Employee Welfare

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Upholding the business philosophy of "people-oriented", SinoPac Holdings cherishes the contribution and value of each employee and is committed to establishing a perfect talent management system and a friendly workplace, so as to realize the goal of becoming a happy enterprise. In order to create a healthy workplace culture and atmosphere, the Employee Welfare task force is established under the Sustainability Committee, responsible for planning all employee-related policies and measures. In 2019, SinoPac Holdings focused on three major action plans: promote gender equality, raise climate awareness and pay attention to employees' rights and interests while improving employees' physical and mental health in order to align with its three sustainable commitments to reduce inequality, mitigate and adapt to climate change and promote inclusive growth. SinoPac Holdings encourages inclusive measures that promotes diversity and optimizes the workplace. In 2019, SinoPac Holdings further implemented human rights management mechanisms, in which human rights risks were identified and countermeasures were proposed. SinoPac Holdings attaches great importance to climate change issues by encouraging employees to pay attention to climate change trends. In the future, the Company will continue to hold seminars and forums on climate change to deepen employees' climate awareness. In addition, in order to create a healthy and happy workplace, as well as a positive workplace culture, SinoPac Holdings has been holding the "Employee of the Year Award" campaign since 2018 to encourage employees to heartfully spread positive attitude in the workplace, in the hope of providing employees with the strength to grow and allow them to embrace the “Fulfillment of Healthy Workplace” in SinoPac Holdings as a big family.

 

Talent Cultivation and Retention

In response to the rapid changes in the financial market, SinoPac Holdings has actively recruited new talents in recent years, planning short, medium and long-term career development according to the professional and traits of each employee, encouraging them to explore different potentials and grow independently. SinoPac Holdings conducts regular employee performance evaluations, the results of which are utilized as the basis for their future development.

● Talent Recruitment

SinoPac Holdings actively cultivates young students, providing them with winter and summer internship programs to enable students who are interested in the financial field to link their studies to industrial practice during their study period while cultivating SinoPac's future talents. In addition to providing students with internship opportunities, SinoPac Holdings promotes the "SinoPac Elite Management Trainee Program (MA/IMA/MVP)," providing a full range of training for new elite recruits in the financial industry, so that they can have a deeper understanding on financial services, integrate immediately with the market, and build the foundation for career planning after the training and rotation. Aside from recruiting domestic talents, SinoPac Holdings also actively cultivates overseas talents by means of industry-academia cooperation with local universities. It launched the Overseas Talent Recruitment Plan in 2019 and expected to recruit 48 overseas talents for the first time and in such a large scale in order to recruit elite talents who seek opportunities overseas and prepare for tapping into the overseas markets.

● Competence Development

SinoPac Holdings spares no effort in the development of talents. In addition to recruiting new talents, the Company also insists on providing the best professional training for employees in order to cultivate employees to grow with the organization and create an optimal organizational learning atmosphere. In 2019, total employee education and training cost was NT$51.15 million, the per capita education and training cost was NT$6,267; total education and training hours reached 454,623 hours, and the per capita education and training hours were 55.71 hours. The overall education and training cost in 2019 increased by 8% compared with 2018, and the time invested increased by 16%, indicating SinoPac Holdings’ relentless efforts and persistence in talent development. Employee education and training courses can be divided into three categories, including professional training courses, project training courses, and management skills training courses.

 

Four Major Themes in Competence Development

SinoPac Holdings' employee professional competence trainings include four major aspects: Fintech and Digital Transformation Training, Systematic Professional Development Training, Finance Professional Development Training and Comprehensive Investment Management Training for mid to senior level executives. SinoPac Holdings adopted the Kirkpatrick Model as the tool for evaluating the effectiveness of the trainings. For management talents, SinoPac Holdings will continue to plan competency enhancement projects. SinoPac Holdings plans to adopt 360° competency evaluation, creates profiles of SinoPac's management talents, establishes mission-based leadership training modules, and continuously implements the strategy of "competency-based talent inventory and training", which are internalized into a form of corporate culture and become the foundation for talent development and retention.

