Human Capital Development

Noah strives to build a fair and inclusive workplace by emphasizing equality and workforce diversity. We employ and select employees whose professional capability is suitable for our positions. We do not discriminate against anyone based on race, color, nationality, ethnicity, national origin, gender, marital status, age, disability, family status, sexual orientation, political affiliation, etc. Hence, we can attract and retain versatile human resources focused on sustainability and innovation.

Workforce Diversity
Item
Proportion of all employees
Proportion of executive management
Proportion of non-executive management
Proportion of professional employees
Proportion of general employees
Ratio of male to female in 2022
3:5
2:1
11:9
2:5
3:4
Proportion of overseas citizens
0.7%
9.7%
0.8%
0.5%
0.5%
Proportion of ethnic minorities
2.0%
1.6%
2.2%
1.8%
2.0%
Focus on Employee Rights and Interests
We adhere to the principles set out in the International Labor Office Tripartite Declaration of Principles, UN Universal Declaration of Human Rights and The UN Global Compact, strictly obeying national laws and regulations, and promoting related policies and measures.
Valuing Female Power for Gender Equality
Noah Holdings, a company led by a female CEO, has been playing up women’s growth within its business for many years. The Company actively encourages the women's community to make a social impact, including enhancing women’s economic empowerment, creating opportunities for women to reach the top echelons, increasing woman’s workplace engagement and helping more women raise their financial capabilities.
With over 62% of female employees, 33% of female Board members, and nearly 37% of female executives, Noah has become a global leader in women’s corporate power, demonstrating that enterprise can be a crucial driver of gender equality and women’s empowerment.
View policy details
Employee Communication and Complaint Channel

Internal communication is very convenient and transparent, and employees may voice their concerns about internal ethics and legal matters to their department superiors or relevant department leaders. Internal communication channels include IT Support Hotline 6677, along with independent emails for IT, administration, branding and other departments and functions.
The "Online Property Maintenance" Hotline was launched in 2021 and provides an online repair request system to raise operation efficiency. The "Worry-Free Service" system for subsidiaries is a regular communication mechanism for the frontline and features "specialized personnel, hotline and email". The various subsidiaries also perform regular surveys to ensure that genuine employee feedbacks are received promptly, and they are also empowered to complain directly to senior management via the company's internal channels.

Performance Management
If there are any internal ethical or legal concerns, employees can respond to their department head or the head of the corresponding department because internal communication is very transparent. In addition, there are independent public email addresses for communication between the Company and its employees for the IT repair with consultation number 6677, the IT department, the administration department, and the brand department.
In 2022, we opened an "Online Property Management" hotline and provided an online repair system to improve operational efficiency. Our regional branches also opened a "Service without Worry," established a regular communication mechanism with the front line, and set up a "special person, special phone number, and special mail."Each regional branch also has regular questionnaires to ensure that employees' voices are heard and responded to and that they can make complaints directly to senior management through the internal network.
Plan
Strategy
Description
One-Year Plan
Lay the foundation and promote the standards
• Implement the 3R performance evaluation and allocation optimization project for the front office
• Produce the Performance Management Outline 1.0 to ensure the 100% coverage of performance management
• Empower management and business (including the launch of the performance system) to secure a solid performance management
Three-Year Plan
Refine the system while cultivating the culture
• Further rationalize the relationship between the creation, evaluation, and distribution of value to activate the team
• Support the incentive and restraint mechanism to form a dual-wheel drive of job qualifications and job qualifications
Five-Year Plan
Improve the efficiency and digitalization
• Produce the Performance Management Outline 2.0, digitize its upstream and downstream data management, and boost the organizational effectiveness through digital linkage application scenarios (human resources development, incentive, and selection).
Professionalism - All-around Training Strategy

