2010 Profit Sharing With Talents -- 1.9x Months Basic Salary Bonus
23 December 2010 - 3:40PM
City Telecom (H.K.) Limited (HKSE:1137) (Nasdaq:CTEL) and
wholly-owned subsidiary Hong Kong Broadband Network Limited. For
our financial year to 31 August 2010, we delivered on the stretched
key performance indicators promised a year ago, such as Fibre Home
Passes, Subscribers, EBITDA and Free Cash Flow. As part of our
performance based culture, we will be rewarding our 3,200 Talents
with an average profit share of 1.9x months of basic salary, paid
before our annual company-wide Christmas Dinners in Hong Kong and
Guangzhou held in December 2010. We believe this bonus is at the
high end of the Hong Kong telecom industry.
As part of our performance based culture, we terminate the
bottom performing 5% of our Talent base every year. Also, bonus is
allocated on performance, with Talents rated in 6 categories of A,
B, C+, C, D and E, with A earning 2.5-5.0x months bonus, and E
earning no bonus, being shortlisted for termination.
This year, we are introducing "Work Life Upgrade" program
whereby our Talents can trade up ½ month of bonus for 10 work days
of extra annual leave. We believe that this discretionary upgrade
gives our Talents the option of recharging their body and mind, if
they so wish to.
With our 18 year corporate history, we treasure our long serving
Talents. In Hong Kong, it has become our tradition to award long
serving Talents with ½ ounce gold coin for 5 and 10 years service
and 1 ounce gold coin for 15 years service. This year, 180 Talents
are qualified for long service resulting in award of 96 ounces of
gold currently valued at over HK$1,130,000 (US$146,000). Over the
past 18 years, we estimate that we have awarded over 450 ounces of
gold, with today's market value of HK$5,250,000 (US$680,000).
Whilst the cost per Talent of this long service award is material,
we consider this to be a happy investment as it is a tiny amount
relative to the 5-15 years of contributions that each of our long
serving Talents have made.
"Our hiring objective is simple, we are happy to pay 25% above
market rates for Talents that contribute 100% above market
average," said Mimi Choy, Director, Talent Management. "If we were
an Olympic team, we will settle for nothing less than winning Gold,
and we want to only hire Talents that share this passion with us.
We want our Talents to either love us or hate us, but certainly not
be indifferent."
For a brief insight into our corporate culture, please refer to
http://www.youtube.com/watch?v=B1x5t26Y6Q0
For the full Press Release, please download at:
http://reg.hkbn.net/ctigroup_admin/files_upload/PR_Bonus_E.pdf
Additional information on City Telecom can be found at
www.ctigroup.com.hk
CONTACT: City Telecom (H.K.) Limited
Corporate Communications
Jessie Cheng
+852 3145 4118
Fax: +852 2199 8372
chengcm@ctihk.com
Investor Engagement
Peggy Chan
+852 3145 6068
Fax: +852 2199 8655
investor_engagement@ctihk.com
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