Salary & Welfare
As a wholly-owned subsidiary of Sinyi Realty Inc., Sinyi Development follows the compensation and rewards principles set forth by the Sinyi Group. Although there is no separate independent director or a compensation committee in place, nor external consultants for assessing the company´s compensation and rewards system, Sinyi Development´s compensation and rewards system is guided by three key principles. , These principles establish a clear management mechanism that managers and employees can follow and implement.
Compensation and Rewards System
Sinyi Development has established the “Job Title and Salary Management Procedures＂, which clearly outlines the procedures for employee compensation and promotion, as well as the competency requirements for various job levels. The company conducts a comprehensive internal salary review and adjustment in April each year. Sinyi Development highly values the accumulation of professional experience and the company´s sustainable development. Through transparent promotion pathways and opportunities, we embrace the spirit of “no double yellow lines, always ready to overtake＂. Sinyi Development thoroughly assesses the performance and potential of employees comprehensively, taking into account their professional abilities, educational backgrounds, daily performance, disciplinary records and market standards. Based on this assessment, we recommend and approve employees' job categories and levels, determining their salary rewards. Moreover, we adhere to domestic laws, and international human rights policies, and do not discriminate based on race, gender, belief, marital status, or nationality. We ensure that every employee receives fair compensation that corresponds to their contributions to the company.
Sharing of Business Achievements
Through a case-by-case performance bonus system, Sinyi Development promotes the sharing of business achievements with employees, allowing employees to participate in and benefit from the company´s success. This approach not only motivates employees to contribute to the company´s growth but also enhances the cohesion of the company and reduces employee turnover rate. It serves as a means to attract more outstanding talented individuals to join our team. Sinyi Development provides an annual bonus to all employees based on the business achievements of the respective year. This embodies the spirit of sharing company profits with employees.
Performance Management
To ensure continuous growth among employees, Sinyi Development has implemented a comprehensive performance management system that goes beyond the training and lifelong learning mechanisms. This performance management system is designed to identify the abilities of our employees, assess their performance and match them with suitable roles, hence, facilitating ongoing breakthroughs and growth for the company. Sinyi Development has established a regular performance management system, where all employees participate in fair and consistent reviews and evaluations. Managers engage in regular performance goal-setting discussions with colleagues, collaboratively reviewing, reflecting on and improving performance. The annual performance results serve as crucial factors for employee promotions, salary adjustments, and bonuses. Nevertheless, having a performance management system in place is not enough. Sinyi Development also allows managers at all levels to undergo comprehensive performance interviews and relevant assessment training. This ensures that managers can provide professional, logical and appropriate guidance to colleagues, offering work-related direction, encouragement, support, and career consultation. This approach assists employees in continuous self-improvement and personal growth.
Welfare System
Family Care
1.Sinyi Development strictly adheres to relevant legal regulations concerning employees´ applications and resumptions of unpaid parental leave. Up until December 2022, there has been one colleague who applied for an unpaid parental leave of four months and this colleague resumed work in December 2022. 2. In response to the government´s policy promoting childbirth, Sinyi Development has implemented the “Incentives for Second Child Birth＂ program. Employees who have completed one year of employment and give birth to their second child or more are eligible for a reward of $120,000 per child. Up until December 2023, a total of 1 employees have benefited from this incentive program.
Diversified benefits
Work-Life Balance
Sinyi Development has implemented the “Employee Assistance Program＂ (EAP). Through a dedicated hotline, employees can schedule individual counseling sessions with external professional consultants. The EPA offers assistance in addressing various issues, such as career, family, relationships, physical and mental stress, financial matters, and legal concerns. It aims to help employees navigate challenges and obstacles outside of work, ensuring their mental and emotional health, and promoting a balanced work-life environment. In addition, this benefit extends to employees´ family members, reflecting our commitment to taking care of their families and enabling employees to focus on their career development with peace of mind.
Lohas Work
For all employees at Sinyi Development, in addition to the foundational insurance and leave benefits provided by the labor laws, such as labor insurance, national health insurance and various types of leave (personal, sick, maternity, prenatal checkup, paternity, menstrual, family care, quarantine/care leave, marriage, bereavement, work-related injury, special, and unpaid parental leave), Sinyi Development proactively provide and encourage employees to use the following additional benefit measures: 1. Provide professional massage therapists to employee stress-relief massages. 2. Group insurance: provide coverage up to $5 million ($10.5 million for on-site personnel), including Term Life Insurance, Accidental Injury Insurance, Accidental Medical Insurance, Hospitalization Medical Insurance, Burns and Scalds Insurance, Cancer Medical Insurance, and Occupational Accident Insurance; employee´s family members are also eligible to participate at discounted rates on a voluntary basis. 3. Assistance for employee marriage, bereavement, childbirth, hospitalization and emergency. 4. Association & Club subsidies. 5.Flexible benefits: Sinyi Development implements a flexible benefits system for all employees, aiming to enhance employee care through flexible planning and operation. This initiative is designed to promote a positive organizational atmosphere, enhance company identification and increase overall satisfaction among employees. It involves the issuance of a virtual currency called “Sinfu Coin＂, with each employee receiving 10,000 coins annually. Additionally, various benefit categories are then divided into dimensions such as Learning and Growth, Health Maintenance, Family Care and Environmental Protection. Each Category has a weighted value (up to 1.5 times) so that employees can enjoy benefits based on their individual needs and annual plans.
1. Overtime management mechanism: Sinyi Development has established clear rules and regulations (attendance and leave management regulations and business travel management practices) for the scheduling and attendance of our employees. Our policies for attendance, leave and overtime are all in compliance with the relevant legal requirements. The overtime situation for employees complies with the relevant legal regulations. If extending working hours is necessary due to work requirements, the manager must obtain the consent of the employees involved and monthly overtime should not exceed 46 hours. Moreover, we coordinate with the results of annual health checkups to identify employees at high health risks. We provide health care and notify relevant managers to understand their work conditions, review their workload distribution and adjust the work tasks as needed. 2. Optimization of leave system: Each employee is entitled to one day of paid volunteer leave per year. We encourage employees to step out o of their routines and engage in volunteer activities, experience the gratification of contributing to others and foster a cycle of kindness. Concerning special leave, we not only require managers to provide assistance to employees taking such leave but also address situations where special leave cannot be fully utilized. In such cases, the company offers employees three options, including “settlement of unused leave pay＂, “carry over to the next year＂, or “partial settlement and partial carry over＂. 3. Flexible working hours system In order to create a friendly workplace, help colleagues balance the responsibilities of continued employment and family care, and increase colleagues' satisfaction with the workplace, the company adopts a flexible get off work and rest system for staff, so that colleagues' work and rest hours can be flexibly adjusted within a certain period of time. 4. Shortened working hours: Flexible working hours In order to create a friendly workplace and assist employees in balancing their ongoing employment with family responsibilities, Sinyi Development has implemented a flexible working hours system for its employees. This provides employees the flexibility to adjust their commuting times within a certain time frame. Due to special circumstances (e.g., for childcare, caring for family members, lifestyle changes, etc.), employees may apply for a shortened working hours arrangement based on their individual needs (including delayed start or early end of the daily working hours) to enable employees to achieve a better work-life balance.