Noah believes that professionalism is a process that requires continuous learning. We need employees with professional knowledge and attitude to provide Noah’s clients with the best service and value. Therefore, we require Noah’s people to demonstrate professionalism, including an increased sense of responsibility, courageous commitment, and systematic thinking. They should review all work processes with high standards to provide products and services that meet clients’ needs.
To reflect professionalism, Noah has a dedicated Talent Development Committee to build Noah into a learning organization, strengthen the professional core competencies of Noah’s employees in all aspects, and enhance their professional functions and workplace competitiveness.
In 2022, Noah upgraded the professionalism training system with a more focused direction and more diversified strategies. We learned from benchmark companies (Huawei, Ali) to develop training and practice systems, clarify job roles, understand critical responsibilities, competencies, and actions, and allow employees to explore. We also introduced an accompanying consultant system for core cadres to enhance their competencies in compliance, risk control, marketing, digitalization, branding, etc.

Employee average annual productivity has been on the rise, and results of the training program are reflected in Noah’s operational performance.

Noah Talent Cultivation Strategy
1. Help new employees adapt to the working community and norms, acquire the necessary professional skills for the job, and establish key working relationships.
2. Experience and identity with Noah’s culture and core values, firm career choice direction, and comprehend corporate philosophy and employee code of conduct.
3. Understand corporate strategy, organizational structure, critical functions of each center, product knowledge, and business development.
4. Forge a team through group training, enhance team cooperation and cohesion, and improve the participants’ innovation ability and sense of ownership.
Comprehensive Talent Training System

Noah's training mainly targets six categories of employees, including new employees, Group executives, mid-level managers, school enrollees, Noah Triangle 3R professionals, and Internet finance specialists. The training is conducted through four systems: programs, courses, instructors, and platforms, and it covers five modules: cultural integration, professionalism, management, wealth business, and general skills. The Noah Group spent RMB 9 million on employee training in 2022.
In 2022, Noah's human capital return on investment was 1.696.

Comprehensive Talent Training System
Human Capital Return on Investment

In 2022, Noah's human capital return on investment was 1.696.

Note: HC ROI is calculated based on the DJSI formula. The basic data includes totol revenue, total operating expenses, and employee-related expenses.

Training hours per capita
Item
2020
2021
2022
Training hours per employee (hours)
66.9
77.57
83.77

Note: Programs including Elite Training Camp, Breakthrough Class, Foreign Summit, Private Banker and New Executive Accelerator in the first quarter of 2020 were suspended due to the outbreak.

