The Total Rewards System Building Based On Position&Competency Wage

Knowledge workers are the source of enterprise core competence in 21 Century,Many enterprises compete to flaunt "Best Employer","Best Environment" is in order to attract and retain excellence employees,an effective compensation system is one of the most efficient tool to attract and retain excellence employees.Now,many enterprises are facing the problem that the shortage of knowledge workers and drain of core staffs.On the one hand,enterprises improving employees compensation steadily,on the other hand,the loss of core staffs continues unabated,the fundamental reason is the compensation system is un available.Position wage system and Competency wage system can't effectively support the enterprises development!As a new pay system,by combining material compensation and mental compensation,total rewards system can solve the bottleneck problems of enterprises in dependence in the great degree.But the current research about total rewards are mostly abroad,and they explore the motivation of employees instead of the building.The domestic study on the total rewards system building is extremely rare,that's make it difficult to building the system in Chinese enterprises.Therefore,it is necessary to study the building of total rewards system in Chinese context.This research adopts case study method and take J company as an example to originality introduced the total rewards system building based on position&competency wage.J company belong to building detection industry,it owns about 120 staffs and mostly are knowledge workers,the existing compensation system is position compensation system,it includes position wage,performance salary,bonus,all kinds of allowance and welfare.This compensation allocation method is unfair overall and compensation level is flat,coupled with the existing accounting opaque and welfare lack of universality problem,employees are dissatisfied with current compensation system,and the enterprise need to rebuilding compensation system.This article based on position&competence wage and total rewards theory,analysis the current situation of J company compensation system,in line with the principle that "strategic consistency,competitive external,equity internal,management feasible",building a compensation system that is hierarchical,category,module and both incentive and restriction function.After the analysis of the current situation of J company compensation system,we determined the general idea of building,and then conducted job analysis,optimized the performance management system,establishment staff promotion channel and the qualifications standard,finally,we build the total rewards system that includes position&competence wage,performance related pay,allowance,bonus,welfare,supernormal profit sharing plan and mental compensation.It also pointed out it is necessary to provide guarantee from the aspects of leadership,staff support and compensation communication.It is special that the author pay a return visit after half of a year that the total rewards system based on position&competence wage is already worked.Through the methods of questionnaire investigation and interview,combining quantitative analysis and qualitative analysis of the effectiveness of the new compensation system,by the comprehensive analysis of consistency internal,competitive external,staff incentive facility management and salary budget,it showed that the total rewards system based on position&competence wage is efficiently,and it come into accepted of the staffs of J company,it playing the incentive effect,promoting the development of the company.Firstly,This study summarizes related concepts,theories,research status etc.Secondly,introduce building total rewards system of J company in detail,and analysis the effectiveness.Finally,it is concluded that the research conclusion of this study.Ours Studies show that the total rewards system based on position&competence wage is a strategic guided compensation system,and it is very effective for organizational development,to maximize the motivate employees,and is advantageous for the organization and management,finally promote the development of organization.This research has the great reference valve of Chinese enterprises to solve compensation system problems,the implementation of the relevant enterprises can draw lessons from the total rewards system.There are two innovation points of this study,at first,it is proposed to build total rewards system in Chinese context,second,it combined with position&competence wage and total rewards system exploratory.Of course,there are also some shortcomings,such as the introduction is not very detailed,mental compensation design remains to be perfect,so we need to make further research on the total rewards system design and implementation.