Fubon Financial Holdings has developed a fair and rational compensation system that offers equal pay regardless of gender, age or ethnicity. Annual salary surveys are conducted to ensure that the Company maintains its competitive edge in the human resources market and is able to attract and retain top talent that can grow together with Fubon. The standard salaries of base-level employees, irrespective of gender or nationality, exceed minimum wage levels by more than 150%.
Benchmarked against other companies in the financial sector, management pay is divided into fixed salary and variable compensation (including performance bonuses) and based on both the individual’s performance and the company’s results. Fubon Financial Holdings has also established a Remuneration Committee that establishes and periodically reviews management compensation policies and whether the pay levels of individual executives are rational.
In addition to its competitive compensation system, Fubon Financial Holdings also offers a generous package of benefits to attract, motivate, and retain top talent. Among them: bonuses for Taiwan’s three main festivals; special subsidies (such as for getting married, having a child or when a death occurs in the family; recreation and leisure activities; seniority rewards; treasury share transfers; the education of an employee’s children; and social welfare event subsidies); labor, health and group insurance; pensions; paid vacation; and employee emergency relief. In 2014, total spending on employee benefits and facilities averaged about NT$1 million per person, about 1.84% higher than in the previous year.
Comparison of pay levels for men and women by type of job and employer
|Company||Fubon Financial||Taipei Fubon Bank||Fubon Life||Fubon Insurance||Fubon Securities|
|Business, Administration and other (Taiwan)||Women||100%||100%||100%||100%||100%|
Note: The actual ratio of female to male pay may be slightly distorted by the number of people, their positions, individual performance, and seniority in each category.
Summary of Employee Benefits
|Festival Bonus System||Bonuses are issued for the Lunar New Year holiday, the Dragon Boat Festival and the Mid-Autumn Festival.|
|Special Subsidies||Special subsidies are given for getting married, having a child, orwhen a death occurs in the family; recreation and leisure activities; the education of an employee’s children; and social welfare group activities.|
|Employee Insurance||Fubon registers every employee for labor and health insurance. It also has group insurance that includes life insurance, catastrophic illness insurance, accident insurance and medical insurance. Fubon pays 70% of the premiums for employees in its group insurance coverage.|
|Retirement Benefits||Fubon’s retirement system is based on provisions in Taiwan’s “Labor Standards Act” and “Labor Pension Act” and ensures that employees will receive a steady pension after they retire.|
|Vacation System||In addition to legally mandated vacation provisions, Fubon also offers “volunteer leave” (to encourage employees to participate in Fubon Group charity events). Fubon also offers a flexible work system that empowers employees to more flexibly juggle their work and family life.|
|Employee Stock Trusts||Fubon launched an employee stock ownership trust system in July 2005. Employees can choose to invest a certain sum in the trust every month that is matched dollar-for-dollar by the company. In 2014, 17,621 employees participated in the stock ownership trust system, with more than NT$300 million in stock held in trust.|
|Seniority Rewards||To reward senior workers for their long-term contribution to the company, Fubon prepares special gifts for workers who have spent 10 years or multiples of 10 years with the firm. In 2014, 1,359 Fubon veterans received more than NT$20 million in rewards for their service.|
|Employee Emergency Relief||Emergency assistance is available for employees whose families suddenly face financial difficulties. If an employee dies from an occupational injury or disease, Fubon will provide compensation based on the “Labor Standards Act.” For employees who die of causes unrelated to the workplace, their families are given condolence money (based on retirement benefit standards) that exceeds legal requirements.|
|Other Benefits||Sharing resources with affiliates; special discounts at selected stores; preferential mortgages for Fubon Group employees; preferential savings accounts for bank employees; etc.|
Performance Management System
Fubon’s performance management system not only helps employees do their jobs well, it is critical in empowering them to perform even better over time. Under the system, supervisors regularly offer employees guidance and support based on daily observations, and performance targets are agreed upon in mid-year and year-end supervisor-employee interviews. Employees who perform outstandingly have opportunities at raises and promotions every year, and year-end bonuses are given based on the Company’s results and each individual’s evaluation. Also, career development plans are tailored to each individual’s needs. Because of the way the system is designed, organizational and personal goals are aligned and the talent management and development process is performance-oriented.
1. Goal setting:
At the beginning of each year, employees submit challenging goals for themselves after consulting with their direct supervisors. The goals are based on their knowledge, skills, responsibilities and professional abilities.
2. Mid-year Interviews:
In July, one-on-one meetings are held with employees to see if they are on pace to achieve their goals and offer feedback – providing an appropriate level of support and guidance and showing concern for employees’ performance development.
3. Year-end Evaluation:
Employees undergo an objective evaluation of their work at the end of each year and are given feedback on their overall performance. Individuals who have performed extremely well get the opportunity to further develop themselves and strengthen their abilities through a personalized development plan. For employees who have not done as well, programs focused on enhancing the quality of their performance are used to get them the help and guidance they need.