Taiwan CPA firm reveals secret to successful staffing

台灣會計師事務所透露人員配置的成功秘訣

Spending more and hiring less spurs profit for local accounting firm


TAIPEI (Taiwan News) — Almost all job surveys find that the issues which impact employees the most are salary and work-life balance, according to a Business Today ESG report.

And when it comes to bosses hiring staff, minimizing costs might be the most important factor. Jia Wei and Co. CPAs Director Chang Wei-chen (張威珍) believes in "paying more, and expecting less." He also believes working closer to home can improve job satisfaction.

Chang is a master of getting employees to operate at the highest efficiency. Under his leadership, employees have led his firm to experience annual revenue growth of 15% over 9 consecutive years.

At a recent B Lab Taiwan ESG Leaders Summit, businesses were invited to discuss how they are helping their firm tackle 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 experience, including tips regarding 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 participants in this business summit. Established for 36 years, it's one of the largest accounting firms in Taiwan outside of the big four: Deloitte, Ernst & Young, KPMG, and PricewaterhouseCoopers.

In the past 9 years, it has outperformed the industry average, with an annual performance growth of about 15%. How did they do it? Chang says hiring people only when needed is the first key to the firm’s success.

He says too many companies cut costs frequently by hiring lots of entry-level employees at low pay, expecting a high turnover rate. As a result, mid-level and high-level managers must frequently fill in the gap when these employees depart.

Chang says "higher salaries and fewer staff” can work for businesses as more talented staff can cost more initially, but they can also perform at a higher rate than entry-level employees.

He adds that if employees aren’t overworked, they have more chances to assist their superiors in various tasks, potentially gaining more experience in managerial-type assignments and potential promotions.

Veteran staff earn more for employers

Chang says that companies that pay below the market average can only acquire second-rate talent. If this is the case, the only route for the company to improve is through more investments in education and training.

"Don't be afraid of providing high salaries. This will help prevent talented employees from changing jobs simply for the sake of salary. Companies will reduce their turnover rate and there will be higher efficiency and eventually lower cost when it comes to staffing."

He also poses the rhetorical question, "would you like to work 10 hours a day, but only receive 8 hours of salary?" Chang says that commuting can easily tire staff with long hours of commuting also pushing staff to leave their jobs. Long hours of overtime, overwork, and lack of private life are often the main reasons for staff leaving their jobs.”

Chang also warns that if most of the revenue and profits go to the boss, employees will have no incentive to work hard and may become idle and lazy, leading corporate revenue to decline. However, if employees can share a greater proportion of the firm’s revenue, they will be inspired to work harder and grow the pie.

Additionally, Jia Wei and Co. CPAs have other systems to reward employees and encourage them to stay with the company and work together. Chang says new employees don’t typically learn much within the first three months of joining the firm, introducing many errors and problems which require the help and assistance of senior employees.

As a result, his firm calculates the cost of senior employees educating newcomers, which isn’t specifically associated with their annual performance review. Therefore, he includes such work as part of an incentive program to compensate senior employees who educate new workplace staff.

Jia Wei and Co. CPAs also offer employees childcare benefits. In addition to the basic benefits full-time workers receive by law, employees will be given 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."

Opinions of newcomers can drive progress

In the end, Chang says his firm has a special fund to pay for group dinners so that supervisors can better understand the needs of the new employees. He says that such a relaxed atmosphere leads to team building and helps the firm make better decisions.

In addition, periodic staff meetings are held, such as a symposium for newcomers where he himself talks with newcomers behind closed doors, allowing new employees to talk freely about the firm and its culture without the presence of the supervisors.

"When you are the boss, you must remember that newcomers have all kinds of opinions, and if you listen to them, they can actually help the firm make progress,” said Chang.