Taiwan Salary Survey 2018
Taiwan Salary Survey 2018
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INTRODUCTION The Aquis Search Taiwan Salary Survey 2018 details salary information and recruiting trends in the business sectors we cover. Our information has been researched and collated with the help of our clients and candidates and from our working knowledge of the marketplace. Aquis Search consultants have extensive expertise in their practice area and the information reported is based on telephone interviews with hiring managers, HR professionals and in-house recruiters as well as data extracted from our own extensive database and internal research resources. As with all reports that detail salary information and trends, we represent the mainstream view and we recognise there will be individual situations that fall outside the data published. This survey is therefore a guide to general movement in the sector. Please contact us for further information or for clarification on any of the compensation trends detailed in this report.
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Taiwan Salary Survey 2018
2
Finance & Accounting Market Overview The financial services industry recruitment market was sluggish at the beginning of 2017, and there were only a few new roles created for finance and accounting, with most hiring activity being for replacement roles. The Taiwan Financial Bureau operates with complex requirements so there has been some turnover in Internal Auditor functions, in both local and foreign banks. Demand for talent from foreign banks has been slowing. The Management Information Systems (MIS) function of finance departments has been outsourced to other cities in the region so foreign banks have few requirements here in Taiwan. Conversely, large local banks are expanding their reach beyond Taiwan so there has been some demand for finance or accounting candidates with a good command of English to manage accounting/finance team overseas. During the second half of 2017, post bonus payouts, the market picked up and more replacement roles appeared. We saw demand for financial controllers, product control, reporting, overseas accounting managers, fund accounting, and fund administrators.
or other hubs in South East Asia in late 2016. The market throughout 2017 has been driven more by demand for financial planning professionals and analysts (FP&A). FP&A functions remained popular among FMCG, retail and pharmaceutical companies throughout the year, despite a general trend for foreign companies shrinking their accounting departments. FP&A is not as easy to outsource as some other roles so we expect it to remain active.
Funds have always been popular investment tools in Taiwan. They are sold through banks or insurance companies and funds companies drive their sales through providing incentives which decreases their overall profitability. In 2017, the Financial Supervisory Commission granted permission to fund companies to manage full discretionary funds. In addition, we have seen many companies change and expand their organisational structure in Taiwan, thereby increasing the talent needed. Most noticeably, roles such as institution sales, portfolio managers, client services and operations have increased. In terms of salary changes, for internal roles the gains have been generally between 3% to 6%, and for lateral moves it has ranged from 15%-20%.
to be in demand with newly created roles becoming available
Outlook Financial regulations continue to tighten and foreign banks will be hiring internal auditors in 2018 to help institutions stay on top of these regulatory changes. Risk based audit is also an emerging function and we are likely to see headcount increases. Candidates who are willing to travel overseas and are fluent in English will be in a strong position to negotiate good compensation packages. Fund accounting functions in
as the industry grows. IT and technology companies are growing their presence in Taiwan. Companies in sectors such as fintech, online gambling, IT and software are gaining a foothold and expanding and we expect to see new head counts for finance and accounting roles.
