Optimal Design Of Compensation Management System For J Subsidiary Company Of China Life

China Life Insurance Company Limited is a national commercial insurancecompany which holding by China Life Insurance (Group) Company, its predecessor isthe original Chinese People’s Insurance Company-founded in October1949, themediator Life Insurance Co. company-founded in February1996, and the China LifeInsurance Company Limited-founded in1999. In June30,2003, Approved by theState Council and China Insurance Regulatory Commission, China Life InsuranceCompany Limited was incorporated in Beijing. On December17th and18th,2003,China Life Insurance Company Limited appear on the market both in New York andHong Kong. As a wholly-owned subsidiary of China Life Insurance CompanyLimited, J subsidiary company of china life branches in all the municipalities (state)and counties (cities, districts) in J province, and have marketing service outlets in416towns and countries of J province. It owns more than16,000employees andmarketing staff persons.For various historical reasons, there are still many problems in the current salarymanagement system of J subsidiary company of china life. Such as employees cannotget the same pay with the same work, the salary system is lack of incentive, and so on.This paper intends to figure out an optimized salary management system afterresearch and discussion. This will benefit to enhance the management level of Jsubsidiary company, and will important to create the J subsidiary come into aworld-class life insurance company. This research also intends to design a suitablesalary management system of J subsidiary company, to change the unreasonablepersonnel structure now, to create a favorable environment for talents, finally toimprove the company’s core competitiveness. This paper introduces and analysis the main problems of the current salarymanagement system of J subsidiary company by the way of research literature, suchas reading the relevant literature and collecting the relevant data. And proposed theoptimized processes and salary management system by using the interview method,questionnaire method and experience method. Chapter I introduces the J subsidiarycompany of China Life and the main problems of its salary management system.Chapter II design the ideas, principles and processes of the remuneration managementsystem reform of J subsidiary company. Chapter III presents the reform program ofthe J subsidiary company’s remuneration management system. Chapter Ⅳ analyzesthe implementing measures of the salary management system reform programs.Based on the research of salary management system of J subsidiary company ofchina life, this paper designs a better salary management system and puts forward areform program about the remuneration management system. This kind of job-based,performance-oriented, market-reference salary management system is morecompetitive and incentive.As a practical significance, this paper will changed the irrational situation of Jsubsidiary company to a certain degree, will create a favorable environment fornurturing talent, and will enhance the company’s core competitiveness. This willbenefit to enhance the management level of J subsidiary company, and will importantto create the J subsidiary come into a world-class life insurance company. Meanwhile,at the situation that the current state-owned enterprises generally facing a increasinginternational market competition, J subsidiary company’s salary management systemis a representative of them. I hopes that it can played a certain significance for othercompanies by the research of J subsidiary company’s salary management system.