Research On The Compensation System Improvement Of Yuteng Chemical Co., Ltd

As an essential part of the human resource management system, a scientific andeffective compensation system can help the enterprise to retain excellent employeesand attract high-quality personnel to join, as well as to inspire the enthusiasm andcreativity of staffs, result in supporting the company to construct human resourceadvantages and core competitiveness and achieve the development strategy of theenterprise. With the increasing development and improvement of Chinese marketeconomy and acceleration of enterprises’ modernization process, traditionalcompensation system has been unable to meet the needs of human resourceexploitation and management from modern enterprises. It is the trend to reform theenterprise’s compensation system using the ideas and means of modern compensationmanagement, which agrees the enterprise’s core interest.The thesis takes Yuteng Chemical Co. Ltd as the researching subject andintroduces the present situations of the compensation system from Yuteng ChemicalCo. Ltd on the basis of summarizing and combing the theories of compensationmanagement and its latest development trends. Integrating with satisfaction survey ofemployees’ salaries, the paper summarizes problems existing in the compensationsystem and analyzes the reasons systematically. Based on which, under the directionof modern compensation management theories, integrating with t he actual situation ofdevelopment, the paper determines leading compensation strategy for YutengChemical Co. Ltd and integrating with external salary survey, the thesis determinespay levels for different job categories after carrying out job analysis, job evaluationand building performance evaluation system. At the same time, the paper optimizescompensation program for different job categories, arguing from the natures andcharacteristics of different job categories.The improvement program for the compensation system is a complex engineering,which involves many interests, so it may encounter all kinds of obstacles in theimplementation process inevitably. In order to ensure the smooth implementation ofthe improvement program, the paper proposes detail measures. Finally, the paperforecasts the implementation effects.