The first quarter of 2017 was quiet for finance and accounting roles in the commerce sector, as we saw the ripple effect of some companies outsourcing accounting teams to China
Role Assistant Manager
Annual Salary Range (NTD) 800,000 - 1,000,000
Manager
1,000,000 - 1,500,000
Assistant Vice President
1,200,000 - 1,800,000
Vice President
1,800,000 - 2,200,000
Senior Vice President
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2,500,000+
Taiwan Salary Survey 2018
3
Finance & Accounting
asset management or fund service companies will continue
Salary Scales Financial Services
Functions
Years of Experience & Annual Salary Range (NTD) 1-4
5-8
10+
1,500,000 - 2,500,000
2,500,000 - 6,000,000
Front Office Relationship Manager – Corporate Banking
800,000 - 1,500,000
Middle Office Risk
600,000 – 1,000,000
1,000,000 – 1,600,000
1,600,000 – 3,500,000
Product Manager/Portfolio Manager
600,000 – 1,200,000
1,200,000 – 1,800,000
1,800,000 – 3,000,000
Back Office AML/Financial Crime Compliance
600,000 – 1,000,000
1,000,000 – 1,500,000
1,500,000 – 3,000,000
KYC/CDD/Operational Risk
600,000 – 1,000,000
1,000,000 – 1,500,000
1,500,000 – 2,200,000
700,000-1,000,000
1,000,000 – 1,500,000
1,500,000 – 2,500,000
Internal Audit
Compliance
600,000 – 1,000,000
1,000,000 – 1,600,000
1,500,000 – 2,200,000
Internal Audit
700,000-1,000,000
1,000,000 – 1,500,000
1,500,000 – 2,500,000
Operations
500,000 - 900,000
900,000 – 1,300,000
1,300,000 – 2,300,000
Client Service
600,000 - 900,000
900,000 – 1,500,000
1,500,000 – 2,000,000
Finance & Accounting
Asset Management
Commerce
Title
Industry & Annual Salary Range (NTD) Hi-Tech & Manufacturing
FMCG & Retail
Pharmaceutical
CFO
2,000,000+
2,500,000+
2,500,000+
Financial Controller
1,500,000+
2,500,000+
2,500,000+
Finance Manager
1,000,000 - 1,500,000
1,200,000 - 2,500,000
480,000 - 540,000
Accounting Manager
1,000,000 - 1,500,000
1,000,000 - 2,000,000
1,500,000 - 1,800,000
Tax Manager
800,000 - 1,200,000
1,000,000 - 1,500,000
1,000,000 - 1,800,000
Audit Manager
800,000 - 1,500,000
1,000,000 - 1,500,000
1,000,000 - 1,500,000
600,000
700,000
800,000
Accountant
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Taiwan Salary Survey 2018
4
IT & Technology Market Overview There are three main sectors in the IT & Technology field in Taiwan - semiconductor, system and internet. Compared with the internet sector, the semiconductor and system space are more stable when it comes to recruitment activity. There has been new headcount created when organisations are looking to gain a competitive advantage with a new technology such as artificial intelligence and machine learning. In these cases we have seen a spike in requirements as businesses take a strategic turn and need the necessary cutting-edge talent to advance. The internet sector has always been fast paced, and we have seen an increase in the number of start-ups and even a few foreign ecommerce companies beginning to build their research and development teams in Taiwan, resulting in continued demand for talent. Gaming and gambling companies have quickly taken root in the market, and there have been opportunities for experienced individuals to join newly formed companies and departments.
of skills required. Data analysts and market intelligence is an area where we expect to see considerable growth as executive teams and senior management decisions are increasingly made based on data and analytics. We will also see demand for roles relating to full stack engineers and developers in 2018, as Taiwanese technology companies focus their efforts on building up these capabilities.
IT & Technology
Outlook Recruitment activity will heighten throughout 2018, with the emergence of more roles and an increase in the variety
Salary Scales IT & Technology
Job Title
Years of Experience and Annual Salary Range (NTD) 1-4
4-8
10+
Application Engineer
700,000 - 1,100,000
1,100,000 - 1,500,000
1,600,000
Front-End Engineer
800,000 - 1,100,000
1,100,000 - 1,500,000
1,600,000 - 2,000,000
Back-End Engineer
700,000 - 1,200,000
1,200,000 - 1,600,000
1,700,000+
Data Analyst/Business Strategist
750,000 - 1,200,000
1,200,000 - 1,600,000
1,700,000 - 2,500,000+
AI, machine learning talents
900,000 - 1,300,000
1,300,000 - 2,000,000
3,000,000+
Database Administrator
600,000 - 1,100,000
1,100,000 - 1,500,000
1,600,000 - 2,000,000
IT Support Manager
500,000 - 700,000
700,000 - 900,000
900,000 - 1,200,000
Infrastructure Engineer
600,000 - 900,000
900,000 - 1,200,000
1,200,000 - 1,600,000
750,000 - 1,100,000
1,100,000 - 1,700,000
1,700,000 - 2,300,000
Technical Product Manager
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Taiwan Salary Survey 2018
5
In-house Legal & Compliance Market Overview In 2017, predictably, the technology sector continued to be the centre of recruitment activity in the Taiwanese legal market. Throughout 2017 we witnessed an increasing trend of talent moving to other parts of Asia such as China, Singapore or Hong Kong, yet we can still report that there continues to be buoyant demand within Taiwan for qualified lawyers (either US or Taiwan bar) with a LLM degree from a common law country (e.g. US, UK, Australia). Legal professionals without bar qualifications find themselves in an increasingly difficult position having to face competition for roles and most of them at one point in time will need to consider sitting for a bar examination if they are to progress to top management roles. This trend is seen too within financial services, life sciences, FMCG and retail industries, although relevant sector experience also carries weight in determining which skills will secure the role.
