本個案為管理層級的圖書館個案。為了招募新生力軍與防止對手的人才挖角，台灣積體電路製造股份有限公司在2020年11月宣佈調薪。當時正值新冠肺炎疫情持續蔓延，許多人被迫放無薪假，甚至被解僱，台積電調薪消息一出，羨煞眾人。薪酬制度調整是一項需要平衡各方利益的重大議題，倘若調薪幅度太小，搶人才的效果失分；調薪幅度太大，又會讓薪酬成本暴增，損及股東利益。調薪幅度多大是問題，該怎麼調也是問題。薪酬設計包括固定薪、變動薪、及兩者的相對權重。調高固定薪有助於招募人才，卻可能降低激勵員工努力的誘因；調高變動薪雖然有利於激勵員工，卻可能降低團隊合作的意願。藉由本個案教學讓學生瞭解薪酬制度調整的三種模式，及各種調整模式的優缺點，進而思考如何依據代理理論與競賽理論，兼顧人才招募、激勵、及控管薪酬成本的目的。

This library case presents that TSMC (Taiwan Semiconductor Manufacturing Company) announced to raise employee compensation in November 2020 with the objective of recruiting new employees and retaining incumbent employees. The compensation adjustment project is an important issue that should balance the benefits among many different stakeholders’ interests. If the magnitude of a raise in compensation is trivial, then TSMC cannot recruit enough new employees who will match its capital expansion plans. If the magnitude of a raise is significant, then the compensation costs will rise and hurt stockholders’ interests. Thus, TSMC needs to not only consider “how much” the magnitude of the raise is, but also “how” to execute the raise. The compensation scheme consists of fixed salary, variable bonus, and a relative weight between the two. Raising the fixed salary can attract new employees, but cannot necessarily motivate them. Raising the variable bonus can motivate employees, but cannot spur better cooperation. This case demonstrates the three compensation adjustment methods as well as their advantages and disadvantages. Based on the agency theory and the tournament theory, this case further teaches students how to balance the objectives of employees’ recruitment, employees’ motivation, and control over compensation costs.

工研院產科國際所，2021，「TSIA 2020年第四季暨全年台灣IC產業營運成果出爐」，https://www.tsia.org.tw/PageList?nodeID=19，accessed on April 26, 2021. (News Report from the Taiwan Semiconductor Industry Association, 2021, “Taiwan IC industry operation Reports in Q4,” 2020, https://www.tsia.org.tw/PageList?nodeID=19, accessed on April 26, 2021.)
今日新聞，2021，「在台積電升遷不了該跳槽？網抖真相」，https://news.openpoint.com.tw/v1/article?id=52d9aa64bee78a09ed23fa8cda05010796d3799964b7f3ed0be00f71f73fcbc0, accessed on September 18, 2021. (NOWnews, 2021, “Cannot Get Promoted at TSMC - Should You Quit? The Truth Revealed by Internet,” https://news.openpoint.com.tw/v1/article?id=52d9aa64bee78a09ed23fa8cda05010796d3799964b7f3ed0be00f71f73fcbc0, accessed on September 18, 2021.)
今周刊，2021，「台積電主管拚到凌晨3點才回家甚至睡在工廠代價是什麼？年薪3000萬台幣！」https://finance.ettoday.net/news/2087833, accessed on October 3, 2021. (Business Today, 2021, “Why Do TSMC Supervisors Not Go Home Until 3 A.M. Or Even Sleep at the Factory? Annual Compensation Is NT$30 Million!,” https://finance.ettoday.net/news/2087833, accessed on October 3, 2021.)
方博亮、林祖嘉，2017，管理經濟學，五版，元照出版社，台北。(Png, I. and Lin, C. C., 2017, Managerial Economics, 5th, Taipei, Best-Wise Co. Ltd.)
尹慧中，2021，「台積電首發2600張限制員工股票超嚴格領取條件出爐！」，https://udn.com/news/story/7240/5407282, accessed on June 3, 2021. (Yin, H. Z., 2021, “TSMC’s First Release of 2,600 Restricted Employee Stocks. The Qualifications for Earning the Stocks Are Extremely Strict!,” https://udn.com/news/story/7240/5407282, accessed on June 3, 2021.)
尤隨樺，2006，產品多樣性、不確定性與製造績效：晶圓代工廠商之實地實證研究，會計評論，42期：55~79。(Yu, S. H., 2006, “Product Variety, Uncertainty and Manufacturing Performance: A Field Empirical Study of a Semiconductor Wafer Fabrication Company,” Journal of Accounting Review, Vol. 42, 55-79.)