Summary of Noah’s Online and Offline EmployeeTraining Results in 2021
Type
Total hours
Hours per employee
Training costs per employee
Male
Female
Male
Female
Male
Female
Offline
56,090
128,160
1,211.23
1,212.23
2,176.17
2,176.17
Online
20,438.41
37,827.22
18.63
21.02
932.64
932.64
In 2018 and 2019, we spent CNY 373,250 on employees' practical fund management training.
Training Financial Advisors
To further improve the experience and quality of HNW client services and meet the needs of HNW clients for wealth management and comprehensive services, Noah has launched the Noah Triangle client management model. The model divides the original relationship manager team into AR (Account Responsibility), SR (Solution Responsibility), and FR (Fulfill Responsibility) through examinations, interviews, and certifications. So, the training system will focus on 3R newcomers, professional empowerment of each branch, and cooperation drills, aiming to form a “specialized and profound” wealth management team and create more value for clients.
Training Internal Trainers
To perfect the training system and forge a trainer team of high quality and Noah characteristics, we formulate the training mechanism and evaluation system and method for the internal part-time trainers. Furthermore, through multifaceted professional training, we aim to make potential employees seed trainers to inherit and improve professional know-how and service skills.
In 2021, the “Internal Trainer Program” was upgraded to “Noah Mentor” with the promulgation of Noah Measures for Mentor Management, covering certification system, qualification, selection, management system, etc.
Levels of the Internal Part-time Trainer
Evaluation and Recruitment Method
“New Noah Dynamics” Teaching Assistant
They are enlisted from previous “Noah Dynamics” graduates according to merit, performance, and rank.
Seasoned Trainer
Senior Trainer
Trainer
Seed Trainer
1.Headquarter employees can obtain trainer qualification directly after approval and consent from the headquarter Talent Development Department.
2.Employees of subsidiaries, regions, and branches need to be first approved by the training managers of their own units and then approved and agreed upon by the Talent Development Department of the headquarters before they can qualify.
Noah Academy APP
In 2017, the Group's Training Department created a mobile classroom for Noah's employees -Noah University (Employee Edition), which realized the closed loop of online and offline training and improved learning efficiency, with a 100% participation rate of all regular employees. In 2020, Noah University App evolved into an internal mini-program. In 2021, Noah University was officially renamed Noah Academy, following the reform to launch new topics, such as "3R Exam Certification Center", "The Force Awakens,"Reform Must-Know,"etc., to make employees' online learning more lightweight, fragmented, and personalized.
In 2022, the Group‘s culture and training team separated a new talent zone to help new employees gain a comprehensive understanding of Noah and develop their personal abilities from multiple modules: culture, change, business, and general knowledge.
Qualification
According to the provisions of the Securities Investment Fund Low of the People's Republic of China, the Measures for the Sale of Securities Investment Funds, and other laws and regulations, personnel shall first take the examination for fund sales practitioners and obtain the qualification before they are engaged in fund promotion, sales promotion, and consultation. In 2020, Noah released the Management Measures for Compliant Certifications of Noah Employees. Furthermore, we launched the All Employee Fund Manager License Program, which requires all front and back-office employees of each system to take and pass the Fund Manager License Examination to actively cultivate compound key human resources who understand finance, professionalism, and business. By the end of 2022, Noah’s annual attainment rate of fund manager exams stood at 62.8%, with 1,821 people meeting the standard; there were 1,008 employees, or 63.03% licensed under the contract with Noah Upright.
New Noah Dynamics
In the context of Noah’s change, Noah put forward new requirements for the new cadres through three modules of mind cultivation, strategy decoding, and management empowerment to enhance Noah’s cadres’ heart, brain, and brawn in the New Era. Using seminars, self-criticism, and practical exercises, training and drills are combined to forge cadres for Noah’s organizational capacity building.