Financial services legal positions are mostly seen in the corporate banking sector, although on occasion there were openings for asset managers.
Outlook The main recruitment challenge for organisations in Taiwan in 2018 will be the stagnancy of the market in general, as we do not expect much in the way of new headcount created so the focus will be on replacement hiring. As a result, salaries will remain stable. In the second quarter we will see the usual spike in movement post bonus payout, with positions becoming available predominantly in the high-tech, financial and pharmaceutical industries. Compliance and AML talent within the financial services industry will continue to be in demand as financial companies, fearing punitive measures to be taken against them by the government, tend to over-compensate on compliance deficiencies with increased hiring.
Salary Scales In-house Legal & Compliance
PQE (Years)
Annual Salary Range (NTD) Minimum
Maximum
0-2
800,000
1,200,000
3-5
1,000,000
1,800,000
6-8
1,500,000
2,500,000
9 - 11
2,000,000
3,500,000
12 - 15
2,500,000
4,000,000+
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Taiwan Salary Survey 2018
6
Legal In-House Commerce
Throughout 2017 the skills in demand across the market are consistent with previous years – English commercial contract drafting and revision, contract negotiation, settlement and mediation, IP licensing, overseas litigation-related experience, especially if working for a high-tech company. In some cases, anti-trust and FCPA matters are important to foreign companies, but there are not a lot of in-house candidates with expertise with antitrust laws. In addition, the ability to liaise
with different functions within the corporate environment, and the ability to handle outside counsels and lawyers are becoming skills that hiring managers are looking for. For managerial roles, a proven track record in people management and the ability to supervise a team is a prerequisite for the job.
Human Resources Market Overview Taiwan’s human resources (HR) job market has been relatively slow moving over the past few years. On average it takes between 3 to 6 months for a HR manager or director position to progress through the interview process. We have seen less experienced candidates seeking recruiting or section HR manager positions in Shanghai, Beijing, Hong Kong, Singapore and other South East Asia countries such as Vietnam, Philippines and Malaysia instead of Taiwan. The type and number of companies in Taiwan remain stable with the exception of a few niche industries, so we do not see many newly created HR roles and most HR manager or director positions are only open when a replacement is needed. This sometimes narrows the field for ambitious professionals.
In the finance and banking sector HR positions are few and far between. Most foreign banks have a conservative HR presence in Taiwan. Some roles, such as employee relations managers,
The IT and technology market is the most buoyant market and where more and more opportunities exist for HR professionals. New headcount has emerged for HRBP, L&D manager, C&B manager and senior HR manager and director positions. The number of online gaming and gambling, ecommerce and IT software companies is rising and many are looking to hire HR candidates that demonstrate strong business sense and strategic thinking. We have seen newly created positions from many of the companies based in the science park at Hsinchu. It is however, more challenging to find strong candidates who can speak a high level of English in Hsinchu, so competition for talent is more intense.
Outlook In 2018, we expect to see a continued rise in HRBP roles as the focus and role of the HR function in organisations continues to shift and input at a strategic level is required. Compensation and benefits talent will also be in demand, primarily because
Salary Scales Commerce
HR Functions
Salary Range (NTD)
Midpoint
Compensation & Benefits Specialist
650,000 - 1,000,000
825,000
Recruitment Specialist
600,000 - 1,000,000
800,000
Learning & Development Specialist
700,000 - 1,000,000
850,000
Human Resource Generalist
600,000 - 1,000,000
800,000
Compensation & Benefits Manager
1,200,000 - 2,000,000
1,600,000
Recruitment Manager
1,000,000 - 1,800,000
1,400,000
Learning & Development Manager
1,000,000 - 1,800,000
1,400,000
Human Resource Business Partner
1,000,000 - 2,200,000
1,600,000
Head of Human Resources
2,200,000 - 3,200,000
2,700,000
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Taiwan Salary Survey 2018
7
Human Resources
HR business partner (HRBP) roles are increasingly common and an area of growth, as more and more companies are requiring HR to work closely with business units and heads to contribute to organisation optimisation (downsizing or reorganisation) and organisation development (expanding new business).
