The Study Of Compensation Management In The Bank Of China Jilin Branch

In those years, Bank of China Jilin Branch made an imperative progress in human resource reform, especially in compensation management. However, due to intense competence from banks home and abroad and the intention to steadily advance system and share-holding reform, Bank of China Jilin Branch, as the branch of Bank of China in Jilin Province, will have to rebuild its procedure in system and dealing so that it would make an effect on employee restriction and activity.For some historical reasons, Bank of China Jilin Branch has retained administrative method in management for a long time and in the process of China's upheaval of the economic transition from a centrally planned economy to one oriented around an open market, has started with tentative trials, such as changes from administrative relationship to employment, position competition, compensation reform, and so on. But these trials was restrained with internal or external factors and did not attained the expectation.According to the demand of the headquarter of Bank of China and its practical conditions, Jilin Branch has carried out a new regulate on the relationship of employee's compensation and performance, which has been still retained after adaptation for several times.I. Compensation CompositionsEmployee compensation is made of base wage, skill-based pay and incentive pay and these compositions have a share of 30%, 30% and 40%,which is referred to the compensation sum of Jilin Branch, compensation level in Jilin Province labor market, and so on. The former two is given every month and the latter half a year.II. Compensation Distributions among Jilin Branch and Its Sub-branchesCompensation distributions are mainly based on employee's performances, responsibilities and risk of their positions, department performances, and so on. In order to stimulate employee, it makes great differences in compensation distribution.III. Compensation Distributions in Jilin BranchAlso employee compensation in Jilin Branch is made of base wage, skill-based pay and incentive pay. Base wage is given referred to employee length of service, grade and administrative position and varies slightly. Skill-based pay is given referred to responsibilities and obligations. And the last one is given referred to employee performances and is depended on to enlarge compensation levels.By the way of work conversation and paper investigation, the author got acknowledged with the assessments about compensation management of Jilin Branch from managers to employee in sub-branches and on the basis of that, analyzed the suggestions on compensation system and management. Without strategies and position system, lack of basic work and justice, Jilin Branch urgently need a entire reform in compensation management.Then the author proposed several measures to resolve the problems in compensation management of Jilin Branch:I. Compensation StrategiesJilin Branch should carry out its own strategies, according to its practical conditions and general development strategies. Human resource management should be reformed completely and adapt its compensation management with reasonable position management and performance management. To resolve the problems, it is imperative to stress the three principals, i.e., internal justice, external justice and personal justice.II. Compensation System On the base of compensation investigation, it is necessary for Jilin Branch to design its compensation system, including Position-Performance wage, complete compensation and varieties of compensations. General strategies and capacities of finance should be in mind, either. In the compensation system of Jilin Branch, international methods may be adopted to determine employee compensation level.III. Steps to Carry Out the Compensation ReformIn the process of the reform, it is important to agree with employee, make the compensation system public and the distribution private, and cultivate healthy organization culture to make the management carry out.