I love 104's compensation and benefits
- Competitive compensation
104 provides competitive compensation which is also internal equity:, thus we can attract, inspire and keep talented employees.
Annual salary adjustment : Our main criteria for our annual raise are market salary, company situation and employee’s performance.
Bonus program: year-end bonus, performance bonus (for sale representatives and other employees) to encourage our staff to create results. We also provide special R&D awards or talent referral incentives.
Profit sharing bonus: our employees make the effort to create stable growth and successful performance and the company shares the profit with everyone.
- Rewards system
In order to encourage colleagues to enhance their job performance and to take on challenging tasks, we have the “compensation and benefits management regulations” based on the situation of the whole company, the employee’s department and employee’s personal annual achievement. We use a unified calculation to offer performance rewards which is a clear evaluation of and feedback on the employee’s devotion to the job. Those employees with superior performance will be posted by their superiors and will be praised in our internal staff newsletter and TV wall each quarter as well as at the year-end party. In order to encourage exchanges between different departments.
- A competitive and internal equitable compensation
- Performance assessment, advancement path
In order to ensure that the objectives of the company, of the department and of our employees are connected, through communication between superiors and their team and through the process of evaluation, we can enhance our staff’s capacity and effectively implement the company’s operational strategy. The performance management regulations in 104 include everyone in the company. The president sets the strategic goal and evaluation indicators for the whole company/operational groups/departments, and superiors settle the annual objective and development plan with each employee which allow both parties to reach a consensus and to bring results.
The performance assessment system is applied at the end of the trial period for new employees. For other staff, also applied at end of year for all employees. Normally, at the beginning of the year, performance objectives and development plans are settled, and in the middle and at the end of the year, the superior and each employee meet to review the progress and to see if there is a difference between the achievement and the objective. There are rewards for those who have met their objectives. And the superior set a modified plan for those who fell behind the plan or were unable to attain their objective. The results of the performance assessment become the basis of promotions, position changes, compensation management or rewards.
Through regular performance assessment, we can assure our employees grow in their core skills and that we can maintain their objectives in accordance with the company’s objective, thus we all grow together.
We formulate “Retirement management regulations” and adhere to amended and promulgated Labor Pension Act (new system) of July 4, 2007. Employers shall on a monthly basis make labor pension contributions to the employee’s individual labor pension account managed by the Bureau of Labor Insurance. For employees who were on board before July 4, 2007, covered by the Labor Standards Act Pension System (old system), we set up a Supervisory Committee of Business Entities’ Labor Retirement Reserve which precisely calculates the appropriate labor retirement reserve fund each month for retirement payment with Central Trust of China. These plans would provide greater security in life after employees’ retirement.