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Korean Academic Society of Business Administration
[ Article ]
korean management review - Vol. 46, No. 1, pp.315-340
ISSN: 1226-1874 (Print)
Print publication date 28 Feb 2017
Received 21 Aug 2016 Revised 15 Dec 2016 Accepted 29 Dec 2016
DOI: https://doi.org/10.17287/kmr.2017.46.1.315

HR 옵션으로서의 개인 성과급제: 리얼 옵션 이론의 적용

장은미* ; 진현**
*(주저자) 연세대학교 경영대학 emchang@yonsei.ac.kr
**(교신저자) 삼성경제연구소 lyndachin@naver.com
Pay-for-Performance as an HR Option: An Explanation of Real Option Theory
Eunmi Chang* ; Hyun Chin**
*Professor of Yonsei School of Business, First Author
**Research Fellow of Samsung Economic Research Institute, Corresponding Author

초록

회사와 구성원간 장기적인 신뢰에 기반한 몰입형 관리 또는 고성과 관리 방식의 효과에 대한 연구들이 지속적으로 제시되고 있다. 그러나 기업들은 회사 전체 전략 차원에서는 몰입형 철학을 추구하면서도 상황에 따라서는 몰입을 자제하는 관리 방식을 활용하기도 하는데, 리얼 옵션 이론은 이러한 측면에 대해 설득력있는 논거를 제시한다. 리얼 옵션 이론은 외생적으로 발생하는 불확실성이 높은 경우에는 기업이 옵션적인 의사결정을 해야 한다고 지적한다. 리얼 옵션 관점은 지금까지 투자 의사 결정이나 다국적 기업의 해외시장 진출 등에 관한 논의에서 많이 다루어져왔으나 비교적 최근에는 인적자원관리 이슈들에도 적용되고 있다. 본 논문은 리얼 옵션 이론의 주장을 HR 옵션 방식 중의 하나인 성과급제도를 사용하여 분석하고 있다. 기업이 당면한 불확실성은 소유구조와 산업 특성을 사용하여 측정하였으며, 171개 기업을 대상으로 한 서베이와 2차 자료를 사용하여 관련 자료를 수집하였다. 통계 분석 결과, 소유 구조와 관련된 불확실성과 위험 부담이 높은 외자계 기업이 HR 옵션으로서의 성과급제 활용 정도가 높았으며, 또한 외자계 기업들의 한국에서 활동 연령이 길수록 그 활용도가 감소하였다. 그러나 외자계 기업에 있어서 불확실성을 증가시켜주는 요소인 문화 격차의 효과는 유의미하지 않았다. 한편 주식 변동성으로 측정된 산업 불확실성이 성과급제 강도에 미치는 효과도 유의미한 결과가 나타나지 않았다. 이러한 결과는 산업 특성의 외생적 불확실성보다는 소유구조에 관계된 불확실성이 옵션적 의사결정에 미치는 효과가 상대적으로 크다는 점을 시사하고 있다. 옵션 시각이 성과급제와 같은 인적자원관리 방식에 적용될 수 있지만, 재무 의사결정과는 달리 HR 옵션을 활용하는 경우에는 조직몰입 하락, 과다한 개인간 경쟁 등 부정적인 파급효과가 발생할 수 있으므로 기업은 HR 옵션의 활용에 있어서 면밀한 검토가 필요할 것으로 보인다.

Abstract

Studies have supported the importance of long-term based human resource management such as commitment management or high performance work practices. The management practices have been found to trigger positive impacts on firm performance and employee motivation world-widely. However, in some situations, firms must select option practices in managing human resources even though these practices violate the resource-based or commitment HR views. Applying the real options theory, the present research identified individual pay-for-performance as an HR option for firms, and examined the effects of exogenous uncertainties on firms' use of the option with multi-source data. Firms' HRM and other firm variables were collected by using a survey completed by 171 managers, and industry uncertainty information was obtained from diverse secondary sources. Results support the premise of liability of foreignness, showing that foreign MNCs utilized more pay-for-performance, and also that the use was reduced as they accumulated years of operation in the Korean market. However, the effect of cultural distance between headquarters and Korea was not found for foreign-based MNCs. Regarding industry-level uncertainty, on the other hand, the effect of stock market volatility was not found to be significant in influencing the level of pay-for-performance as an HR option. The results in general partially support the theoretical validity of using a real options view to understand HRM practices in the global market. The results support the usefulness of an HR option in some cases, but the results should be taken seriously in applying to management at the workplace. That is, firms should be cautious in utilizing HR options because of the possible side effects such as reduced commitment or satisfaction that may occur in managing people as options. The theoretical and practical contributions of these results are provided.

Keywords:

real options theory, HR options, uncertainty, cultural distance, liability of foreignness, stock market volatility

키워드:

리얼 옵션이론, HR 옵션, 외생적 불확실성, 성과급제, 문화 격차, 주가 변동률, 외부인의 부담(Liability of Foreignness)

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• 저자 장은미는 현재 연세대학교 경영대학 매니지먼트 전공 교수로 재직 중이다. 연세대학교에서 영문학 학사, 경영학 석사를 취득하였으며 미국 매릴랜드 주립대학교에서 경영학 박사를 취득하였다. 박사 학위 취득 이후에는 현대경제연구원에서 연구위원, Michigan State University(School of Labor and Industrial Relations)와 한국외국어대학교에서 조교수를 역임하였다. 주요 연구 분야는 동기부여, 인적자원관리, 비교문화 연구, 외국인근로자 관리 등이다.

• 저자 진현은 현재 삼성경제연구소 인사조직실 수석연구원으로 재직 중이다. 고려대학교에서 경영학 학사 및 석사를 취득하였으며 연세대학교에서 경영학 박사를 취득하였다. 주요 관심 분야는 조직문화, 직장인의 행복, 직원의 보이스, 외국인, 여성, 신세대 직장인의 관리 등이다.