250 word discussion board response with two scholarly sources and a biblical integration. Below is the post:
De’Andrea Brown
COLLAPSE
Hyundai Heavy Industries (HHI) said Monday that it will introduce a performance-based salary system for the first time in its history as part of steps to pull itself out of a protracted business slump. However, its union is against the company’s plan which is expected to cause conflict later.
The world’s largest shipbuilder said it will apply the new salary system in phases. The shipbuilder will apply it to above managerial level employees who have worked from eight years to 10 years from December and to all employees from next year.
Its affiliates Hyundai Mipo Dockyard and Hyundai Samho Heavy Industries will also adopt the new incentive-based wage system.
So far, HHI has been paying salaries based on seniority. This is the first time in 40 years that the company has changed its salary system.CEO Kwon Oh-gap, who took office in September, has led the reformative drive. The shipbuilder laid off 81 executives of 262 in its affiliates in the middle of October in the wake of record quarterly losses.It has collapsed a few nonviable commerce divisions and plans to shut drowsy abroad branches.
“It is to introduce competition among business departments so that we can pay salaries based on performance,” company official Park Jun-soo said. “It is part of our efforts to overcome the series of crises we have been experiencing recently.”
To be specific, the company will grade employees from one to five levels, allowing a 60 percent gap among them. The salary will also be evaluated by each division’s performance. “There will be no problem if the company has clear guidelines in evaluating people. But it has so far evaluated people unfairly and using so-called connections,” union spokesman Kim Hyung-gyun said. “The new system is a scheme mostly aimed at cutting wages. It will make harder for workers to maintain cooperative relationship with each other. We will protest the management decision.”
The shipbuilder’s net loss ballooned to a record of 1.46 trillion won in the third quarter from 12.5 billion won a year earlier. Sales fell 5.6 percent to 12.4 trillion won. The steps and rationale of the system in 2019 named the 23,000-ton logistics support vessel for the Royal New Zealand Navy, developed the worlds most powerful 4-stroke HiMSEN engine, signed a ship design licensing deal with Saudi Arabia-based International Maritime Industries (IMI, won gold medals at World Skills Competitions for 19 consecutive year, HiMSEN Engine, successful entry to the nuclear power plant market in Indi, set up HHI Groups shipbuilding holding company, Korea Shipbuilding & Offshore Engineering (KSOE), delivered the worlds largest semi-submersible drilling rig, West Bollsta, delivered the first LNG-FSRU, Turquoise P, installed with glycol regasification system, and launched the first of two 2600-ton frigates for the Philippine Navy.
ABOUT HHI History., Copyright 2013 Hyundai Heavy., Industries Co., Ltd. All Rights Reserved. https://english.hhi.co.kr/about/history
Hyundai Heavy to introduce performance-based pay system., Park Ji-won., http://www.koreatimes.co.kr/www/news/biz/2014/11/123_167872.html
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