Cadre Transform Training Camp
A batch of transformed cadres emerges themselves in the surge of reformation. They assume new posts and accept new challenges. To enable them to inaugurate their new roles better, they are provided with training and development from special empowerment to personalized management support so that new cadres can quickly integrate and adapt and smoothly turn to their new roles.
Wednesday Study Night
Wednesday Study Night, initiated by Noah’s founder Ms. Jingbo Wang, is a learning activity for core executives to collectively learn reform-related knowledge every Wednesday. As an outpost of revolutionary ideas - “the soil of advanced changes,” Wednesday’s study is more theoretical and idealistic, focusing on plowing the soil for new ideas, exchanging and clashing opinions, and gathering collective wisdom.
Against the Pandemic - Online Operational Model (130 hrs)
To minimize the impact and overcome limitations of the 2020 pandemic, we transformed our traditional training programs, engaged in community cultivation, and developed a professional certification platform. An innovative online operation model was proposed for relationship managers to ensure continuous training and learning.
Response
Description of Improved Model
Achievements
1. Upgrading traditional training programs
• Re-examined traditional in-person training, and optimized optional and compulsory courses to meet training needs and quarantine requirements
• Redesigned online processes, introduced "parent" supervision mechanism, and accumulated experience in SOP of online training courses
Completed one training course for new relationship managers
2. Community Operations
To meet individual and adaptive learning needs of relationship managers, we planned and operated a learning community that offers a self-directed learning experience. It created mutual fund internal influencers to empower front-line employees
Nearly 20 live sessions covering 5,000 person/times
3. Professional Certification Platform
Noah partnered with RFP China to build an online RFP certification platform on which relationship managers can learn and gain extra exposure
• Two RFP certification classes covering nearly 20,000 person/times
• Nearly 100 relationship managers attained official Registered Financial Planner (RFP) certificates
• Numerous students were named “Best Wealth Manager/ Most Popular Wealth Manager” in the Yicai Media Wealth Management Elite Award
Team Coaching Empowerment (362 hrs)
As Noah shifts toward product standardization and starts a new undertaking, our employees need to improve their professional ability. To keep strengthening and optimizing our teams, we have launched a series of activities including private board meeting, democratic life meeting, team coaching, team coaching workshop, review workshop, team development, interview and performance interview:
Type
Support and Empowerment
Sessions
Private Board Meeting/Democratic Life Meeting
To overcome bottlenecks in individual business/talent development, collective wisdom was used to pinpoint problems and find effective solutions through structural dialogues under coaching guidance.
7+
Team Coaching/Team Coaching Workshop/Review
Team members put their brains together to diagnose issues, foster team culture, co-create visions and review problems for future success.
15+
Team Development
Regional launch meetings and large-scale expansion projects were held at key marketing nodes including “A Good Start” and “Autumn Harvest” to boost team morale and unity.
8+
One-on-One Interview/Performance Interview
For the performance interviews of all employees in August, regional managers and HR managers were assisted to ensure quality two-way communication between managers and interviewed subordinates, so that both can improve themselves and upgrade organizational capabilities.
117+
Noah Holdings Union
Noah Holdings Union, the Council of Trade Unions in Shanghai Noah Investment (Group) Co. Ltd., is an independent legal identity formed in early 2017. With the guidance and attention of its supervisory unions, Noah Holdings Union is operating well, and was honored by the Yangpu District Federation of Trade Unions with recognition as a Top 10 Demonstration Site for Employee Recreational Activities in Yangpu in 2018.
Organization Structure
Noah Holdings Union is led by Chairman Gao Yang, whose five-year term of office started March, 2017, along with Union Board Members Xin Jinghao, Shi Meng and Fu Li. 75% of Noah employees are Union members.
Union Activities