台積電，2018，「企業社會責任報告書」，https://esg.tsmc.com/ch/resources/documents.html, accessed on February 6, 2021. (TSMC, 2018, “Corporate Social Responsibility Report”, https://esg.tsmc.com/ch/resources/documents.html, accessed on February 6, 2021.”)
台積電，2019，「企業社會責任報告書」，https://esg.tsmc.com/ch/resources/documents.html, accessed on February 6, 2021. (TSMC, 2019, “Corporate Social Responsibility Report”, https://esg.tsmc.com/ch/resources/documents.html, accessed on February 6, 2021.)
余至浩，2014，「台積電運用大資料分析 創造半導體製程技術優勢」，https://www.ithome.com.tw/news/92290, accessed on September 19, 2021.(Yu, Z. H., 2014, “TSMC Employs Big Data Analysis to Create Advantages in Semiconductor Manufacturing Technology,” https://www.ithome.com.tw/news/92290, accessed on September 19, 2021.)
余宜芳，2019，台積DNA：年輕工作者的40堂修練課，天下文化：台北。(Yu, Y. F., 2019, TSMC DNA: 40 Training Courses for Young Workers, CommonWealth Magazine, Taipei.)
李伶珠，2009，「在不同工作相依性之下，競賽誘因對組織績效之影響:實地實證研究」，管理學報，26卷，3期：333~351。(Lee, L. C., 2009. “The Effects of Tournament-based Incentives under Different Levels of Task Interdependence on Organization Performance: Field Empirical Evidence,” Journal of Management and Business Research, Vol. 26, No. 3, 333-351.)
李瑞華、張秉衡、杜隆欽，2010，「激發員工衝績效」， https://www.hbrtaiwan.com/article_content_AR0001543_2.html, accessed on May 28, 2021. (Li, R. H., Zhang, B. H. and Du, L. Q., 2010, “Motivate Employees’ Performance,” https://www.hbrtaiwan.com/article_content_AR0001543_2.html, accessed on May 28, 2021.)
何麗梅，2018，「張忠謀怎麼培育經理人？台積電財務長公開內部選才、留才和升遷之道」，https://www.managertoday.com.tw/books/view/56792, accessed on June 26, 2021. (He, L. M., 2018, “How Does Morris Chang Cultivate Managers? TSMC’s Treasurer Discloses the Internal Selection, Retention and Promotion of Talents,” https://www.managertoday.com.tw/books/view/56792, accessed on June 26, 2021.)
林宏達，2020，「台積電調薪20％背後的盤算！那一天，台積電員工都收到一封劉德音、魏哲家的聯名信...」，
https://www.wealth.com.tw/articles/769b254b-a9b0-435d-91d6-9085b3e4c3ad, accessed on May 30, 2021. (Lin, H. D., 2020, “The Reason Why TSMC Raised Compensation 20%：The day TSMC Employees Received Letter from the CEO（Dr. C. C. Wei）and the Chairman (Dr. Mark Liu…)＂，
https://www.wealth.com.tw/articles/769b254b-a9b0-435d-91d6-9085b3e4c3ad, accessed on May 30, 2021.)
林若寧，2016，「台積電：重視生活平衡，台積電寶寶出生率高」，
https://www.cheers.com.tw/article/article.action?id=5082003&page=2, accessed on May 28, 2021. (Lin, R. N., 2016, “TSMC: Pay attention to the Balance Between Work and Life - TSMC Has a High Baby Birth Rate,”
https://www.cheers.com.tw/article/article.action?id=5082003&page=2, accessed on May 28, 2021.)
周康玉，2021，「台積電分紅開獎！資深工程師狂領44個月、主任級一年光分紅就360萬元」，https://finance.ettoday.net/news/1925089, accessed on September 19, 2021. (Zhou, K. Y., 2021, “TSMC Announces Employees’ Bonus. Annual Compensation to Senior Engineers Is 44 Times Monthly Salary, and Engineer Supervisors Earn NT$3.6 Million for One Year,” https://finance.ettoday.net/news/1925089, accessed on September 19, 2021.)
東森財經新聞，2019，「進台積電工作有多累？他揭年薪300萬辛酸內幕」，
https://fnc.ebc.net.tw/fncnews/jobs/74533, accessed on September 18, 2021. (Taiwan EBC Financial News, 2019, “How Tired Is It to Work at TSMC? The inside Story of His Annual Compensation of NT$3 Million,” https://fnc.ebc.net.tw/fncnews/jobs/74533, accessed on September 18, 2021.)
