The Bank of Korea Undergoes Major Overhaul... "Expanding Differential Bonus Payments and Establishing 10 New Expert Positions"

Need for Flexible Organization Operation Centered on Collaboration, Communication, and Autonomy
Reduction of Fixed Performance Bonus
Establishment of 10 Expert Positions in Financial Market, Foreign Exchange Policy, Financial Settlement, and Digital Currency

[Asia Economy Reporter Jang Sehee] The Bank of Korea is expected to undertake an organizational restructuring based on consulting results from the global consulting firm Mercer. This is the first time since 1999 that the Bank of Korea has received consulting related to its organization.

On the 20th, the office of Choo Kyung-ho, a member of the National Assembly's Planning and Finance Committee from the People Power Party, obtained the "Mercer's Bank of Korea Management and Personnel Innovation Consulting Report," which includes plans to reform the performance bonus system and establish 10 expert positions.

Until now, the Bank of Korea has paid performance bonuses in addition to the basic salary if work performance was excellent. The amount varied according to four grades?S, A, B, and C?based on one year of work performance. Performance bonuses were paid differentially at levels ranging from 0 to 25% of the basic salary.

However, Mercer recommended a differential payment method for performance bonuses to ensure clear recognition of employee compensation. Furthermore, it advised reviewing the expansion of differential payment rates by grade in the mid to long term. As the range of performance bonus differentiation widens, the salary gap among employees is expected to increase based on evaluations.

Additionally, the consulting report included the establishment of 10 senior positions in areas such as economic research, field surveys, financial markets, financial stability, monetary and credit policy, and digital currency. It also emphasized assigning these positions the roles of managing external relations and leading major projects.

Reform of the personnel evaluation system was also recommended. Employees should register their tasks in the personnel system regularly and receive frequent evaluations from team leaders, and a peer evaluation system among colleagues working together should be introduced.

Meanwhile, the report stressed the need to categorize regional headquarters. Mercer stated that considering the size of the headquarters, regional economic characteristics, and work performance status, operations should be divided into metropolitan headquarters and small headquarters.

This content was produced with the assistance of AI translation services.