The Labor Union Committee of Shanghai Noah Investment (Group) Co., Ltd. was established in 2017 with an independent legal personality. It was awarded the honor of "Top Ten Demonstration Exemplars of Employee Cultural and Sports Activities in Yangpu District" in 2018.
Noah Group's Labor Union is composed of lower-level employees from all major business segments of Noah Group to listen to the voices of employees in different business areas. Since its establishment, the union has carried out free courses and interactive activities in various fields of "health, law, art, parent-child and humanities" once a month. It has now formed a multi-dimensional service coverage: Group Labor Union activities, talent apartment applications, Noah clubs, health center, employee mutual fund, etc.

Number of Union membership cardholders
Percentage of employee representatives in the Union
Number of union activities
Number of participants
113
80 %
10
11,181

Key Achievements of Noah Group Labor Union

Activity type
Description of the activity
Key results for 2022
Health class
The epidemic has lasted for three years, and in March of 2022, the risk control management of the group's location (Shanghai) lasted for more than two months, so the group's labor union responded as soon as possible and provided necessities, medical needs and special population care actions for employees.
1. During the period of epidemic control, the Group's labor union purchased more than 20 batches of various epidemic prevention materials (including food, bedding and daily necessities required for closure and control), amounting to more than 400,000 yuan, with a total of 583 deliveries.
2. 96 sessions of nucleic acid testing services were provided throughout the year, covering 45,000 people.
Mutual aid class
Since the establishment of Noah Mutual Fund in 2018, it has sent warmth to the Group's employees and their families nearly 50 times.
In 2022, a total of 13 people (including employees' families) were sent mutual condolence money, amounting to nearly 90,000 RMB.
Rental class
Provide talent apartment services for employees
As of December 2022, 17 employees have moved in (7% off the market price)
During the epidemic period from April to May 2022, 20% of the original rent was reduced, covering 13 people, and the rent was reduced by nearly 20,000 RMB.
Human Capital Development
As we work to build a fair and inclusive workplace, Noah values gender equality and diversity. We select employees based on their expertise and suitability to proposed positions, never discriminating against individuals based on race, color, nationality, ethnic or national origin, sex, gender, marital status, age, disabilities, family status, sexual orientation, or political affiliations. We hope to attract and retain diverse talent committed to sustainability and innovation.
Item
Proportion of all employees
Proportion of executive management
Proportion of non-executive management
Proportion of professional employees
Proportion of general employees
Ratio of male to female
4:6
6:4
6:4
3:7
4:6
Proportion of overseas citizens
0.63%
10%
1.05%
0.37%
0.4%
Proportion of ethnic minorities
1.2%
1.67%
0.7%
0.73%
1.65%
Focus on Employee Rights and Interests
We adhere to the principles set out in the International Labor Office Tripartite Declaration of Principles, UN Universal Declaration of Human Rights and The UN Global Compact, strictly obeying national laws and regulations, and promoting related policies and measures.
Valuing Female Power for Gender Equality
Noah Holdings, a company led by a female CEO, has been playing up women’s growth within its business for many years. The Company actively encourages the women's community to make a social impact, including enhancing women’s economic empowerment, creating opportunities for women to reach the top echelons, increasing woman’s workplace engagement and helping more women raise their financial capabilities.
With over 62% of female employees, 33% of female Board members, and nearly 37% of female executives, Noah has become a global leader in women’s corporate power, demonstrating that enterprise can be a crucial driver of gender equality and women’s empowerment.
View policy details
Employee Communication and Complaint Channel
Internal communication is very convenient and transparent, and employees may voice their concerns about internal ethics and legal matters to their department superiors or relevant department leaders. Internal communication channels include IT Support Hotline 6677, along with independent emails for IT, administration, branding and other departments and functions.
The "Online Property Maintenance" Hotline was launched in 2021 and provides an online repair request system to raise operation efficiency. The "Worry-Free Service" system for subsidiaries is a regular communication mechanism for the frontline and features "specialized personnel, hotline and email". The various subsidiaries also perform regular surveys to ensure that genuine employee feedbacks are received promptly, and they are also empowered to complain directly to senior management via the company's internal channels.
Performance Management
If there are any internal ethical or legal concerns, employees can respond to their department head or the head of the corresponding department because internal communication is very transparent. In addition, there are independent public email addresses for communication between the Company and its employees for the IT repair with consultation number 6677, the IT department, the administration department, and the brand department.
In 2022, we opened an "Online Property Management" hotline and provided an online repair system to improve operational efficiency. Our regional branches also opened a "Service without Worry," established a regular communication mechanism with the front line, and set up a "special person, special phone number, and special mail."Each regional branch also has regular questionnaires to ensure that employees' voices are heard and responded to and that they can make complaints directly to senior management through the internal network.

Group Performance Assessments

Plan
Strategy
Description
One-Year Plan
Lay the foundation and promote the standards
• Implement the 3R performance evaluation and allocation optimization project for the front office
• Produce the Performance Management Outline 1.0 to ensure the 100% coverage of performance management
• Empower management and business (including the launch of the performance system) to secure a solid performance management
Three-Year Plan
Refine the system while cultivating the culture
• Further rationalize the relationship between the creation, evaluation, and distribution of value to activate the team
• Support the incentive and restraint mechanism to form a dual-wheel drive of job qualifications and job qualifications
Five-Year Plan
Improve the efficiency and digitalization
• Produce the Performance Management Outline 2.0, digitize its upstream and downstream data management, and boost the organizational effectiveness through digital linkage application scenarios (human resources development, incentive, and selection).