翁申霖，2021，「進台積電4個月秒走人！他揭6點「殘酷職場文化」：排擠新人是真的…」，https://udn.com/news/story/6839/5384325, accessed on September 21, 2021. (Weng, S. L., 2021, “Join TSMC and Quit in 4 Months! He Reveals 6 Points of a Cruel Workplace Culture: It Is True That Newcomers Are Ostracized from Incumbents?," https://udn.com/news/story/6839/5384325, accessed on September 21, 2021.)
陳良榕，2016，「9成產能有高地震風險張忠謀為何老神在在?」，
https://www.cw.com.tw/article/5074578, accessed on May 29, 2021. (Chen, L. R., 2016, “90% of Production Capacity Has a High Earthquake Risk - Why Does Morris Chang Maintain a Stiff Upper Lip?,” https://www.cw.com.tw/article/5074578, accessed on May 29, 2021.)
陳泳溙，2021，「年薪直追千萬，陸挖角台積電聯發科200多名工程師，驚人行情曝光」，https://www.chinatimes.com/realtimenews/20210311005848-260402?chdtv, accessed on May 30, 2021. (Chen, Y. T., 2021, “Annual Salaries Are Catching up to NT$10 Million, and More Than 200 Engineers from TSMC and Mediatek Have Been Headhunted by Firms in China. Annual Compensations Are Astonishing,” https://www.chinatimes.com/realtimenews/20210311005848-260402?chdtv, accessed on May 30, 2021.)
財訊新聞中心，2020，「獨家調查：台積電「調薪20%」搶才背後 暗藏台灣薪資結構3大警訊！」，https://www.wealth.com.tw/home/articles/28873, accessed on September 19, 2021. (Wealth Magazine News Center, 2020, “Exclusive Investigation: TSMCs 20% Increase in Compensation Implies Three Major Warnings to Taiwan’s Compensation Structure!,” https://www.wealth.com.tw/home/articles/28873, accessed on September 19, 2021.)
黃昭勇，2021，「想配股加薪？先做好ESG！張忠謀親自定義的ESG矩陣將成台積電主管獎酬關鍵準則」，https://csr.cw.com.tw/article/41946, accessed on June 27, 2021. (Huang, Z. Y., 2021, “Want to Raise Compensation by Restricted Stocks? First Do ESG! The ESG Matrix Defined by Morris Chang Himself Will Become the Key Criterion for Rewards to TSMC Executives,” https://csr.cw.com.tw/article/41946, accessed on June 27, 2021.)
黃雅琪，2021，「台積電發2600張限制型股票給高階主管領取條件曝光」，
https://www.mirrormedia.mg/story/20210423edi009/, accessed on June 3, 2021. (Huang, Y. Q., 2021, “TSMC Announces the Requirements of 2,600 Restricted Stocks to Senior Executives,” https://www.mirrormedia.mg/story/20210423edi009/, accessed on June 3, 2021.)
黃靖萱，2016，「台積電研發工程師：我們在很高壓的環境做很高壓的工作」，
2016, “TSMC R&D Engineer: We Work Under Very Stressful Conditions in an Extraordinary Stressful Environment,” https://www.thenewslens.com/article/40054, accessed on September 18, 2021.)
曾筠淇，2021，「台積電待不到一年！他曝「4原因」決定離職：女友像室友」，
https://finance.ettoday.net/news/2069570, accessed on September 18, 2021. (Zeng, Y. Q., 2021, “He Stayed at TSMC for Less Than a Year! He Reveals 4 Reasons for Quitting His Job: His Girlfriend Is Like a Roommate,” https://finance.ettoday.net/news/2069570, accessed on September 18, 2021.)
葉卉軒，2020，「台灣半導體前20大公司薪資排行曝光台積電只排第六」，
https://www.cw.com.tw/article/5102264, accessed on May 29, 2021. (Ye, H. X., 2020, “The Semiconductor Industry’s Top 20 Companies’ Compensation Rankings in Taiwan Reveal That TSMC Only Ranks 6th,” https://www.cw.com.tw/article/5102264, accessed on May 29, 2021.)
