SINGAPORE, Oct. 29, 2015 /PRNewswire/ -- Wifi Master Key, a Shanghai-based startup, has become the talk of the town after announcing recently that parents of all its employees would begin to receive a "monthly salary".
The fast-growing company announced the move on Chongyang Festival, a traditional festival when respect is typically paid to elders and ancestors.
Each of its staff members' parents would begin to receive a monthly bonus by the company. The payment would be extended to all employees of the company and does not depend on work performances.
The move to parents of the staff has caused heated discussion on social media in China, with many Internet users expressing envy for the company's staff.
It is also a sign that key traditional Chinese values, in particular the wish to support their parents' living, continue to take hold today, even though social security systems have gradually evolved to become more protective. Giving out the monthly bonus demonstrates a strong sense of responsibility towards its staff's parents and respect for traditional culture that would ultimately help it attract the very best talents in the industry.
China's booming internet companies have given lavish year-end compensation to employees in a bid to keep them motivated, retain their best workers amid tough competition for talent, as well as to display the company's exuberance and confidence.
But it was not the first time that Wifi Master Key did something special to help it keep its top talents. The firm is handed out a generous year-end bonus last year by rewarding every member of staff with more than four months at the company with a Tesla.
Despite a flagging global economy, IT professionals' salaries in China have climbed to a high position in the world. MyHiringClub.com, a website that helps employers take on new recruits, found in its 2015 survey that the average Chinese mid-level IT professional salary this year was $42,689, putting China at 13th of the world and far above its neighbours.
Justin Yifu Lin, former chief economist at the World Bank, has said that China's GDP in 2020 could be double of that in 2010, and that the income per capita in China may hit US$12,000 in 2020.
Given the rising salaries across the industry, some companies must do more than just giving out competitive offers to attract talents.
China's gross domestic product (GDP) grew 6.9% in the third quarter - the first time the quarterly growth rate had dropped under 7 percent since the second quarter of 2009 - signifying that the Chinese economy is undergoing a structural consolidation.
The government's quest for new economic growth engines has become much needed, and it has aptly looked at the technology industry for solutions. While it remains to be seen if Chinese technology companies can provide a shot in the arm for the economy, state leaders have embraced the industry with great determination.
A case in point was how Chinese leaders attended the 8th US-China Internet Industry Forum in Seattle with 15 Chinese tech entrepreneurs during the state visit to the US in September. It is also repeatedly stressed that innovation and mass entrepreneurship would act as the Chinese economy's new growth engines. State leaders have also made two high-profile visits to Zhongguancun, China's leading tech hub in Beijing.
It is clear that state leaders have high hopes for the tech industry, and that in turn has stimulated activity in the industry. Apart from the competition for capital, IT companies are also contending with each other for top talents. Human resources managers said IT firms have made the fight for top talents a strategic priority, as exemplified by the rapid income growth, which is markedly faster than the past years and far exceeds other industries.
SOURCE Wifimaster (Singapore) Pte Ltd