Corporate Compensation, Benefits and Performance Management Policy
Concord New Energy Group Limited ("the Group") complies with the laws and regulations where it operates. The Group emphasize the importance of employees’ professional and personal development, as well as their physical and mental well-being. This Policy is formulated to ensure that the Group’s employees enjoy appropriate leave, comprehensive benefits, and fair opportunities for development.
2. Compensation & Benefits System
The Group has established an effective compensation & benefits system, which is competitive with other companies in the industry, to provide employees with the right pay and perks, including old-age pension, medical insurance, unemployment insurance, maternity insurance, workers’ compensation, commercial insurance and housing provident fund, paid annual leave, seniority allowance, holiday bonuses, birthday bonuses, childbirth bonuses, and health examination.
3. Performance Management
3.1 In terms of employee promotions, the Group adheres to the principles of "fairness, impartiality, and transparency" in employee promotion processes. The Group has established a dual-ladder career system to evaluate employees' management and professional skills and to better meet employees' self-development needs.
3.2 Regarding goal management, the Group focuses on nurturing employees' goal management capabilities based on the Group, project teams, and individual’s development situations. Employees and project teams should set long-term development goals and short-term achievable goals based on actual business development and delivery requirements. At the beginning of each quarter, leaders of each department and unit will break down annual work plans into quarterly objectives and communicate with employees on quarterly measurable individual goals. Employees will then initiate the performance planning submission process once confirmed. Also, employees should regularly review, discuss, and revise their confirmed individual goals with their direct supervisors. If necessary, employees can initiate goal adjustment process during quarterly assessments to modify their personal performance plans.
3.3 In terms of performance evaluations, the Group follows a multi-dimensional evaluation approach based on goal management levels. Performance evaluations are conducted quarterly based on individual major work/goal completion. Comprehensive assessments of employees' performance and goal achievements are made based on self-assessments, assessments by relevant personnel, and evaluations by supervisors. After the quarterly performance evaluation concludes, assessed individuals will engage in face-to-face discussions with their direct supervisors to help employees meet their job requirements and undergo targeted skill enhancement.
3.4 The Group will continuously enhance the project team-based performance evaluation system, promoting the effective integration of project team business goals and team performance. Project team managers should maintain continuous communication with team members, and collectively ensure the achievement of team and the Group’s objectives.
4. Monitoring and Feedback Mechanism
The Group conducts regular internal surveys and assessments to understand employees’ satisfaction with performance evaluations, promotions, compensation, and benefits, as well as any issues encountered in the workplace. The Group will then optimize and improve its management measures based on the recommendations from employees.
5.1 This Policy shall be interpreted by the HR Department of the Group.
5.2 This Policy shall be implemented as of the date issued and remain valid until the next revision.