 

Employee of the Year Award

In order to show that SinoPac Holdings cherishes and cares for employees, the "Employee of the Year Award" has been organized since 2018, adhering to the core concept of "starting from the heart" and praising employees who have demonstrated the value of “Fulfillment of a Beautiful Life Through Finance”. The Employee of the Year Award is given regardless of position. By praising their exemplary deeds, SinoPac Holdings hopes to stimulate positive growth momentum, suc¬cessfully arouse discussion within the group, heat up the award ceremony, provide a workplace role model and create a positive workplace atmosphere. After rounds of screening, 19 employ¬ees were awarded for the 2nd Employee of the Year Award in 2019, praising their outstanding performances in developing overseas businesses, preventing fraud cases, establishing campus partners, developing smart wealth management services (ibrAin), innovative cross-selling and providing the highest quality service of “heartfelt” and “innovation.” The ceremony was joined by employees and their families to share glory. Compared with the serious atmosphere in traditional financial industry, the ceremony was full of joy and warmth, allowing employees to receive praise in an honorable and warm atmosphere.

 

 

Employee Compensation and Welfare

● Compensation System

SinoPac Holdings has been selected as the constituent of "Taiwan High Compensation 100 Index" since 2014 as one of the top 100 leading companies in terms of compensation. SinoPac Holdings is committed to creating a harmonious atmosphere, therefore set up a "Remuneration Committee" at the same time to review the compensation policy regularly as a basis for strengthening and providing a complete and competitive compensation and welfare system. SinoPac Holdings sets out the policies related to salary management in the internal regulations such as " Work Rule " and "Standards for Employee Salaries and Allowances, Overtime Payments, Awards". In addition, in order to attract and retain talents as well as supporting the high-performance culture of the company, SinoPac Holdings also actively participates in global salary surveys every year and has taken into consideration the company’s operating performance, personal performance and external market compensation level for salary adjustment to ensure the salary level ais competitive in the market, which has established a positive atmosphere that encourages employees, increases profits and shares achievements. The average salary ratio of women and men in Taiwan and overseas (Hong Kong) regions of SinoPac Holdings is summarized in the table below. The salary of non-managerial male employees in Taiwan is slightly higher than that of female, but it is more balanced in the junior and intermediate managerial levels, in which the salary of female are slightly higher than that of male. The average salary of the grassroots employees is 153% of the statutory basic salary. The salary of dispatched employees is reviewed by a designated person and determined according to the “Staff Appointment Guidelines”, which is in line and superior to legal regulations.

● Welfare System and Policies

In addition to providing a fair remuneration system, SinoPac Holdings also attaches great importance in the promotion of employees' welfare as well as caring and taking care of employees' family and life, allowing employees to maintain work-life balance and increasing employee retention rate. SinoPac Holdings believes that talents are an important core asset of an organization, and only happy employees can become the pillars of the company to create more value to the society. In addition to salary rewards, SinoPac Holdings also provides different benefits, such as insurance programs, annual health checkups, festival subsidies, concessionary loans and a system of leave superior to the labor standards act, to take fully care of employees' mind and body.

 

 

● Parental Leave

SinoPac Holdings’ application rate for parental leave in 2019 was 12.6%, and the reinstatement rate and retention rate were 61.9% and 89.2% respectively, indicating that SinoPac Holdings’ parental leave policies are well integrated and employees are able to enjoy adequate rest and take care of work at the same time.

 

Labor-Management Relations and Communications

SinoPac Holdings encourages employees to communicate with the Company, creates a smooth communication atmosphere, improves the work efficiency and quality of employees, and maintains a harmonious working environment. SinoPac Holdings has established various internal communication and grievance channels, and regularly conducted employee opinion surveys to understand their opinions and jointly improve the workplace.

● Collective Bargaining Agreements

In order to achieve smooth and effective communication between the Company and its employees, SinoPac Holdings and its subsidiaries established the SinoPac Holdings Labor Union, Bank SinoPac Labor Union, and SinoPac Securities Labor Union according to the Labor Union Act. Periodically, these companies communicate and negotiate with the unions on labor issues. Representatives of Bank SinoPac and SinoPac Securities renewed the collective bargaining agreements for the third time upon negotiations with the labor unions on April 24, 2018 and June 29, 2018, respectively. Representatives of SinoPac Holdings signed a collective bargaining agreement with the labor union for the first time on December 19, 2019, covering employees of SinoPac Holdings, Bank SinoPac, SinoPac Securities, SinoPac Leasing, SinoPac Securities Investment Trust, SinoPac Venture Capital and SinoPac Futures.

