Highlights

 

 

Capital at risk and opportunities

Financial innovator Brett King predicted that embedded banking will bring the next wave of financial innovation in the book Bank 4.0. Financial institutions must fully utilize big data and block chain technology to accelerate innovation if they are to gain an advantage in new forms of competition. Workers in the financial industry must acquire new concepts and abilities; otherwise they will face the risk of unemployment within five years. Facing these challenges, Cathay FHC keeps enriching its human capital. Besides actively recruiting cross-disciplinary and digital talent, we are equipping employees with a digital perspective through education and training. Furthermore, we analyzed potential risks in long-term talent development through employees who are familiar with the Southeast Asian market, and implemented a project for Southeast Asia talent development, in hopes of enabling Cathay FHC to become "a leading financial institution in the Asia-Pacific region."

The PwC 2018 Workforce of the Future Report pointed out that six of the top ten human resource functions at risk are related to employees' experience, and recommended that corporations fully utilize data analysis to make human resource-related decisions. The workforce is changing, and Cathay FHC continues to understand what employees need, enhance employee education and training, and improve salaries and benefits through employee engagement surveys, mental health questionnaires, and ROI mechanisms.

 

Goals


Talent Attraction Strategy

Cathay FHC continues to recruit next generation talent from universities and job fairs by providing job descriptions and career guidance to increase our human capital and realize our vision of becoming a leading financial institution in the Asia-Pacific region. We created nearly 7,000 position openings in 9 popular job categories, including GMA, CMA, CIM, and digital marketing and big data engineering in 2018 in responses to advancements in digital finance and increasing international competition.

Note 1: Insurance sales agent and salesperson are excluded from new employee statistics due to their special characteristics.

Note2: Take new employee of insurance sales agent and salesperson into account, total number are 7,408 people and the % of new recruits is 16.12%.

Note3: Only FTEs are included in the Statistics, part-time employees are not included due to information collection difficulties.

 

Cathay “It's Time” Digital Talent Recruitment

Digital talent is a key part of human capital necessary for facing the era of Bank 4.0. This is why Cathay FHC continues to work with colleges and the Institute for Information Industry in recruiting digital talent, and also combined major subsidiaries, namely Cathay Life, CUB, Cathay Century, and Cathay Securities, in implementing a large scale talent recruitment project in 2017. The project offers generous pay and training conditions, and thoughtfully notifies interviewees of their results on the same day, so they will not need to go through the anxiety of waiting.

Cathay Internship Program(CIP)

Cathay reserves talent in advance through industry-academic cooperation to gain a stable source of talent in response to severe market competition. Cathay launched the Cathay Internship Program (CIP) in 2005 to offer students with internship opportunities so they can enter the workplace immediately upon graduation and apply what they have learned. Project features are as follows:


Employee Learning and Development Strategy

Cathay FHC is the largest financial holdings company in Taiwan in terms of asset size. On this basis, New Heights Project was implemented in 2012, demonstrating our determination to push organizational change. The project aims to elevate the professional and managerial competencies of personnel to new heights based on the concepts of “enlarging the talent pool, enhancing professional competencies, and expanding overseas with a foothold in Taiwan”. The project will thus satisfy the demand on human resources for overseas expansion and business development, and will implement the tri-engine core development strategy of “Insurance + Banking + Asset Management” as we forge ahead in our bid to become the leading financial institution in the Asia-Pacific region.

In the process of organizational growth, besides investing large amounts of resources into education and training, we used the Kirkpatrick Model and human capital ROI to examine the learning outcomes of the training we provide. We hope to align employee development with the company's goals through an effective talent development mechanism, so that we will be able to respond to the financial market’s rapid changes.

 

Statistics of Employee Training Hours

 

 

Sustainable Talent Development

Cathay provides a variety of sustainability trainings based on different needs of personnels to achieve a deeper understanding of corporate sustainability within the organization.


Employee Development Programs

Cathay FHC is a holding company whose revenue all comes from its subsidiaries and there are much more employee in subsidiaries. Moreover, the business of each subsidiary differs a lot. Thus, we developd different programs based on the specific needs and characticies of each company. Lastly, ROI is used to measured the outcomes with different metrics. For more information, please see the following table.

 

AG 2.0 Sales Force Transformation Plan

Project objectives

Cathay Life initiated the AG 2.0 Sales Force Transformation Plan in 2013. The plan encompasses a systematic on-the- job training model and utilizes scientific management tools to comprehensively increase the size of our sales force and improve the quality of their services. The transformation plan involves a rigorous talent recruitment process, a complete system from orientation training, tiered courses for sales agents at different stages of their career, to one-to-many worksite marketing. Through the plan, we also strengthen the managerial competencies of our sales managers and utilize our proprietary scientific management tool--Cathay Box APP to enhance our marketing and service abilities.

 

 

Talent Pool Program

Project objectives

Cathay defines the talent standards in coordination with business strategy, so as to cultivate talent needed by the group to seize opportunities and face challenges in Asia. Through talent development activities and coaches, we accelerate employee growth and strengthen target competencies, which enriches the group's talent pool.

 

 

Financial Consultant Transitional Program

Project objectives

The Financial Consultant Transitional Program for bank tellers is a CUB training program with great strategic value. Through this two year training program, CUB helps employees lay the foundation for the financial management business, and lifts the pressure on employees transitioning between jobs by providing a guaranteed bonus and lowering sales volume quota requirement. The program also creates more possibilities for employees' career development.

 


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