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▶️Letter from the CEO
In 2022, the global political, economic, and semiconductor industries faced turmoil and numerous challenges. While force majeure factors will come and go, black swans will become the norm. WPG Holdings focuses on strengthening the resilience of the supply chain and continues to refine and optimize the operational quality of each function.
In 2022, the U.S. Federal Reserve rapidly raised interest rates, and the overall financial costs of WPG Holdings rose steeply. Financial discipline has become a key factor affecting operational results, and WPG Holdings’ front and back-end teams are working diligently to optimize all variables that may cause impacts, using return on working capital (ROWC) as an indicator, in order to alleviate the financial pressure caused by the interest rate increase through prudent working capital management.
Glocalization, Greatness
Amidst the complex variables, WPG Holdings is well aware that economies of scale and investment volume are crucial to provide more appropriate services to upstream and downstream stakeholders in the global supply chain. With "Glocalization" and "business continuity" as the main axes of work, and based on the industry holding structure, the back-end teams in the front-end and back-end of WPG Holdings and its sub-groups, based on the service targets, service regions, and service functions, and on the premise of satisfying the key needs of upstream and downstream stakeholders, agilely propose diversified response measures under different conditions and actively build cross-regional service networks and platforms. In this process, by bringing together professionals from all sides to create more competitive service solutions, WPG Holdings will be able to respond more steadily to the rapidly changing environment and help its upstream and downstream partners achieve long-term operational success.
Empowerment, Effectiveness
Since the first year of digital transformation in 2018, WPG Holdings has completed the first five years of digital transformation. Driven by the goal of "Business Digitization," WPG Holdings has empowered employees with various digital tools on the front and back ends, from data management reports to robotic process automation (RPA), handing over highly repetitive and tedious tasks to machines, allowing employees to spend their time on more valuable stakeholder services.
These digital workplaces extend from the original WPG DADAWANT to various functions, including business process platforms, finance and accounting platforms, human resources platforms, information management platforms, legal platforms, general affairs platforms, logistics service platforms, etc., bringing the information required by executives at all levels directly, instantly and flexibly at the tip of the fingers. The digital data visualization platform for each functional process provides different granularity of data information according to operational needs, helping empower frontline staff to make daily operational decisions with more accurate data.
Since 2012, thanks to the integrated effect of back-end integration and digital tools, the revenue of WPG Holdings has more than doubled by 2022, but the overall number of employees has decreased and the per capita production capacity has maintained a positive growth trajectory.
In addition, the "Cloudization" and "Microservices" of business processes are becoming a market trend. The Business Process as a Service (BPaaS) project, which was launched by the WPG Holdings Information Technology team in 2020, is a step ahead of the industry in terms of preparations to respond more quickly to the needs of internal customers and upstream and downstream partners in the foreseeable future. We hope to increase operational flexibility and efficiency in the foreseeable future.
Succession, Happiness
People are always the greatest assets of an enterprise. When the employees of WPG Holdings are most concerned about their career options by "realizing self-worth," and when "four generations in one family" is the norm, how to establish a good talent management and development mechanism under this premise, so that the organization can show the best management performance while achieving a win-win situation for both employees and the organization is the focus of WPG Holdings' human resources work at this stage.
In the future development roadmap of WPG Holdings, the cultivation of legacy talents is of utmost importance. The succession team should not only possess in-depth professional knowledge and skills, but also assume the responsibility of maintaining and passing on the core values and culture of the Company. To this end, in the next few years, WPG Holdings will establish a career development plan for senior executives to create greater value for colleagues and stakeholders, and to lay a more solid foundation for the sustainable development of WPG Holdings.
Looking ahead to the next decade, the value discourse of the WPG Holdings for stakeholders is crucial. Therefore, commencing from 2022, the management team has launched a purpose project to create value for key stakeholders. In 2023, the Company is expected to produce value and meaning to important stakeholders, and under this premise, we will develop relevant supporting mechanisms to attract new talents and retain good ones and continue to move steadily towards the path of a happiness.
CEO of WPG Holdings Ltd.
Mike Chang