Optimization Design Of Compensation System Of Southern Publishing And Media Company Limited

The competition between companies in 21 st century lies in whether they could possess talents especially who are extraordinary and rare.Thus how to attract and keep those talented individuals and how to encourage their initiative and creativity are at the very core of human resources development and management at present.For those reasons,an effective compensation management has received an increasing attention from enterprises.On the other hand,those business managers are facing with a real dilemma that how to upgrade the compensation system to make it fair and competitive.This thesis mainly focuses on the optimization of compensation system of Southern Publishing and Media Company Limited and the measurements to operate this system guided by relevant theories and methods on compensation in light of the present system in this company.The contents of optimization are displayed in the following aspects.Firstly,the optimized compensation system is consistent with the enterprise development strategy in the next five years in order to reach the strategic goal.Secondly,dynamic adjustment is implemented to keep the market competitiveness of compensation.Thirdly,the occupational level and salaries for staff working at Headquarters are raised to deal with their complaints that they earn less money than their counterparts in subsidiaries.Fourthly,a percentage reduction in the fixed pay is made and variable pay is correspondingly increased for the purpose of motivation.Fifthly,the career path is widened for staff to facilitate comprehensive development.Sixthly,the pay scales are increased in the same post to make sure that employees’ salaries could be raised even if they cannot be promoted.Seventhly,the items of allowances are streamlined and many of them are included in the broad category of festive allowances to sharpen employees’ sense of satisfaction at salary.Eighthly,the performance assessment system is refined and the merit pay is incorporated into variable pay to measure employees’ performance on a monthly basis.By doing this,we could ensure fairness and motivate staff through salaries.Ninthly,the stock incentive program is developed for executives to make their salaries more competitive.Meantime,the optimization effect of compensation system of Southern Publishing and Media Company Limited is carefully evaluated.At last,this paper puts forward relevant measures from four aspects such as organization,advocacy and training,employee support and corporate culture to ensure the smooth implementation of this compensation system.The study of the compensation system of Southern Publishing and Media Company Limited could help to create momentum for employees and maintain a stable workforce.It also significantly promotes the development of publishing industry in Guangdong province.