Overview
After more than 60 years of works and experiences, Taiwan Fu Hsing is not only in the leading position in business operation, but also has a relatively stable advantage. As many as 97% of the company's employees are full-time employees and 3% are contractors. In addition to Taiwanese, there are also Filipinos, Vietnamese, Thai, Indonesians, Chinese, Malaysians, etc., all of whom enjoy the company's comprehensive and competitive employment conditions, and local and foreign employees get along well, which also brings the company stable and rich human resources.
In addition to not treating people unfairly based on nationality or race, we also emphasize gender equality, with an almost even ratio of men to women in the company. Female executives account for 31.58% of the management team, which is a relatively gender-equal environment in the metal and machinery manufacturing industry.
In terms of age distribution, nearly 20% of the employees are young people under 30 years old and are able to inject new vitality into the company. On the other hand, 60% of our employees are in their prime age between 31 and 49 and are having a combination of experiences and vitality, which brings an unceasing supply of labor to the company and is conducive to the company's long-term development.
In terms of seniority, the average seniority of our regular domestic employees is 12.66 years. More than 40% of our employees have more than 10 years of seniority, which demonstrates the stable nature of our business and the high degree of employee centripetal force and acceptance; and the ratio of direct-to-indirect staff of nearly 6:4 demonstrates our excellent managerial efficiency and relatively flat organization.
In terms of our regular employees, there is no imbalance between the new and leave rates of male and female employees. Although the number of departing employees increased slightly in 2023, if analyzed by age group, there were more new employees than departing employees at the age of 50 or above, and among the departures there were 21 retirees and 4 for baby-siting purpose that requested for a period-leave, and those accounted for nearly 70% of the number of departures in this age group, and 12.4% of the total departures, and those who have attained the qualification for retirement have nearly 30 years of work experience in Taiwan Fu Hsing, indicating that retirees have a high sense of identification with the Company and that an appropriate retirement ratio is actually a positive phenomenon.
Talent Retention
In response to social changes, Taiwan Fu Hsing has adopted flexible and diversified recruitment channels. Currently, there are six cross-border recruiting channels in stable operation, including digital recruiting, recruiting for various service systems, campus recruiting, multinational internship programs, the disadvantaged recruiting, and migrant workers recruiting. In addition, we actively develop local talent through employee referrals and recruiting in the rural areas (villages, neighborhoods, and communities). We evaluate talents solely for their skill sets, and ensure fairness and transparency in our recruitment and assignment practices. The headquarters and subsidiaries are required to comply strictly with the Company's social and environmental responsibility policies by prohibiting child labor (below age 16) and forced labor, and ensuring fair treatment of all personnel regardless of their origin, gender, religion, ethnicity, nationality, or political association.
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Recruitment
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Cultivation
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Development
Newcomer Assistance Program
In order to enable new employees to quickly adapt to the workplace environment, enhance their willingness to stay and reduce the turnover rate, the Company, since 2018, has developed different counseling assistance programs for new direct and indirect employees. The retention assistance for direct staff is primarily carried out through the interview stage, including workplace and job role orientations, as well as introductions to the work area, assignment of mentors, and new employee care initiatives. For indirect staff, the focus is on providing job descriptions and professional guides, enabling them to clearly understand the job responsibilities and the competency requirements emphasized by their job category. Additionally, through work reports, direct supervisors can gain insights into new employees' thoughts about their work, adaptation status, and provide timely feedback or suggestions for improvement. This process also helps to understand new employees' expectations and aspirations, facilitating longer-term career planning for them.
Care for Migrant Workers
There are currently nearly 160 foreign employees in Taiwan Fu Hsing. In addition to the relevant benefits that are comparable to those of local employees, for minimizing migrant worker’s cultural discomfort and language barrier, the company has a comprehensive management system and care programs, including open communication channels, a variety of bonuses and subsidies, diverse employee activities, and training programs (including Chinese language learning, financial management, physical fitness, etc.). In 2023, in line with the government's policy of retaining and utilizing migrant workers for a long period of time, the company introduced the very first mid- level migrant worker to take on the position of foreign technician, who is assigned the task of training foreign operators, so as to convey the idea to migrant workers that migrant worker can obtain long- term career development through their own efforts.
Retirement System and Planning
We are happy to see our employees start their second life after retirement. All of our local employees are subject to the labor pension system established by the Ministry of Labor and depending on the date of arrival and personal preference, employees are subject to either the new system (Labor Pension Act) or the old system (Labor Standards Act). In order to effectively supervise the contribution and utilization of the pension fund, we have set up the "Pension Fund Supervisory Committee", which elects representatives of both employers and employees every four years in accordance with the law to jointly manage the pension fund.
In addition, the Company has formulated the "Employee Preferential Retirement Plan" in 2008, which was revised after consideration in 2017, stipulating that employees of Taiwan Fu Hsing who have not yet reached the statutory retirement qualification but meet the requirements of seniority + age 70, he/she may submit an application for "Voluntary Early Retirement". Upon approval by the company, the employee may be granted an early retirement pension based on his/her seniority and the standard of pension calculation under the Labor Standards Act. This measure benefits many employees who have a certain number of years of service but are not yet eligible for retirement, so that they can retire in peace of mind in the event of a change in their families and will not suffer losses because they do not meet the statutory retirement eligibility requirements.
A total of 22 retirement applications was considered in 2023, with a total pension payment under the old retirement system of $20,575,225.
Occupational Safety & Health
Occupational Safety & Health Policy
Through educational training programs and safety culture, the unit managers and employees are able to work together with a view to achieving the ultimate objective of "zero accident, zero disaster, and zero occupational injuries".
Occupational Safety and Health Committee
We established an "Occupational Safety & Health Committee" to promote occupational safety, prevent accidents, improve the work environment, and protect employee health.
Occupational Safety and Health Education and Training
In 2023, the company organized the initial and advanced trainings for new employees and the annual educational trainings for current employees in accordance with the Occupational Safety and Health Act. Educational training for new recruits will be conducted on the day of reporting for duty, while advanced training will be conducted two months after arrival at the post. In addition, the Q&A method is used to test whether the staff's safety awareness is up to standard, and if it is not up to standard, the education and training will be strengthened. In 2023, we conducted 18 training courses for employees, and the completion rate was 100%.
