Despite some potential challenges due to the international economic climate and uncertainties over trade, Taiwan’s employment market remains generally positive. After a record year for hiring in Taiwan, we see some encouraging market sentiments in 2019 with four sectors in particular showing strong potential.
The technology market will continue to be a highly active, in particular the software sector. There are a lot of job opportunities in the market with candidate supply continuing to be short of demand. We can see many top candidates receiving multiple job offers. It is a talent-driven market with excess demand, especially for positions within the AI and big data landscape. This trend, in existing for several years in Taiwan, will continue in 2019.
Meanwhile, in recent years we’ve seen many organisations outside of Taiwan very interested in technology talent in Taiwan to work for companies in Mainland China or Southeast Asia. These companies make tempting offers to Taiwan talent and are often prepared to pay a significant dividend to land the hire.
Employers hiring needs within technology in Taiwan, whether domestic companies or MNCs, face some tough challenges in the talent race. As such, being strategic in attracting and retaining top talent will be key. Our experience shows that providing a competitive salary package, building a strong employer brand and establishing efficient recruitment processes will significantly help employers to attract and retain top employees.
Aside from salary, benefits are important in a competitive hiring landscape. Variables around the working environment, flexible working hours, training programmes and annual leave may come into play. Even if they can't necessarily match an offer from a salary perspective, companies in Taiwan should think outside the box about the other factors that might sway people to stay put.
Technology candidates are currently enjoying a market strong in job opportunities but they should be conscious of changing jobs for the right reasons. Those who switch course purely for money or other short-term benefits may well find that in the long term they have not made the best decision. As such, it’s really important for them to sit down and assess their reasons for a move, including their ongoing prospects for job satisfaction and advancement. Ultimately, such big-picture thinking will ensure that they move for the right reasons.
Renewable energy promises to be another active market from a recruitment perspective. Despite the recent policy released by the government in terms of pricing, and ambitious targets for energy production, the market remains very positive. Renewable energy has been included into the Taiwan government agenda for several years and will continue to be a priority.
With big players moving into Taiwan and setting up branches here, the market will remain busy and candidate-driven with companies in this sector seeking talent across all functions. Given that renewable energy is a pioneering sector for Taiwan and in the region, for some senior positions in particular, it is likely that companies will need to look for expert talent from overseas markets, especially from markets such as Europe.
Digital and E-commerce
In terms of digital and E-commerce, Taiwan has not developed as quickly as in Mainland China. Regardless, we see it as a leading trend now and in years to come. Numerous entrepreneurs have moved into digital and e-commerce areas, and a number of digital businesses and e-commerce platforms have been established.
As a result, we see many job opportunities in the market, with a trend for talent from traditional commerce to transition to e-commerce companies. As such, many roles are closely linked with the technology sector, such as software developers and digital specialists.
Taiwan’s healthcare market is quite buoyant with numerous local and international players here. In 2019, we expect more hiring activity in healthcare. Major healthcare multinationals are continuing to grow through acquisitions of smaller firms, while local biotech start-ups seek to raise funds by going public. Driven by an ageing population and a state-sponsored system, the Taiwan government will continue to prioritise healthcare.
There is high demand for qualified talent in healthcare, but insufficient high-calibre candidates. We are seeing some companies looking outside of Taiwan for talent in highly skill short roles, which is a sensible strategy, and this is something that we expect to see more of given the shortage of talent in this market. Though some healthcare companies have done this for niche and senior-level positions, the number is still insufficient to match the demand and skill shortages with many companies yet to consider this as part of their hiring strategies. Overseas talent is interested in working and living in Taiwan and the government has taken steps to make it easier for companies in Taiwan to hire international talent. This presents a great opportunity for companies to stack their business with the best talent, whether they be local or international hires.
Ultimately, no matter how the external environment changes, companies that display smart hiring strategies and innovate at the hiring frontline will emerge as winners in Taiwan’s emerging talent race.
If you’d like to learn more about Taiwan talent market, reach out to one of our expert recruiters today.