In a bid to improve performance, Samsung Electronics is trying to boost the morale of its workers by introducing new HR policies across the company. It is being reported that the South Korean firm has found a way to retain experienced employees even after they retire.
Samsung has reportedly announced a ‘Senior Track’ program that allows highly-skilled and experienced employees to keep working even after their retirement age. The firm will start accepting applications for this program from employees scheduled to retire by February 2023. The company will choose people based on their skill set, experience, and competence in their respective fields.
The South Korean firm is also planning to pay more incentives to employees who have hit their pay ceiling. The revised rewards system within the company has been modified to boost employee morale. A performance review will happen at least once per quarter instead of once per year to ensure a fair evaluation.
Samsung ditched its decades-old system that prioritized seniority and a top-down approach. It also scrapped mandatory years of working for specific positions that were required for promotion. The company has even created new positions to simplify the corporate structure and make the workforce more agile.
Amidst growing competition, Samsung is trying to find and nurture talent, regardless of their age and working experience within the company.