Majority of Employers in Taiwan to Increase Salaries by 1% to 5% in 2017

February 9, 20178:09 am493 views

Majority of employers in Taiwan expect to increase salaries in the range of 1 to 5 percent in 2017, according to Michael Page 2017 Taiwan Salary and Employment Outlook report.

The survey carried out in cooperation with the European Chamber of Commerce in Taiwan, showed that 46 percent employers plan to recruit new hires of which 58 percent are seeking mid-level workers.

Technology, health care, digital and renewable energy are the four industries that would drive hiring growth. The semiconductor industry is expected to remain the primary engine for growth in the electronics sector, the report added.

Despite global economic uncertainty and market turbulence, Taiwan will see modest raise in salary and increase in hiring activity in 2017. Andy Bentote, Michael Page’s senior managing director for Greater China said, “This year’s going to be very interesting to see. From the recruitment market, it’s fairly positive, but we need to be slightly cautious this year just because of those uncertainties.”

See: 24.8% Office Workers in Taiwan Not Compensated for Working Extra Hours

Bentote added, U.S. President Donald Trump’s election and Brexit were both contributing factors to the uncertainty clouding this year’s forecast. However, the Brexit’s impact on Taiwan could be less severe when compared to other countries.

Companies in Taiwan are becoming serious about their employer brand in the social marketplace to attract and retain talent, hence they plan to have a strong social media presence.

In case, wage increases are small, Bentote suggests employers should focus on non-financial benefits such as work-life balance, a flexible working environment, training and development and employee input to attract and retain talent within companies, China Post reports.

To enhance the international competitiveness of Taiwanese workers, Bentote emphasises on honing language skills, both English and Mandarin to be marketable in other parts of the world.

Also read: 88.9% Workers in Taiwan Looking at Job Change after Lunar New Year

Image credit: Focus Taiwan

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