Establishing an Individual Employee Evaluation System
Differentiating Compensation Systems by Job Group
OK Financial Group is introducing a performance-based new personnel system that strengthens motivation by establishing an individual employee evaluation system. It is explained that the system was improved reflecting Chairman Choi Yoon's philosophy of selecting talent based on ability rather than seniority.
OK Financial Group announced on the 3rd that it will implement the new personnel system starting this year. The system was created to foster employee growth potential and cultivate an organizational culture based on fairness.
The group stated that strengthening fairness and the performance reward system is the core of the new personnel system. By establishing an employee evaluation system, motivation for growth has been enhanced. The policy is to select talent based on performance and ability to flexibly respond to the rapidly changing financial environment.
The rank-based system has been greatly simplified and shifted to a growth level (Lv) centered system. Depending on the job group, a Lv.1 to Lv.3 (3 levels) or Lv.1 to Lv.4 (4 levels) system is applied. Through a horizontal system without ranks, employees are given promotion opportunities every year based on performance and capability without a minimum promotion eligibility period.
The evaluation system has also been reorganized. The existing relative evaluation method, which assigns evaluation grades within a fixed ratio, will be changed to an ability-based absolute evaluation method.
An Evaluation Deliberation Committee has also been newly established. Evaluation items such as contribution, expertise, and influence have been subdivided to encourage employees to focus on delivering results.
The compensation system has been extensively revamped. Different performance reward cycles are applied according to the work characteristics of each job group, focusing on establishing an objective and differentiated reward system. Monthly performance bonuses and performance bonus payment rates have also been expanded.
A group official said, "We decided to introduce an advanced personnel system to create a model case where employees and the company grow together and to leap forward as a true comprehensive financial group," adding, "We will foster an innovative organizational culture based on fairness and performance and lay the foundation for sustainable growth."
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