TVE kicks off 3Ps Salary System Project
13 Jul, 2018 / 417 Views
[Hanoi, April 2017] Taikisha Vietnam and OCD Management Consulting Company held the first meeting to officially kick off 3Ps Salary System Project.
3Ps salary system is a compensation model dividing personal income into three parts including: (P1) Pay for Position, (P2) Pay for Person and (P3) Pay for Performance. 3Ps salary payment helps dismiss disadvantages of traditional salary payment which focuses too much on degrees or seniorities and lacks of recognition of personal competencies and contributions to the Company’s target achievements.
The purpose of this project is to create a general modern HR management system for TVE including fully-completed job description charts, key performance indicator system, competency assessment system and 3Ps salary system.
3Ps salary system is expected to be a fair and transparent compensation structure based on position, performance and competency, from there it will help improve productivity and motivate all staff to work effectively towards the Company‘s target.
The project deployment is based on the interaction among the Company management system, including:
- Strategy management
- Management structure & organization structure
- Performance management based on KPIs
- Competency evaluation system
- Salary system.
To successfully implement new HR management system, the Company needs to standardize organization chart in accordance with its strategy, link business target to each department and to each employee.
3Ps salary system is expected to help TVE improve professionality in its business administration with clear work assignment and fair compensation structure. This is a premise for the Company to develop its comprehensive HR functions including recruitment, training, next generation development, work performance and remuneration management.