TAIPEI (Taiwan News) – Almost all employment surveys find that the issues affecting employees the most are pay and work-life balance, according to an ESG report from Business Today.
And when it comes to hiring by bosses, cost minimization might be the most important factor. Director of Jia Wei and Co. CPAs, Chang Wei-chen (張威珍), believes in “paying more and expecting less.” He also believes that working closer to home can improve job satisfaction.
Chang is a master at getting employees to operate with the utmost efficiency. Under his leadership, the employees have enabled his company to experience annual revenue growth of 15% for 9 consecutive years.
At a recent B Lab Taiwan ESG Leaders Summit, companies were invited to discuss how they are helping their business address social and environmental issues similar to the issues codified in the United Nations Sustainable Development Goals (SDGs). .
A total of 10 companies shared their own experiences, including tips around employee management, customer experience, supply chain issues and reversing the stereotype that SMEs need to spend more money to implement social sustainability.
Jia Wei and Co. CPAs was one of the attendees at this business summit. Established 36 years ago, it is one of the largest accounting firms in Taiwan outside of the big four: Deloitte, Ernst & Young, KPMG and PricewaterhouseCoopers.
Over the past 9 years, it has exceeded the industry average, with an annual performance growth of around 15%. How did they do it? Chang says hiring people only when needed is the number one key to business success.
He says too many companies frequently cut costs by hiring lots of entry-level, low-wage employees, expecting high turnover. As a result, mid-level and top-level managers frequently have to fill the void when these employees leave.
Chang says “higher salaries and fewer staff” can work for companies because more talented staff may cost more upfront, but they can also operate at a higher rate than entry-level employees.
He adds that if employees aren’t overworked, they’re more likely to help their superiors with various tasks, potentially gaining more experience in managerial-type assignments and potential promotions.
Veteran staff earn more for employers
Chang says companies that pay below the market average can only acquire second-rate talent. If so, the only way for the company to improve is to invest more in education and training.
“Don’t be afraid to offer high salaries. This will help prevent talented employees from changing jobs just for the pay. Companies will reduce their turnover rate and there will be greater efficiency and possibly lower costs. in staffing.”
He also asks the rhetorical question: “Would you like to work 10 hours a day, but only receive 8 hours of salary?” Chang says commuting can easily tire staff with long commute times, which also drives staff to quit their jobs. Long overtime, overwork and lack of privacy are often the main reasons employees leave their jobs.
Chang also warns that if most of the income and profits go to the boss, employees will not be encouraged to work hard and may become idle and lazy, resulting in lower company revenue. However, if employees can share a greater proportion of the company’s revenue, they will be inspired to work harder and make the pie bigger.
In addition, Jia Wei and Co.’s CPAs have other systems to reward employees and encourage them to stay with the company and work together. Chang says new employees typically don’t learn much in the first three months of joining the company, which introduces many errors and issues that require help and assistance from older employees. .
As a result, his company calculates the cost of training new hires by senior employees, which is not specifically associated with their annual performance review. Therefore, it includes this work as part of an incentive program to compensate older employees who train new staff in the workplace.
Jia Wei and Co.’s CPAs also provide employees with childcare benefits. In addition to the basic benefits that full-time workers receive under the law, employees will receive a bonus for each child they have.
“The bonus is NT$50,000 for the first child, and NT$100,000 for the second child, with NT$300,000 for the third child, and NT$1 million for the fourth child, but nothing for the fifth child, because too many births are discouraged.”
The opinions of newcomers can make things happen
Ultimately, Chang says his company has a special fund to pay for group dinners so supervisors can better understand the needs of new hires. He says such a relaxed atmosphere leads to team spirit and helps the company make better decisions.
In addition, periodic staff meetings are held, such as a newcomer symposium where they personally talk to newcomers behind closed doors, allowing new employees to speak freely about the company and its culture without the presence of supervisors.
“When you’re the boss, you have to remember that newcomers have all kinds of opinions, and if you listen to them, they can really help the business move forward,” Chang said.