are based in Taipei to help with restructuring or dealing with employee issues. FMCG remains a stable market, as is the retail industry where we see mainly replacement hiring. There are areas of growth. Fast fashion companies, for example, are looking for HR teams to support store operations, and in the sports brand sector we have seen multiple opportunities.
there tends to be little movement between firms so available talent is limited at any given time. Due to the continuously changing labour laws in Taiwan, many companies will require HR candidates who can handle employee relations and keep up with the latest regulations. Senior candidates are generally more cautious and reserved in expressing interests in jobs in Taipei since they know the market is relatively narrow and many start-up technology companies prefer junior candidates. Furthermore, there is an increasing number of HR positions requiring overseas recruiting functions or business trip obligations traveling to places such as China, or alternatively to be based in or frequently traveling to Southeast Asia. These roles are often better suited to junior professionals who are more likely to
move to progress their careers. We also expect to see some more activity in the manufacturing, FMCG and technology sector. Bonuses in the retail industry tend to be between 1 and 3 months or 10-15% of annual salary. In international firms in the technology industry, packages tend to be 14 months fixed salary guaranteed, but we see very different bonus levels from company to company. Large or quickly growing tech companies have been known to offer generous bonuses, sometimes as high as 50% or more of annual base salary. Some local Taiwanese firms offer quarterly and annual bonuses, and internet and service providers generally offer 14 months plus a bonus of around 40%.
Salary Scales Technology
Role
Salary Range (NTD)
Midpoint
Compensation & Benefits Specialist
700,000 - 1,000,000
825,000
Recruitment Specialist
650,000 - 1,000,000
800,000
Learning & Development Specialist
700,000 - 1,000,000
850,000
Human Resource Generalist
800,000 - 1,000,000
900,000
Compensation & Benefits Manager
1,400,000 - 2,000,000
1,700,000
Recruitment Manager
1,300,000 - 2,000,000
1,650,000
Learning & Development Manager
1,400,000 - 2,000,000
1,700,000
Human Resource Business Partner
1,400,000 - 2,200,000
1,800,000
Head of Human Resources
2,500,000 - 4,000,000
3,250,000
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Taiwan Salary Survey 2018
8
CONTACTS Max Lin Senior Consultant Finance & Accounting Taiwan, Asia Pacific [email protected] +886 2 7732 5778 Max is a Senior Consultant responsible for finance, accounting, tax and audit roles, based in Taipei. Max specialises in recruiting mid to senior level finance professionals in various industries including banking, retail, FMCG, pharmaceutical, and numerous Taiwan listed companies. Previously, Max worked with an international recruiting firm as a consultant in finance, where he developed extensive networks and successfully delivered staff for roles including financial analyst, auditor, senior accountant, accounting manager, head of finance and chief financial officer. Max has a Bachelor’s degree in Public Administration from Tamkang University, Taipei. He also completed courses at Winona State University, Minnesota, USA. He speaks Mandarin and English.
Tina Lu Senior Consultant Human Resources & Corporate Services Taiwan, Shanghai North Asia +886 2 7732 5778 [email protected] Tina is a Senior Consultant with the Human Resources & Corporate Services team, based in Taipei. She focuses on placing mid to senior level HR professionals in mainland China. She recruits for roles such as HR directors, HR managers, HRBP, staffing and training managers. Tina has extensive knowledge and networks in the luxury, fashion and cosmetics markets, as well as experience in FMCG, eCommerce and pharmaceuticals. In addition to her role as a Senior Consultant, Tina also works across teams and regions to ensure our clients have full access to all Aquis Search products and services across industry sectors and geographical regions. Tina joined Aquis Search from a leading regional recruiter where she successfully developed business in the luxury, fashion and FMCG sectors. Prior to her career in recruitment Tina worked in marketing and PR roles also in these industry sectors. She has a Master’s degree in Communications from Buffalo University and a Bachelor’s degree in Political Science and International Relations from the National Taiwan University. She speaks English and Mandarin.
