Key sectors see strong talent demand, but overall hiring market remains fluid in face of external challenges
TAIPEI, Dec. 17, 2019 /PRNewswire/ — The job market in Taiwan is growing moderately in the second half of 2019 with export-oriented companies becoming more conservative in their operations due to global trade tensions, according to the Salary Survey 2020 (the "Report") published by Robert Walters, a world-leading specialist professional recruitment consultancy. The overall hiring market is more balanced, with high demand for talent in the technology and software industry in Taiwan, especially when candidates with niche skills sets are in short supply.
2020 is an election year for both Taiwan and the US, macroeconomic drives are difficult to predict and that will also affect recruitment market. Any instability in global demand will hopefully be offset by capital inflows to Taiwan from companies looking to reshore their manufacturing sites.
Pay increases in 2020 are expected to remain static, except for industry specialists and those with in-demand technical skills. For job movers, the expected salary increment for job movers will be around 10-15%, while the increase is expected to be up to 4% for those staying in the same roles.
Continuous high demand for technology talent
With the technology advancement as a trend and the promotion of the ‘Five Plus Two’ Innovative Industries plan, which aims to establish Taiwan as an ‘Asian Silicon Valley’, the technology industry was one of the fast-growing areas in Taiwan in 2019. John Winter, General Manager of Robert Walters Taiwan, says, "We see an ongoing shortage of qualified technology talent in the market, especially in areas where niche skill sets are required, for example the Internet of Things (IoT), automation, smart machinery, research & development (R&D), artificial intelligence (AI) and also virtual reality (VR)."
Recruitment remands highly active in healthcare sector
The competition for specialists in the healthcare sector in Taiwan is expected to continue in 2020. The top areas seeing most demand are quality assurance, medical affairs and enterprise architecture. With the government’s support for transforming Taiwan into a hub of biotech and medical R&D in Asia, local talent with bilingual and regional skills will be key hires.
According to an industry survey conducted by Robert Walters, 86% of healthcare professionals are expecting a 1-6% increase in annual salary, and 30% are expecting a bonus of 11-15% of yearly salary in 2020.
Taiwan continues to face a shortage of talent
Due to the persistent shortage of candidates in Taiwan and the competition for specialists from overseas, multinationals and local companies are seeking talent with international experience and strong technical skills. On the other hand, even though the government has introduced measures to attract overseas talent in order to address the deficit, demand is expected to outstrip supply for a period of time.
Hiring top talent in 2020
According to Robert Walters’ industry survey, the top four factors determining job satisfaction for professionals in Taiwan were good work culture and environment, work-life balance, remuneration and benefits, and feedback and encouragement from management. Due to global economic instability, employees are likely to be more cautious than usual in pursing new jobs.
In order to recruit and attract the in-demand talent, it will become even more important to not only offer competitive remuneration during interview process, but also to detail the company’s growth potential, learning and development opportunities, and career progression within the company.
Note to editor:
About Robert Walters — Established in 1985, Robert Walters is one of the world’s leading specialist professional recruitment consultancies spanning 31 markets. The Taipei office specialises in placing candidates on a permanent basis in the following specialties: accounting & finance, banking & financial services, healthcare, human resources, tech & transformation, sales & marketing and supply chain, procurement & logistics.
About the Robert Walters Salary Survey — Now in its 21st edition, the Robert Walters annual Salary Survey is the most comprehensive review of professional salaries and recruitment trends around the world. The Greater China & South East Asia book consists of 9 markets and covers Mainland China, Hong Kong, Indonesia, Malaysia, Philippines, Singapore, Taiwan, Thailand and Vietnam. The Salary Survey is based on the analysis of permanent, interim and contract placements made across each of our geographies and recruitment disciplines during 2019.