WT values the welfare and rights of its employees and actively promotes harmonious relations between management and labors. Work rules and various management regulations have been formulated in accordance with the Labor Standards Act and relevant laws and regulations, and the Code of Practice for Sustainable Development has also been formulated to specify the rights and obligations of both employers and employees in management matters, so that employees can fully understand, comply with, and protect their legitimate rights and interests. In the case of any major changes in the operating conditions that may affect employees’ rights and interests or work environment, WT informs employees within the statutory minimum notification period in order to protect employees’ rights and interests.
People-oriented management philosophy
Human rights risk assessment is implemented to create a suitable work environment
WT follows international human rights conventions and initiatives such as the Universal Declaration of Human Rights, the United Nations Global Compact (UNGC) and the Declaration of Fundamental Principles and Rights at Work issued by the International Labor Organization (ILO). We have formulated a Social Policy and Code of Conduct, which was signed by the Chairman and published on the company’s official website as a standard for all employees, clients, suppliers and other stakeholders to follow.
In 2022, a human rights risk assessment covering 13 items in five categories was carried out at WT headquarters in Taiwan and found no high-risk employees. In addition, WT continues to raise the awareness of human rights issues for all employees through various education and training mechanisms, including education in pre-employment orientation for new employees, and through the WT e-Learning Academy, where employees can browse relevant online courses at any time. A total of one human rights education and training was offered to new hires in 2022, and 206 of the 206 employees required to take the training have completed the training.
Multiple channels are put in place for smooth communication
WT provides a good platform for communication so that all relevant parties can access the stakeholders’ section on the company’s official website. Employees may express their opinions to HR via email, telephone calls or in writing to communicate with the company in two-way with regard to problems or concerns they encounter in work systems and environments. Each responsible unit will properly handle and provide feedback or improvement solutions to achieve effective communication.
In addition, regular executive and departmental meetings are held, and employees are kept informed of operational changes that may have a significant impact on them by means of announcements. As of now, employees’ rights and interests are well protected and there have been no major employer-employee disputes or negotiations. With good communication and interaction between the two parties, it is believed that a harmonious labor relations in the future will sustain.
Excellent incentive system is in place to maximize value of talents
Gender equality is ensured and gender distribution by function optimized in workplace.
WT respects gender fairness and equality in pay. Nevertheless, an analysis of the existing employee makeup found that male employees are mostly in business positions, which have a reward system for performance bonuses, or in application engineering related positions, which also have a higher pay due to the external salary benchmark; while female employees are mostly in logistics positions providing support for operations. The gender difference in salary is mainly caused thus by different reunification structures for different functions. WT will continue to improve the gender ratio of STEM (technology, engineering and other occupations) and optimize the gender makeup of all functions to close the gender pay gap.
Variable performance bonuses are distributed to share surplus results.
In addition to providing employees with market-competitive fixed salaries, WT designs quarterly (or annual) variable performance bonuses based on the overall operation profile, the achievement of departmental goals, individual performance and the nature of duties under consideration, so as to share operational achievements with employees and motivate them. WT also offers long-term incentives, with deferred compensation linked to the company’s long-term performance, to senior managers and key personnel. In the past four years, the average salary of full-time employees who were not in executive positions has increased over the years. The average salary was NTD 1.425 million in 2022, 3.79% up compared to 2021. The reason for the increase is the normal salary adjustment, and there is no special adjustment. In addition, the ratio of the standard starting salary of entry-level personnel (regardless of gender) at the Taiwan headquarters to the local minimum salary is 1.15:1.
Employee Stock Ownership Trust is established with 100% Company Incentive
In September 2020, WT established an Employee Stock Ownership Trust, with employees (members) jointly organizing the Employee Stock Ownership Trust Management Committee. Employees contribute a fixed amount from their monthly salaries, while the company also contributes 100% of the incentive money to the Trust’s dedicated account. By allowing employees share operational growth, the trust does not only retain talents as intended, but also help employees to accumulate wealth through small savings and secure their pension in the future.
Full contribution is made to the pension fund to fully protect employees’ retirement life
People-oriented WT not only values benefits for its employees during their employment but also actively takes care of their lives after retirement. The Supervisory Committee of Employee Retirement Reserve Fund was established for employees who choose to stay in the pension scheme of the Labor Standards Act. The Committee is composed of nine members, of whom three represent the employers and six represent the employees, and is re-elected once every four years. The Committee reviews and approves the amount of the employee pension fund and its deposits and payments to ensure labor rights and interest. The pension reserve is set aside at 2% of monthly wages and deposited in a special account in the Bank of Taiwan. An actuary was appointed to issue an actuarial report on the employees’ pension fund for 2022, which shows that the present value of the defined benefit obligation is NTD219,430,000 and the fair value of plan assets is NTD160,589,000, which met the requirements of a full provision by government decree. In addition, for employees who choose to apply for the labor pension plan under the Labor Pension Act, a monthly contribution of not less than 6% of salaries and wages is made to the employees’ personal accounts at the Bureau of Labor Insurance.
WT believes that only by providing employees with a secure work environment and a fair welfare system can employees fully contribute their talents without any worries and thus create maximum value. The benefits provided to the entire Group’s full-time employees in 2022 included group insurance, wedding gift money, maternity allowance, consolation money, health checkups, holiday gifts, company outings, departmental and club activities, seminars, and welfare items. The spending on these benefits was approximately NTD101.54 million.