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Taiwan Salary Survey 2018
9
CONTACTS Zak Jhuang Consultant Human Resources & Corporate Services Taiwan, Shanghai North Asia +886 2 7732 5778 [email protected] Zak is an Associate Consultant, based in Taipei. He works with job seekers and clients in the legal and compliance sector in Taiwan and across North Asia. Zak has previously worked in executive search research roles where he specialised in market mapping in the legal and compliance sectors, as well as financial services and commerce. He has a Bachelor’s Degree in Business Management from National Taipei University and he speaks English and Mandarin.
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Taiwan Salary Survey 2018 10
About Aquis Search Aquis Search is a leading regional executive search firm specialising in the corporate affairs, compliance, finance & accounting, human resources & corporate services, investment management, legal, risk management and technology sectors across Asia. We offer clients executive search, research & advisory, search & selection and contract & payroll services. Our clients are members of a global network of prestigious financial institutions, leading UK and US law firms, regional market leaders and Fortune 500 organisations. Clients’ recruitment briefs are successfully met by our team of experienced, multilingual consultants. Professional integrity is the key value on which our client relationships are built and the majority of our business is from personal referral. This is a testament to the high level of professionalism for which we are known. Aquis Search was established in Hong Kong in 2009. Today we operate offices in Beijing, Delhi, Hong Kong, London, Mumbai, Shanghai, Singapore and Taipei.
For further information please contact Aquis Search below or email [email protected] Beijing Level 15, Yintai Office Tower, 2 Jianguomenwai Avenue, Chaoyang District, Beijing, 100022 China +86 10 5387 6100 Delhi Suite 422, Level 4, Rectangle 1, Commercial Complex D-4, Saket, New Delhi-110017, India +86 10 5387 6100 Hong Kong 19/F, Kailey Tower, 16 Stanley Street, Central, Hong Kong +852 2537 0333 London 80-83 Long Lane, London, UK, EC1A 9ET +44 020 3633 0183 Mumbai 315, 3rd Floor, C-Wing, 215 Atrium, Andheri-Kurla Road, Andheri (East), Mumbai 400059 +91 22 6786 6720 Shanghai Room 5, 42/F, No.1717 Wheelock Square, Nanjing West Road, Shanghai 200040, China +86 21 8025 1528 Singapore 11 Collyer Quay, #09-05/06, The Arcade, Singapore 049317 +65 3157 9393 Taipei 37F Taipei 101 Tower, No.7, Sec. 5 Xinyi Road, Taipei 11049, Taiwan +886 2 7732 5778
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Taiwan Salary Survey 2018 11
www.aquissearch.com
INTRODUCTION The Aquis Search Taiwan Salary Survey 2018 details salary information and recruiting trends in the business sectors we cover. Our information has been researched and collated with the help of our clients and candidates and from our working knowledge of the marketplace. Aquis Search consultants have extensive expertise in their practice area and the information reported is based on telephone interviews with hiring managers, HR professionals and in-house recruiters as well as data extracted from our own extensive database and internal research resources. As with all reports that detail salary information and trends, we represent the mainstream view and we recognise there will be individual situations that fall outside the data published. This survey is therefore a guide to general movement in the sector. Please contact us for further information or for clarification on any of the compensation trends detailed in this report.
www.aquissearch.com
Taiwan Salary Survey 2018
2
Finance & Accounting Market Overview The financial services industry recruitment market was sluggish at the beginning of 2017, and there were only a few new roles created for finance and accounting, with most hiring activity being for replacement roles. The Taiwan Financial Bureau operates with complex requirements so there has been some turnover in Internal Auditor functions, in both local and foreign banks. Demand for talent from foreign banks has been slowing. The Management Information Systems (MIS) function of finance departments has been outsourced to other cities in the region so foreign banks have few requirements here in Taiwan. Conversely, large local banks are expanding their reach beyond Taiwan so there has been some demand for finance or accounting candidates with a good command of English to manage accounting/finance team overseas. During the second half of 2017, post bonus payouts, the market picked up and more replacement roles appeared. We saw demand for financial controllers, product control, reporting, overseas accounting managers, fund accounting, and fund administrators.
or other hubs in South East Asia in late 2016. The market throughout 2017 has been driven more by demand for financial planning professionals and analysts (FP&A). FP&A functions remained popular among FMCG, retail and pharmaceutical companies throughout the year, despite a general trend for foreign companies shrinking their accounting departments. FP&A is not as easy to outsource as some other roles so we expect it to remain active.