Performance Assessment for Relationship Managers

Types of Assessment
Percentage of Employees (%)
Objective Management
100
Multidimensional Performance Assessment
(e.g. 360° Appraisal)
25
Team Ranking
100
Professionalism - All-around Training Strategy
Noah believes that professionalism is a process that requires continuous learning. We need employees with professional knowledge and attitude to provide Noah’s clients with the best service and value. Therefore, we require Noah’s people to demonstrate professionalism, including an increased sense of responsibility, courageous commitment, and systematic thinking. They should review all work processes with high standards to provide products and services that meet clients’ needs.
To reflect professionalism, Noah has a dedicated Talent Development Committee to build Noah into a learning organization, strengthen the professional core competencies of Noah’s employees in all aspects, and enhance their professional functions and workplace competitiveness.
In 2022, Noah upgraded the professionalism training system with a more focused direction and more diversified strategies. We learned from benchmark companies (Huawei, Ali) to develop training and practice systems, clarify job roles, understand critical responsibilities, competencies, and actions, and allow employees to explore. We also introduced an accompanying consultant system for core cadres to enhance their competencies in compliance, risk control, marketing, digitalization, branding, etc.

Average Employee Productivity

Year
2017
2018
2019
Average Employee Productivity (CNY 10,000)
29
31
38

Total Face-to-Face Training Hours

Year
2017
2018
2019
Face-to-Face Training (hrs)
130,571
170,577
266,371

Average Training Hours Per Employee

Year
2017
2018
2019
Average Training Hours Per Employee (hrs)
42
47.5
67.16

2020 Noah Online & In-Person Employee Training Results

Type
Measure
Unit
Male Employees
Female Employees
Off-line
Average Training Hours
Hours/
person
11.36
11.36
Off-line
Average Training Expenditure
CNY/
person
776.86
776.69
on-line
Average Training Hours
Hours/
person
55.8
55.8
on-line
Average Training Expenditure
CNY/
person
139.23
139.23
Further Education in 2018
Further Education in 2019
Number of Trainees
67
827
Total Training Hours
1247.5
23251.5
In 2018 and 2019, we spent CNY 373,250 on employees' practical fund management training.
Special Training
Noah Relationship Manager Training
While fulfilling the organizational reform strategy, Noah introduced the online training community model and a three-pillar approach to client management to enrich our original relationship manager training system. Through these proactive changes, we take the overall competency of our relationship managers to the next level, and empower them to fully utilize their expertise and advantages to meet demands for wealth management planning among our high-end clients.
Internal Trainer Training
To improve our training system and build a distinctive team of qualified trainers, we have established a training and appraisal system for internal part-time trainers. With professional training at multiple levels, we cultivate potential employees into seed trainers who can share and improve their expertise and skills.
Noah Holdings Union
Noah Holdings Union, the Council of Trade Unions in Shanghai Noah Investment (Group) Co. Ltd., is an independent legal identity formed in early 2017. With the guidance and attention of its supervisory unions, Noah Holdings Union is operating well, and was honored by the Yangpu District Federation of Trade Unions with recognition as a Top 10 Demonstration Site for Employee Recreational Activities in Yangpu in 2018.
Organization Structure
Noah Holdings Union is led by Chairman Gao Yang, whose five-year term of office started March, 2017, along with Union Board Members Xin Jinghao, Shi Meng and Fu Li. 75% of Noah employees are Union members.
Union Activities

Comprised of basic-level employees from the corporate group’s various business segments, the Noah Holdings Union is tasked with listening to and representing the opinions of employees from different business areas. Since its inception, the Union has organized free courses and interactive events on an average of two or three times each month, which cover various topics like health, law, arts, family relationship and humanities. A multidimensional service structure has since been devised, comprised of elements and functions like Noah Holdings Union activities, talent apartment application, Noah societies, Health Center and Employee Mutual Support Fund.

#1 Health

Topics: How to Protect the Respiratory System during the COVID Pandemic, Sports Injury Rehabilitation (online),Yoga, High Blood Pressure Lecture (online),Aier Eye Hospital,White Planet – Corporate Lecture by Orthopedist, Mid-Autumn Festival Perfume Satchel activity, Gushengtang TCM – Remedies for Summer, Wen Ru – Drawing and Psychology, National Day + Mid-Autumn Festival benefits (back, neck and spine care + cosmetology), Bodhidharma Channel-Changing Scripture (Yijin Jing), Malo Clinic – Oral Health, Chang Yang Valley – Face-to-Face with Top Physicians, and East Port – Face-to-Face with Top Physicians.
2020: 14 sessions, a cumulative total of 500+ participants.

