The local job market is expected to remain short of highly qualified candidates this year, despite the nation facing economic uncertainties linked to waning export demand, a looming recession and geopolitical tensions, an annual report by professional recruitment consultancy Robert Walters showed.
“This year will be a challenging time for recruiting the right talent amid economic uncertainties,” although companies are continuing efforts to build sustainable workforces, the report said.
Companies in the technology, e-commerce, healthcare and logistics sectors are competing fiercely for top talent, and have been offering salary increments of up to 25 percent, it said.
Average salary increments vary across industries and skills, but normally range from about 10 to 15 percent, it added.
Global widespread skill shortages are forcing companies to scramble to fill vacancies that require niche skills in new technology, with professionals expecting 25 percent more pay for their talent, the report said.
The US tech industry has encountered massive layoffs due to a dim economic outlook and a cryptocurrency market slump, the report said, adding that Taiwan’s technology sector is also entering a cyclical downturn due to soft end-market demand and a lingering inventory glut, it said.
However, given that Taiwan leads globally in semiconductor manufacturing technologies, and foreign tech companies are prioritizing investment in Taiwan, strong demand remains for skilled talent in areas such as vehicle applications, cloud-enterprise servers and 5G communications, the report said.
Top skills in demand include software development, cybersecurity, analogue design, digital design and design verification, it said.
As a result, 78 percent of software, semiconductor and IT professionals, along with 65 percent of electrical product and industrial professionals, are expecting pay raises this year, it said.
Skilled talent is expected to become increasingly scarce, especially software engineers, the report said, adding that 85 percent of employers are concerned about a skills shortage in their field.
Robert Walters in its report advises companies to select candidates based on their practical skills and qualifications, rather than on their work history or education.
Furthermore, 60 percent of employers surveyed by the consultancy said they have faced challenges of not being able to meet salary expectations during the interview process, and 59 percent experienced competition from rival company counteroffers, the report said.
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