Funds have always been popular investment tools in Taiwan. They are sold through banks or insurance companies and funds companies drive their sales through providing incentives which decreases their overall profitability. In 2017, the Financial Supervisory Commission granted permission to fund companies to manage full discretionary funds. In addition, we have seen many companies change and expand their organisational structure in Taiwan, thereby increasing the talent needed. Most noticeably, roles such as institution sales, portfolio managers, client services and operations have increased. In terms of salary changes, for internal roles the gains have been generally between 3% to 6%, and for lateral moves it has ranged from 15%-20%.
to be in demand with newly created roles becoming available
Outlook Financial regulations continue to tighten and foreign banks will be hiring internal auditors in 2018 to help institutions stay on top of these regulatory changes. Risk based audit is also an emerging function and we are likely to see headcount increases. Candidates who are willing to travel overseas and are fluent in English will be in a strong position to negotiate good compensation packages. Fund accounting functions in
as the industry grows. IT and technology companies are growing their presence in Taiwan. Companies in sectors such as fintech, online gambling, IT and software are gaining a foothold and expanding and we expect to see new head counts for finance and accounting roles.
The first quarter of 2017 was quiet for finance and accounting roles in the commerce sector, as we saw the ripple effect of some companies outsourcing accounting teams to China
Role Assistant Manager
Annual Salary Range (NTD) 800,000 - 1,000,000
Manager
1,000,000 - 1,500,000
Assistant Vice President
1,200,000 - 1,800,000
Vice President
1,800,000 - 2,200,000
Senior Vice President
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2,500,000+
Taiwan Salary Survey 2018
3
Finance & Accounting
asset management or fund service companies will continue
Salary Scales Financial Services
Functions
Years of Experience & Annual Salary Range (NTD) 1-4
5-8
10+
1,500,000 - 2,500,000
2,500,000 - 6,000,000
Front Office Relationship Manager – Corporate Banking
800,000 - 1,500,000
Middle Office Risk
600,000 – 1,000,000
1,000,000 – 1,600,000
1,600,000 – 3,500,000
Product Manager/Portfolio Manager
600,000 – 1,200,000
1,200,000 – 1,800,000
1,800,000 – 3,000,000
Back Office AML/Financial Crime Compliance
600,000 – 1,000,000
1,000,000 – 1,500,000
1,500,000 – 3,000,000
KYC/CDD/Operational Risk
600,000 – 1,000,000
1,000,000 – 1,500,000
1,500,000 – 2,200,000
700,000-1,000,000
1,000,000 – 1,500,000
1,500,000 – 2,500,000
Internal Audit
Compliance
600,000 – 1,000,000
1,000,000 – 1,600,000
1,500,000 – 2,200,000
Internal Audit
700,000-1,000,000
1,000,000 – 1,500,000
1,500,000 – 2,500,000
Operations
500,000 - 900,000
900,000 – 1,300,000
1,300,000 – 2,300,000
Client Service
600,000 - 900,000
900,000 – 1,500,000
1,500,000 – 2,000,000
Finance & Accounting
Asset Management
Commerce
Title
Industry & Annual Salary Range (NTD) Hi-Tech & Manufacturing
FMCG & Retail
Pharmaceutical
CFO
2,000,000+
2,500,000+
2,500,000+
Financial Controller
1,500,000+
2,500,000+
2,500,000+
Finance Manager
1,000,000 - 1,500,000
1,200,000 - 2,500,000
480,000 - 540,000
Accounting Manager
1,000,000 - 1,500,000
1,000,000 - 2,000,000
1,500,000 - 1,800,000
Tax Manager
800,000 - 1,200,000
1,000,000 - 1,500,000
1,000,000 - 1,800,000
Audit Manager
800,000 - 1,500,000
1,000,000 - 1,500,000
1,000,000 - 1,500,000
600,000
700,000
800,000
Accountant
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Taiwan Salary Survey 2018
4
IT & Technology Market Overview There are three main sectors in the IT & Technology field in Taiwan - semiconductor, system and internet. Compared with the internet sector, the semiconductor and system space are more stable when it comes to recruitment activity. There has been new headcount created when organisations are looking to gain a competitive advantage with a new technology such as artificial intelligence and machine learning. In these cases we have seen a spike in requirements as businesses take a strategic turn and need the necessary cutting-edge talent to advance. The internet sector has always been fast paced, and we have seen an increase in the number of start-ups and even a few foreign ecommerce companies beginning to build their research and development teams in Taiwan, resulting in continued demand for talent. Gaming and gambling companies have quickly taken root in the market, and there have been opportunities for experienced individuals to join newly formed companies and departments.