葉崇琦，2017，「企業如何善用「限制型股票」留才」，
http://www.pact.com.tw/tw/2017/08/03/%E4%BC%81%E6%A5%AD%E5%A6%82%E4%BD%95%E5%96%84%E7%94%A8%E3%80%8C%E9%99%90%E5%88%B6%E5%9E%8B%E8%82%A1%E7%A5%A8%E3%80%8D%E7%95%99%E6%89%8D/, accessed on February 16, 2021. (Ye, C. Q., 2017, “How Can Companies Use Restricted Stocks to Retain Talent?,”
http://www.pact.com.tw/tw/2017/08/03/%E4%BC%81%E6%A5%AD%E5%A6%82%E4%BD%95%E5%96%84%E7%94%A8%E3%80%8C%E9%99%90%E5%88%B6%E5%9E%8B%E8%82%A1%E7%A5%A8%E3%80%8D%E7%95%99%E6%89%8D/, accessed on February 16, 2021.)
極限鐵人，2012，「一個選擇決定你職涯的『高度』-與強者為伍」，https://blog.xuite.net/ironman616161/twblog/147920966, accessed on June 26, 2021. (Utmost Iron man, 2012, “A Choice Determines What Is the Pinnacle in One’s Career - Accompanied by Strong People,” https://blog.xuite.net/ironman616161/twblog/147920966, accessed on June 26, 2021.)
楊雅婷，2021，「台積電主管熬夜加班為年薪3000萬？鄉民爆實情：當然拚」，
https://www.chinatimes.com/realtimenews/20210927002253-260405?chdtv, accessed on October 3, 2021. (Yang, Y. T., 2021, “TSMC Supervisor Stays Up Late and Works Overtime for Annual Compensation of NT$30 Million? Villagers Tell the Truth: Fight, of Course,” https://www.chinatimes.com/realtimenews/20210927002253-260405?chdtv, accessed on October 3, 2021.)
經營智庫，2021，「標竿公司績效制度-台積電」，http://www.wsibc.com/knowledge.php?order=desc&guid=42217e5e-8895-11e1-a931-003048d4f9fa, accessed on May 29, 2021. (Knowledge bank, 2021, “Benchmarking Company Performance System - TSMC,” http://www.wsibc.com/knowledge.php?order=desc&guid=42217e5e-8895-11e1-a931-003048d4f9fa, accessed on May 29, 2021.)
賴若函，2020，「2020新世代最嚮往企業TOP100」，https://www.cheers.com.tw/article/article.action?id=5096548, accessed on June 4, 2021. (Lai, R. H., 2020, “Which Enterprises Are the Top 100 That the New Generation Looks forward to Work for in 2020?,” https://www.cheers.com.tw/article/article.action?id=5096548, accessed on June 4, 2021.)
盧智芳，2019，「台積電創辦人張忠謀的用人哲學：對的人勝過好的人」，
https://money.udn.com/money/story/6709/3819524, accessed on June 26, 2021. (Lu, Z. F., 2019, “The Employment Philosophy of TSMC Founder Morris Chang: Right People Are Better Than Good People,” https://money.udn.com/money/story/6709/3819524, accessed on June 26, 2021.)
鍾張涵、陳良榕，2021，「台積電資本支出暴增逾45%，2021能超越張忠謀盛世？」，https://udn.com/news/story/6841/5186041, accessed on March 28,2021. (Zhong, J. H. and Chen, L. R., 2021, “TSMC’s Capital Expenditures Soared by More Than 45% - Can TSMC Surpass Morris Chang’s Prosperous Age?” https://udn.com/news/story/6841/5186041, accessed on March 28, 2021.)
藍立晴，2021，「【台積電校園徵才2021】台積擴大規模招募9000名新鮮の肝，非台清交成也有機會」，
https://buzzorange.com/techorange/2021/03/09/tsmc-campus-job-2021/, accessed on March 28, 2021. (Lan, L. Q., 2021, “TSMC’s Campus Recruitment in 2021 - TSMC Expands Its Scale to Recruit Fresh Graduates Who Did Not Graduate from the Top 4 Universities to Give Them Chances to Join TSMC,”
https://buzzorange.com/techorange/2021/03/09/tsmc-campus-job-2021/, accessed on March 28, 2021.)
簡永祥，2021，「半導體需求強勁明年看旺」，
https://udn.com/news/story/7240/5648496, accessed on September 18, 2021. (Jian, Y. S., 2021, “The Demand for Semiconductors Is Very Strong and Prosperous Next Year,” https://udn.com/news/story/7240/5648496, accessed on September 18, 2021.)
鐘惠玲，2021，「台積電今年將徵近9,000名新人校園徵才啟動」，https://money.udn.com/money/story/5612/5296420, accessed on April 5, 2021. (Zhong, H. L., 2021, “TSMC Starts Campus Recruitment for 9,000 New Employees This Year,” https://money.udn.com/money/story/5612/5296420, accessed on April 5, 2021.)
