Employment in Taiwan Gains Optimism in 2021 Driven By Growth in Sustainable Energy

TAIPEI, TAIWAN – Media OutReach
– 13 January 2021 – Professional recruitment services firm Michael Page Taiwan today launched
the ‘Talent Trends 2021 Report’, with a keen eye on Taiwan’s optimistic talent market. With 89% of professionals
indicating an interest to change jobs and strong demand for talent in the
technology and sustainable energy industries, healthy hiring activity is
anticipated.  

 

Mark Tibbatts, Managing Director of Michael Page Taiwan, says, “Sustainable
energy is earmarked to be the strongest performer, being the largest emerging
sector in Taiwan by 2020 and a key link in Taiwan’s economic strategy.”

 

According to the report, sustainable energy companies are willing to
offer average salary increases of more than 18% for new hires in 2021, the
highest of any industry. 78% of this industry’s professionals stated their
interest in seeking new opportunities in 2021. Mark Tibbatts advises, “As economic activity picks up in Taiwan, companies are likely to compete
for high potential experts, which means it is even more important for companies
to stand out from the competition with strong employer branding.”

 

Despite an optimistic
outlook, Taiwanese companies must continue to focus on innovation, product
development and supply chain management. “These areas will help companies
find new revenue streams and get through the recovery with a stronger and more
powerful posture. Moreover, Taiwan’s economy still has a strong need for a
quality workforce,” Mark Tibbatts continues. 

 

As Taiwan’s professionals
continue to seek flexibility and work-life balance, mental health and wellbeing
remain at the forefront of job seekers priorities when identifying an employer
of choice. 65% of respondents ranked the company’s culture above ‘possible career
growth opportunities’ (54%) and ‘company mission and values aligned with theirs’
(53%) when selecting a potential hiring manager.

 

In addition to
recruitment insights and industry analysis on the Taiwanese job market, the report also shares new insights across the Asia Pacific market on related
topics such as digital readiness, organisational structure, flexible working,
leadership, performance management, and diversity and inclusion.

Across the Asia Pacific region, the COVID-19
pandemic dealt a major blow to the global economy across all sectors and
markets in 2020. Job vacancies dropped by 8% to 35% depending on the location.
Several businesses reported a conservative approach to their hiring strategy,
choosing instead to freeze or even reduce their headcount in order to reduce
costs. However the reduced rate of hiring was not an indication that businesses
shut out all qualified talent altogether. We saw very positive trends upward
from Q2 to Q3, and Q4 versus Q3 2020. Optimism exists in 2021, as 42% of
businesses in Asia Pacific said that they are already looking to increase
headcount in the year.

New ways of working emerged rapidly as
employees adapted to the new normal. The driving force behind the changes was
the digital transformation which became top priority for all businesses
overnight. 68% of companies intend to increase investment in technology and
digital tools in 2021.

As a viable option to bridge skill gaps
arising from investment in digital tools and organisation redesign, 20% of
companies in Asia Pacific cited prioritising short-term contractors/temporary
employment in their 2021 hiring strategy. This is an increase from 15% in 2019.

While the boundaries of work-life balance
were debated in 2020, 4 in 5 employees were found to feel equally or more
productive working from home, only 5% of them prefer to work completely
remotely. This indicates a need for frequent social interaction with co-workers.
With this, 51% of organisations evolved their performance evaluations. To
reflect the times of crisis, management teams started reassessing individuals with
greater importance placed on positive behaviours, 64% of companies rated team
collaboration as the most valued employees attribute during times of
crisis. 

 

Editor’s note: The Michael Page Taiwan Talent Trends 2021 Report features insights and
market sentiment in Asia Pacific on prominent recruitment and talent-related
topics including digital readiness, organisational design, flexible work,
leadership, performance management and diversity and inclusion. The results
draw from a survey of 12 Asia Pacific markets, with over 5,500 businesses and
21,000 employees, of which 3,500-plus are directors or CXOs. 

 

Download the full
Michael Page Taiwan ‘Talent Trends 2021 Report’ here.