Robert Walters' 2024 Salary Survey launch
Taiwan’s job market encountered challenges in 2023 due to the global economic downturn. In 2024, talent shortages persist, with more than 65% of professionals actively seeking job opportunities. This has resulted in reduced barriers based on industry or location for job movers. As the inventory correction concludes, the hiring market of the technology industry is predicted to experience slow recovery in 2024. In addition, AI applications are accelerating the pace of digital transformation, increasing the demand for professionals skilled in driving such transformations. These are some of the main findings of the Robert Walters’ Salary Survey 2024. The survey was released by Robert Walters in cooperation with the ECCT at a Premium Event lunch. At the event, John Winter, Country Manager of Robert Walters Taiwan, gave a presentation summarising the main findings of the survey. A separate press conference was held following the lunch to present the main findings to the media. For comprehensive details, read the survey’s Taiwan Overview.
According to the survey, in 2023 companies adopted a conservative approach to recruitment, emphasizing cost-control strategies. This cautious stance manifested in various ways, including layoffs, the implementation of hiring freezes, prolonged interview processes, and an increase in the number of layers of approvals and discussions before extending offers to potential candidates.
Looking to the year ahead, persistent challenges, such as geopolitical risks, supply chain restructuring, the CHIPS and Science Act, and economic headwinds in China and the US, continue to pose hurdles. Nevertheless, there is an expectation of a gradual macroeconomic recovery driven by factors like potential interest rate cuts, the completion of inventory adjustments, and the resurgence of end-market demand.
In light of the macroeconomic conditions, the job market in Taiwan is expected to undergo a recovery in 2024. This year’s survey indicates that job movers can anticipate a salary increment ranging from 10% to 20%, with an average overall increase falling between 2% and 5% for those who remain in their current positions. Notably, over 65% of professionals are actively seeking new employment opportunities. Despite this, the global scarcity of specific skills may pose challenges for companies attempting to fill vacancies, particularly those requiring expertise in new technologies and niche skill sets. Consequently, 2024 is poised to be a demanding period for recruiting the right talent.