Research On Employee Compensation Incentive Mechanism Of W Engineering Company

Lately,China continues to invest large field of infrastructure construction in order to obtain high-quality development with the implementation of ”The Belt and Road.”The construction industry has ushered in a booming development opportunity and most of the construction companies are also facing more opportunities and challenges.As an engineering company whose main business is construction,W Engineering Company has developed rapidly in recent years.In the meantime,this company has also exposed some problems,especially the salary incentive mechanism.The compensation incentive is one of the most important contents of the compensation system,which has the important incentive significance,It can find a demand balance between the company and employees and then promote the company’s healthy,sustainable and good development.We chooses W Engineering Company as the research object,literature research method,investigation research method,qualitative research method and quantitative research method were used in this research.Firstly,based on the research of salary incentive mechanism in different industries from China and other countries scholars,the concepts of salary,incentive,incentive mechanism and related theories were detailed analyzed.This laid a relatively rich theoretical foundation for subsequent research.Secondly,we introduce the situation of W Engineering Company and use questionnaire survey and interview method to find out the accurate salary incentive mechanism of W Engineering Company.According to this research,we find several problems exist in the mechanism,and analyze the reasons of these problems.Finally,based on the experience of similar companies,on the basis of the actual situation of W Engineering Company,the salary incentive mechanism is designed to improve the salary incentive level and achieve the expected results.We found that the overall salary level and employee satisfaction of W Engineering Company are lower than the same type companies based on this research and the incentive effect is not very good.The company have some problems such as imperfect salary incentive system,inconsistent salary levels with market average levels,lack of guarantee measures for salary incentives and insufficient corporate culture construction.The design of the salary incentive mechanism adheres to the principles of "openness,fairness and fairness",the principle of competitiveness and the principle of differentiation and four suggestions are given to the salary incentive mechanism.The first is to conduct a functional analysis of the position and determine the salary coefficient of the position.The second is to improve the salary incentive system.The third is to promote the diversification of salary incentive methods and the fourth is to optimize the performance appraisal system.It is hoped that through the above measures,W Engineering Company’s employees’ salary incentive satisfaction can be increased,and the sense of belonging can be enhanced,so as to achieve the purpose of promoting the overall development of the company.The design of the salary incentive mechanism should adhere to three principles.The openness,fairness,and fairness principle,the competitiveness principle and the differentiation principle.The paper gave five advices to the salary incentive mechanism of W Engineering Company,including improve the salary incentive system,re-determine the salary coefficient of the position,promote the diversification of salary incentive methods,optimize the performance appraisal system,and strengthen the construction of corporate culture.Furthermore,there are four safeguard measures for the salary incentive mechanism of W Engineering Company.The first is to strengthen the construction of the salary incentive mechanism,the second is to strengthen the strategic management of human resources,the third is to increase the overall salary budget and give priority to payment,and the fourth is to strengthen supervision and management.