● Labor-Management Communication Achievements

According to the Labor Standards Act, Work Rules of SinoPac Holdings, and results of labor-management negotiations, if employees need to work overtime due to work requirements, the supervisors may, after obtaining the consent of the subordinates, allow employees to fill out "overtime work forms", sign them, and deliver them to employees to implement overtime work. Female employees may not work past 10 p.m. without the approval of the union. In addition, although labor unions of the subsidiaries agree that employees working hours may be extended on weekdays without the prior approval of the respective labor union, employees' attendance on holidays shall require the approval of the respective labor union. This measure is carried out to protect the rights of employees. In 2019, Bank SinoPac and the labor union had different views on performance bonuses. Both parties had face-to-face communication and negotiation on many occasions. Based on the principles of safeguarding customer rights and interests, sustainable development of the company, and "Love SinoPac and Cherish SinoPac", the union expressed their respect for the company’s bonus distribution rights under its management and administrative rights, and in turn, the management responded to the union’s demands and adjusted the benefits for the rank-and-file employees, achieving a win-win outcome. On December 19, 2019, the collective bargaining agreement was signed by SinoPac Holdings and SinoPac Holdings Labor Union, and management representatives and labor representatives from SinoPac Leasing, SinoPac Securities Investment Trust, SinoPac Venture Capital, and SinoPac Futures presented at the meeting. Both the management and the labor unions have taken specific actions to implement the compassion and care for the employees, and determined and committed to implementing corporate social responsibilities, and jointly set a milestone for SinoPac Holdings’ labor relations. In response to the central bank's interest rate cut, Bank SinoPac lowered the floor rate for employees' housing loans to 0.75% effectively from April 21, 2020 upon communication by both parties, which reduced employees’ loan burden.

● Employee Grievance Channels

In order to listen to employees, SinoPac Holdings has interchangeably conducted the "Employee Engagement Survey" or " Organizational Climate Survey" every year since 2015.

 

 

Diverse and Healthy Workplace

 ● Implement Human Rights Protection and Effectively Manage Human Rights Risks

SinoPac Holdings recognizes and supports the principles set forth in UN Universal Declaration of Human Rights, UN Guiding Principles on Business & Human Rights, UN Global Compact, and International Labor Organization Convention, and established the Human Rights Policy in 2018, emphasizing workplace human rights, providing a healthy and safe workplace, and respecting employees' freedom of association. The policy is applicable to SinoPac Holdings, subsidiaries it has substantial control over, and suppliers, and prevents any behavior that infringes on or violates human rights by establishing suitable management methods and procedures. SinoPac Holdings also regularly reviews risks in employee health and safety and implements improvement plans based on identification results. In the future, SinoPac Holdings will continue to monitor developments in the human rights policy of domestic and overseas companies and changes in the business environment, and carry out review and improvements accordingly. In 2019, human rights risk identification was further implemented, and five human rights risks including protection of labor conditions, privacy, personal dignity, forced labor, and health rights, and mitigation and remedial measures were proposed. In 2019, SinoPac Holdings conducted education and training on human rights issues, providing courses on workplace infringement and workplace sexual harassment, information security, personal information, and occupational safety and health, etc. In 2020, the due diligence mechanism for human rights risk will be optimized, and human rights risk mitigation strategies will be strengthened.

SinoPac Holdings' Mitigative and Remedial Measures in Human Rights Risks (PDF)

 

In addition to internal management based on the human rights policy, SinoPac Holdings also requires its suppliers to fulfill their corporate social responsibility and respect international conventions on human rights. Be¬sides selecting business partners and suppliers who comply with the spirit and basic principles of the human rights policy, SinoPac Holdings also es¬tablished Supplier Corporate Social Responsibility Code of Conduct and urged the suppliers that it frequently does business with to sign the Supplier Corporate Social Responsibility Commitment and adopt consistent princi¬ples including respecting labor human rights, banning discrimination, ban¬ning child labor, occupational safety and health, environmental protection, procuring products with environmental certifications, business ethics and integrity management, aiming toto find a balance between the economy, society, environment, and ecology and achieve environmental sustainabili¬ty. SinoPac Holdings periodically conducts on-site audits of the finances and manufacturing environment of suppliers, and builds long-term partnerships with suppliers that achieve good performance. Suppliers found in violation may even lose their supplier qualifications.

● Workplace Safety and Health

In order to ensure and promote the health and safety of employees, SinoPac Holdings actively creates a healthy and safe workplace environment, promotes relevant measures to protect the physical and mental health of employees while maintain and improve their quality of work and life. In 2019, Bank SinoPac and SinoPac Securities obtained the "Workplace Health Activiation Certification" and " Taiwan iSports Certification" respectively, affirming their long-term investment in promoting employee health and sports, and achieving the corporate social responsibility of caring for employees. The Company expects to adopt ISO 45001 in 2020. SinoPac Holdings will build a systematic framework and increase the coverage of ISO 45001 year by year and provide employees with relevant education and training courses to improve their awareness of the occupational safety management system, promote workplace safety and ensure the health of employees.