A REVIEW OF PROVIDING EMPLOYEES BENEFITS IN SAMSUNG IN SOUTH KOREA Essay

A REVIEW OF PROVIDING EMPLOYEES BENEFITS IN SAMSUNG IN SOUTH KOREA - Essay Example Korean based firm that is headquartered in Suwon. Having been established in 1969 when it was referred to as Samsung Electric Industries, the company has embarked on product diversification an aspect that has made it to enjoy a competitive position in the electronic industry. Soon after it was established, the company embarked on acquiring other firms within the same industry with an objective of expanding its capital bases as well as putting in place effective marketing strategies. Some of the notable firms that Samsung acquired were Korea Semiconductor and Korea Telecommunication in 1974 and 1980 respectively. Investing in technology especially between 1995 and 2008 made the company to acquire a significant market share an aspect that made the company to effectively face off its key competitor Sony. In order to effectively meet the needs of its global market, the company diverted from consumer brands to enter in the filed of memory. This made it to be a key supplier of the NAND mem ory and A7 processors to the Apple Company. Recently, Samsung has indicated an expansive growth that has made it not only to incur high profits but also it has created a strong positive consumer product relationship. From the introduction and adoption of 5G technology to the launching of Galaxy S series, Samsung registered a profit of US $9.4 billion in the third quarter of 3013. In order to ensure that its operations are effectively varied out in the local and global market, Samsung maintains a workforce of 470,000 employees. Thus the need to keep them motivated as a way of enlacing the company profitability. 1.2 Research title, research question and research objectives A review of providing employees benefits in Samsung in South Korea Research question What is the impact of providing employees benefits in Samsung? Research objectives Analyzing the impact of employees benefit program on Samsung performance Outline the employees, benefits program Reviewing the implementation of prov iding employees benefits in Samsung Company What are the benefits of providing employees for the company? 1.3 Research rationale This research will use the studies done by various individuals who have done extensive coverage of the benefits offered by the Samsung Company in its effort to improve the productivity of its employees. 2 Literature review 2.1 Introduction Being an international company with an objective of expanding its customer bases and acquiring a wide market segment, Samsung has a strong linkage with its employees. Ranging from technical managers to the sales representative, the company has established a number of employee’s benefits that are aimed at motivating them thus improving their productivity. Through the establishment of Samsung’s welfare system, the company provides not only financial support to the employees, but also it provides health, leisure and education facilities to the employees. The establishment of an integrated benefit scheme, Samsu ng has maintained a strong workforce that has made it to put at bay it key competitors including Nokia and Apple. The part below reviews studies done by various people on the impact of providing employees benefits in Samsung. 2.2 High compensation In his studies on compensation and negotiation, Chingos (1985) support an increment of salaries not only as a way of compensating them but also as