Design of Company A’s Compensation and Benefit System
|Keywords||Life insurance companies Compensation system Total rewards|
Company A is a foreign insurance company approved by the China InsuranceRegulatory Commission. The company is committed to the introduction of internationaladvanced insurance ideas and back-office operations technology, providing customers witha range of life insurance, personal accident insurance and health insurance products andservices, and efforts to promote the prosperity and development of China’s insuranceindustry.In recent years, with the continuous development of the domestic insurance industrycompany A is facing increasing external market competition. The company is to continueto develop, it must do to attract and retain qualified talented employees. Company A’sexisting human resources management mode is exposed to a series of questions. The seriesof issues reflects the company needs assessment and incentives, remuneration andperformance-related compensation system, to optimize the design of the compensationsystem, according to the company’s development strategy, to establish an externalcompetitive internal fairness and highly motivated nature of the compensation system toimprove employees work satisfaction degree, to stimulate employees enthusiasm andcreativity to attract promote employees take the initiative to enhance their own value, andstrive to achieve personal interests and company goals, which support the company’sstrategic development goals of realize and adapt to the external environment of the changesto enhance the company’s competitive advantage.The thesis begins with the literature review, and then refers to domestic and foreignscholars’ pay satisfaction measurement questionnaire, designed the survey questionnairefor Company A’s employees. Combined with interviews of the employees the analysispointed out that the key issues of Company A in the management of primary staffcompensation. Secondly, based on job evaluation and external compensation survey, combined with the company’s development strategy, designed the high performance drivencompensation system of Company A. After that, the safeguards to implementation of thenew compensation system in Company A were discussed. Finally, the main content of thesubject is reviewed, and pointed out that Company A has yet to continue to address theproblems and future research directions.