Novatek Microelectronics on Friday unveiled a new talent retention program that includes a higher travel subsidy for regular employees of NT$63,000 for next year, up from NT$60,000 last year. Novatek is also joining the nation’s major electronics companies in offering a childcare subsidy. It is giving staff NT$5,000 per month for each child they have under the age of six.
The Hsinchu-based designer of driver ICs used in flat panels is the latest among a slew of local high-tech companies to boost benefits to attract skilled experts and retain talent in Taiwan’s competitive job market. Novatek’s benefit adjustment shows how competition for high-tech workers and skilled engineers is intensifying and benefits are rapidly changing, because of semiconductor companies’ insatiable appetite for engineers. It made the changes despite having a better turnover rate (5.8 percent) last year than 17 percent of all local information technology firms.
Novatek’s move came as no surprise, as Taiwan’s talent shortage has continued to worsen. Semiconductor companies averaged 27,701 job vacancies per month from April to June, the most in six-and-a-half years, a 104 Job Bank survey found. The survey also found that IC engineers accounted for an average of about 55 percent of the job openings advertised in the semiconductor industry per month.
With the talent crunch here to stay, employee benefits play a bigger role for job hunters. Hon Hai Precision Industry has an effective employee retention strategy that eases the financial pressure on young parents. The iPhone assembler saw almost all of its female workers return to work after taking parental leave, after last year changing its childcare subsidy of NT$15,000 per month to cover each child an employee has under the age of six, compared with each child under the age of three. The firm also provides a one-time childbirth allowance of NT$70,000.
As the US-China trade dispute remains unresolved, numerous Taiwanese companies are expanding capacity at home to cope with rising customer demand. That has led to an increase in demand for local talent as new factories are set to ramp up production next year.
Taiwan Semiconductor Manufacturing Co (TSMC), the world’s biggest contract chipmaker, plans to hire 8,000 workers this year in preparation for mass production of its advanced 3-nanometer chips in the second half of next year at a new factory in Tainan and later in Hsinchu. It is also building 2-nanometer capacity, and expanding capacity in Kaohsiung to produce 7-nanometer and 28-nanometer chips.
Although TSMC’s factories are highly automated, it still requires engineers to monitor its equipment and research-and-development engineers to develop new technologies. Last year, the chipmaker hired about 5,000 additional workers. To improve its working environment, TSMC last week said that it would reduce the load placed on its equipment engineers, who would no longer be required to work night shifts and would focus primarily on regular equipment checks and maintenance. Lower-level engineers and other staff would share the night-shift responsibilities.
The move was also an attempt to improve its reputation after an American TSMC engineer complained about the company’s “sweat-and-blood” working environment when he was sent to Taiwan for training this summer. TSMC last week said it has opened its first “Newcomer’s Training Center” in Taichung to help new employees better adapt to its working environment and corporate culture.
Aside from that, the chipmaker said it has relaxed restrictions on mobile device usage at factories by allowing some employees to use the Line app on smartphones tailor-made by the company.
Ultimately, local technology companies must adjust their mindset and catch up to their global peers by boosting employee benefits and creating a more humane environment to attract talent.
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