#2 Family, Arts and Networking

Noah Union Christmas jigsaw, couplets for Chinese Spring Festival, family theme park admission tickets for Children’s Day, voting for “Most Beautiful Employee”, Huawei Corporate Cooperation Day, health and wellness activity for outstanding employees, flower arrangement for Christmas, and philharmonic concerts.
2020: 8 session, a cumulative total of 400+ participants.

#3 Employee Work Anniversary

2020: 4 session, a cumulative total of 153 person/times in participants

#4 Employee Housing Policies and Benefits

To meet the needs for rental housing among non-local employees, in 2017 Noah initiated the Yangpu District Talent Apartment Application Program. n 2020, benefits included subsidies for housing rental in Yangpu District, Hongkou District and Pudong New Area, and housing rents were reduced or waived during the pandemic.
2020: 44 applicants 24 tenants; Each employee saved around RMB 12,000/year; More than RMB 1 million used for housing rental subsidy since 2018

#6 Noah_DG WeChat Official Account

For employees to showcase their activities and apply for benefits; Users may search for various CPC publicity activities for the current month; Convenient application channels for benefits such as employee union card and talent apartments; 2020: 1,390 followers (up from 1,100 in 2019); A cumulative total of 91 articles published (20% rise from 2019); Average of 3-4 articles published each week.

#7 Employee Mutual Support Fund

To help employees and their families to overcome difficulties due to critical illness or other significant misfortunes, the Employee Mutual Support Fund was founded in 2015 and at present, its balance stands at RMB 332,000 ; Application for the Mutual Support Fund 2021 began on December 14, 2020. 2020: RMB 100,000 was used to support 12 employees in need ; Gathered information on 446 members, and amount totaling RMB 64,000.

Elite Relationship Manager Training
According to Boston Consulting Group's Global Wealth Report, a sharp increase in Chinese investment is likely in the years ahead, with Chinese residents' investable assets expected to exceed CNY 200 trillion in 2020, up from CNY 23 trillion in 2007.In order to develop the Company's ability to offer innovative service tailored to the needs of a population of high net worth clients, whose rapid growth is being driven by China's financial development, in 2013, Noah launched the Elite Relationship Manager system. Elite planners leverage every means of and approach to wealth management in order to create comprehensive financial plans suited to clients' financial status, risk profile, industry features and expected benefits, to help them achieve the extraordinary.No effort is spared in the pursuit of the training of elite planners, and various events are organized in order to cultivate this elite wealth management talent, including the Relationship Manager Annual Symposium, an elite Relationship Manager summit drawing in both domestic and foreign talents, along with Noah Private Banker, a three-year training program conducted in partnership with Shanghai University of Finance and Economics.
This effective training has delivered highly satisfactory results, reducing the average turnover rate of elite Relationship Managers to only at 3.9% during the last three years, well below the industry average, and boosting the return on human capital investment in elite planners to 10.1%, well above general employees'.

Return on Human Capital Investment in Elite Relationship Managers

Year
Number
Return on Human Capital Investment (Front Office Personnel)
Average Return Per Head(Return/Number of Front Office Personnel)
ROI(Return/Labor Cost of Front Office Personnel)
2018
293
2.49 million
9.7
2019
355
2.65 million
10.5
2020
355
2.45 million
10.1

Turnover Rate

Year
Front Office Personnel
Elite Relationship Managers
2018
25.8
3.7
2019
28.9
4.1
2020
17.7
5.1
Note:
1.Wealth management companies require a competitive elimination system to guarantee productive manpower, and it is natural that employee turnover rate is slightly higher than that of other industries. Noah’s turnover rate hovers around the industry average.
2.Noah strives to retain core employees, and the turnover rate of elite relationship managers remains between 3% - 6%, well below the company’s overall level of 25% - 30% and the industry average in the last three years.