BBC News，2021，「台積電：台灣「護國神山」成長記」，
https://www.bbc.com/zhongwen/trad/57337274, accessed on September 19, 2021. (BBC News, 2021, “TSMC: The Growth of Taiwan’s ‘Sacred Mountain of Protecting the Country’,” https://www.bbc.com/zhongwen/trad/57337274, accessed on September 19, 2021.)
Baker, G. P., Jensen, M. C., and Murphy, K. J., 1988, “Compensation and Incentives: Practice vs. Theory,” The Journal of Finance, Vol. 17, No. 3, 593-616.
Chloe，2020，「低底薪高獎金時代來臨？疫情過後，你的薪資結構恐不同」，https://www.518.com.tw/article/748, accessed on August 1, 2021. (Chloe, 2020, “The Era of Low Salary and High Bonus Is Coming? After the Pandemic, Your Compensation Structure May Change,” https://www.518.com.tw/article/748, accessed on August 1, 2021.)
Drago, R. and Garvey., G. T., 1998, “Incentives for Helping on the Job: Theory and Evidence,” Journal of Labor Economics, Vol. 16, 1-25.
Gibbs, M., 1995, “Incentive Compensation in a Corporate Hierarchy,” Journal of Accounting and Economics, Vol. 19, 247-277.
Ho, J., Lee, L., and Wu, A., 2009, “How Changes in Compensation Plans Affect Employee Performance, Recruitment and Retention—An Empirical Study of a Car Dealership,” Contemporary Accounting Research, Vol. 26, No. 1, 167-199.
Holmström, B., 1979, “Moral Hazard and Observability,” Bell Journal of Economics, Vol. 10, 74-91.
Jensen, M. and Meckling, W., 1976, “Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure,” Journal of Financial Economics, Vol. 3, No. 4, 305-360.
Jie, Y., Yang, S., and A. Fitch，2021，「世界對台積電的晶片供應有多依賴？牽一髮而動全球」，
https://www.storm.mg/lifestyle/3766721?page=1, accessed on June 27, 2021. (Jie, Y., Yang, S., and A. Fitch, 2021, “How Much Does the World Depend on TSMC’s Chip Supply? A Small Change Changes the World,” https://www.storm.mg/lifestyle/3766721?page=1, accessed on June 27, 2021.)
Lazear, E. P. and Rosen, S., 1981, “Rank-Order Tournaments as Optimum Labor Contracts,” Journal of Political Economy, Vol. 89, No. 5, 841-864.
Lazear, E. P., 1989, “Pay Equality and Industrial Politics,” Journal of Political Economy, Vol. 97, No. 3, 561-580.
Liu, V.，2021，「從半導體製造的學習曲線看台積電的策略」，https://www.bnext.com.tw/article/61488/tsmc-semiconductor-learning-curve, accessed on May 30, 2021. (Liu, V., 2021, “Looking at TSMC’s Strategy from the Learning Curve of Semiconductor Manufacturing,” https://www.bnext.com.tw/article/61488/tsmc-semiconductor-learning-curve, accessed on May 30, 2021.)
Milgrom, P. and Roberts, J., 1992, Economics, Organization and Management, 1st, Prentice Hall International Editions.
Molly，2021，「台積工作誌4:盤點Buddy和新人的3種類型」，
https://tsmccutie.com/buddy/, accessed on May 29, 2021. (Molly, 2021, “TSMC Workbook 4: There Are Three Types of Buddies and Newcomers,” https://tsmccutie.com/buddy/, accessed on May 29, 2021.)
Noise，2021，「護國神山的離職率與沒做好功課的求職者」，https://www.cw.com.tw/article/5117848, accessed on September 18, 2021. (Noise, 2021, “The Turnover Rate of ‘Taiwan’s Sacred Mountain of Protecting the Country’ and the Applicants Who Did Not Do Their Homework Well,” https://www.cw.com.tw/article/5117848, accessed on September 18, 2021.)
Rob, R. and P. Zemsky, 2002, “Social Capital, Corporate Culture, and Incentive Intensity,” RAND Journal of Economics, Vol. 33, No. 2, 243-257.
Ztopip，2015，「台積電的職等與給薪表」，https://pttcareers.com/Tech_Job/1MBSH0uo, accessed on September 19, 2021. (Ztopip, 2015, “Table of TSMC’s Hierarchical Levels and Their Compensations,” https://pttcareers.com/Tech_Job/1MBSH0uo, accessed on September 19, 2021.)