Zhejiang Commercial Bank Co., Ltd. (referred to as "Zhejiang Commercial Bank") is one of the 12 nationwide joint-stock commercial banks in China. It officially opened on August 18, 2004, with its headquarters located in Hangzhou, Zhejiang. The bank was listed on the Hong Kong Stock Exchange on March 30, 2016, with the stock code "2016.HK" and on the Shanghai Stock Exchange on November 26, 2019, with the stock code "601916," making it the 13th A+H-listed bank in China.
Since its establishment, Zhejiang Commercial Bank has adhered to the strategic guidance of President Xi Jinping when he worked in Zhejiang. The bank has steadily developed, becoming a high-quality commercial bank with solid foundations, excellent profitability, rapid growth, and strong risk management.
In response to the new economic normal, the bank has embraced the new trends in internet technology and customer demand for value creation. It has established a dual-goal strategy and a platform-based service model, focusing on “serving the real economy, innovating and transforming, operating compliantly, preventing risks, and improving quality and efficiency” as its business principles. The bank strives to build a platform-based service model to provide customers with open, efficient, flexible, shared, and comprehensive financial services.
The Shenzhen branch of Zhejiang Commercial Bank, established in April 2010, has gone through its initial startup phase based on the head office's "one body and two wings" business positioning. It is now entering a rapid growth phase. However, the branch is facing challenges in terms of its workforce size and quality. The growth in labor costs is outpacing the increase in staff numbers, leading to negative growth in per capita efficiency. The Shenzhen branch hopes to enhance its performance while managing labor costs, improving overall performance, and increasing per capita efficiency through scientifically planned human resource allocation.
Tailored HR Solutions: Following the head office's management principles, Best Practice Consulting introduced advanced management concepts from industry and cross-industry benchmarks to create a human resource allocation and development plan that aligns with the branch's strategic development needs. The aim was to build the branch’s core HR capabilities, focusing on a new talent allocation model centered around per capita efficiency.
Assessment and Analysis: Using scientific diagnostic tools, the consultants conducted a deep dive into the branch’s operational and management status. They assessed the management relationship between the head office, branch, and sub-branches, as well as the manpower requirements driven by business development. They identified risk points, strengths, and weaknesses in current management and developed a "Job Classification, Staffing, and Quota" strategy to improve efficiency.
Position Management System: A position management system based on job value was constructed, optimizing the organizational structure according to the value chain and evaluating job value as the basis for a compensation value exchange.
Salary Benchmarking: Best Practice Consulting introduced compensation data reports from its Big Data Center, using industry salary benchmarks to establish a salary grade system based on job value.
Innovative Personnel and Bonus Control: An innovative model was designed to balance personnel increase and decrease with year-end performance bonus distribution, guiding the rational control of labor fluctuations and reducing turnover pressure.
Strategic Thinking and Management Improvement: The client was introduced to various evaluation and analysis tools, which helped improve overall strategic thinking and management capabilities within the branch.
Refined Talent Management: Through position analysis and planning, the branch was able to segment its workforce by market needs, leading to more refined HR management.
Enhanced Management Awareness: Management personnel gained a better understanding of their performance indicators, improving accountability and decision-making.
Employee Satisfaction Improvement: Employee satisfaction was increased by 100%, as the processes and roles became clearer.
Efficiency Gains: Through position management planning, issues such as unclear responsibilities and long processes were reduced, resulting in improved work efficiency.
Job Flexibility Mechanism: A flexible job mechanism was established, effectively preventing operational disruptions caused by personnel changes.
Optimized Compensation System: With the support of salary benchmarking data, a scientifically sound compensation system was developed, boosting employee motivation and engagement.
Previous article:Vatti Corporation Ltd.,
Next article:Wanhua Chemical Group Co., Ltd.
This is a promotional slogan
