Industry dynamics

Staff turnover plus average performance, but GWM’s high-level managers get top salaries

Publishtime:1970-01-01 08:00:00 Views:39

Staff turnover plus average performance, but GWM’s high-level managers get top salaries

The highest salary in Chinese auto industry belongs to Wei Jianjun, Board Chairman of GWM, who received RMB 5.69m in 2015, significantly higher than other auto companies’ board chairmen. His partner, Wang Fengying, also obtained a high salary of RMB 5.52m in 2015. The total salaries of GWM’s top three directors in 2015 reached RMB 13.69m, ranking first among the industry.

Data shows that both Wei and Wang got an increasing salary of more than RMB 1m from 2014 to 2015, compared with GWM’s bad performance during that period, with net profit turning out to be RMB 8.22b, 8.04b and 8.05b from 2013 to 2015.

In fact, not every senior manager in GWM obtains high salaries. A total of 4 Vice General Managers resigned in 2015, with only one of them getting salary high than RMB 1m and three others obtaining less than RMB 230,000. The salaries paid for employees are even less. During the first three quarters in 2016, employees from GWM have an average salary of RMB 73,500, ranking 53th among 125 companies in the industry.

Staff in GWM complains a lot for the uncompetitive salaries and strict management. Most employees have only one day to rest during a week, resulted by the short supply. There is also a report that Wei Jianjun practices military management in his company. Rumor comes out that the resignation rate in GWM reaches as high as 15%, resulted by the above two factors. There is no evidence to prove whether 15% resignation rate is true or not, but the employee number in 2015 decreases 2,576 from 2014.