Research On Designing Salary System Of Vietnam National Petroleum Group

Vietnam National Petroleum Group(abbreviated Petrolimex)was established on December 1,2011,formerly known as Vietnam National Petroleum Corporation which was re-established in accordance with the decision No.828/QD-TTg of the Vietnamese Prime Minister on May 31,2011.Transforming to a national state-owned enterprise and a state-owned enterprise with a special rating of 60%.Petrolimex has always been stabilizing and developing the oil market,providing petrochemical products that meet the needs of the people,and serving the country’s economic development and ensuring national security and contribution.However,wages are an integral part of production costs.On the other hand,wages are the source of income for the production and expansion of workers’ labor-power.Petrolimex’s human resource management ensures that the balance between wages,bonuses,productivity and the quality of each worker’s performance what becomes the focus of the object.In recent years,Vietnam’s National Petroleum Group has not only ensured a stable goal,it has properly maintained employees’ level of income satisfaction,but has also continuously studied and ensure fair distribution of their wage income,but there are still many problems related to corporate wage management relatively important today.Therefore,this study uses the theory of human capital management and world scholar theory served as the basis for research to investigate Vietnam National Petroleum Corporation,investigates the status of its salary management,and proposes a better compensation plan.The focus is on the quality of employees more productive,to meet the development needs of the future group.This paper uses the report of Vietnam National Petroleum Group’s 2007 report in 2017,conducts comprehensive surveys and interviews to collect data.Moreover,use the original data for analysis and processing to conduct a comprehensive comparison and compares the status of Vietnam’s national oil group’s wage management,compared with other countries.After the correlation analysis and data integration of wage management results show that:(1)The company does not understand the important role of human resources in the company’s development strategy,insufficient investment in human resources management.In addition,the company’s human resources development plan for each period has not been formulated;(2)There is insufficient care in employees growth and development,there is no clear and reasonable investment policy,and the average wage policy is unreasonable;(3)The wage payment method is not flexible and the salary and company performance has nothing to do;(4)The company’s management level is limited.Despite the long working hours,it lacks innovation ability and the company lacks vitality.In the national context of Vietnam,the corresponding improvement measures proposed in accordance with the group’s future development plan include the following:(1)Changing the status of the wage fund plan;(2)Recalculating the structure of the basic salary fund and wage fund allocated to the plan.(3)The redistribution of commercial wage funds;(4)The change in the resolution of the final settlement of the wage fund;(5)The plan for the compensation plan of professional firms.(6)Increase the use of reserves provisions.The above is the entire content of the “Research on designing salary system of Vietnam national petroleum group” paper.The results of the proposed salary improvement management plan cannot provide immediate results,but it is a good preparation for the successful implementation of long-term goals,creating and maintaining the development environment to the Group and achieving international economic integration promotes competitionfor the Group.