of skills required. Data analysts and market intelligence is an area where we expect to see considerable growth as executive teams and senior management decisions are increasingly made based on data and analytics. We will also see demand for roles relating to full stack engineers and developers in 2018, as Taiwanese technology companies focus their efforts on building up these capabilities.
IT & Technology
Outlook Recruitment activity will heighten throughout 2018, with the emergence of more roles and an increase in the variety
Salary Scales IT & Technology
Job Title
Years of Experience and Annual Salary Range (NTD) 1-4
4-8
10+
Application Engineer
700,000 - 1,100,000
1,100,000 - 1,500,000
1,600,000
Front-End Engineer
800,000 - 1,100,000
1,100,000 - 1,500,000
1,600,000 - 2,000,000
Back-End Engineer
700,000 - 1,200,000
1,200,000 - 1,600,000
1,700,000+
Data Analyst/Business Strategist
750,000 - 1,200,000
1,200,000 - 1,600,000
1,700,000 - 2,500,000+
AI, machine learning talents
900,000 - 1,300,000
1,300,000 - 2,000,000
3,000,000+
Database Administrator
600,000 - 1,100,000
1,100,000 - 1,500,000
1,600,000 - 2,000,000
IT Support Manager
500,000 - 700,000
700,000 - 900,000
900,000 - 1,200,000
Infrastructure Engineer
600,000 - 900,000
900,000 - 1,200,000
1,200,000 - 1,600,000
750,000 - 1,100,000
1,100,000 - 1,700,000
1,700,000 - 2,300,000
Technical Product Manager
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Taiwan Salary Survey 2018
5
In-house Legal & Compliance Market Overview In 2017, predictably, the technology sector continued to be the centre of recruitment activity in the Taiwanese legal market. Throughout 2017 we witnessed an increasing trend of talent moving to other parts of Asia such as China, Singapore or Hong Kong, yet we can still report that there continues to be buoyant demand within Taiwan for qualified lawyers (either US or Taiwan bar) with a LLM degree from a common law country (e.g. US, UK, Australia). Legal professionals without bar qualifications find themselves in an increasingly difficult position having to face competition for roles and most of them at one point in time will need to consider sitting for a bar examination if they are to progress to top management roles. This trend is seen too within financial services, life sciences, FMCG and retail industries, although relevant sector experience also carries weight in determining which skills will secure the role.
Financial services legal positions are mostly seen in the corporate banking sector, although on occasion there were openings for asset managers.
Outlook The main recruitment challenge for organisations in Taiwan in 2018 will be the stagnancy of the market in general, as we do not expect much in the way of new headcount created so the focus will be on replacement hiring. As a result, salaries will remain stable. In the second quarter we will see the usual spike in movement post bonus payout, with positions becoming available predominantly in the high-tech, financial and pharmaceutical industries. Compliance and AML talent within the financial services industry will continue to be in demand as financial companies, fearing punitive measures to be taken against them by the government, tend to over-compensate on compliance deficiencies with increased hiring.
Salary Scales In-house Legal & Compliance
PQE (Years)
Annual Salary Range (NTD) Minimum
Maximum
0-2
800,000
1,200,000
3-5
1,000,000
1,800,000
6-8
1,500,000
2,500,000
9 - 11
2,000,000
3,500,000
12 - 15
2,500,000
4,000,000+
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Taiwan Salary Survey 2018
6
Legal In-House Commerce
Throughout 2017 the skills in demand across the market are consistent with previous years – English commercial contract drafting and revision, contract negotiation, settlement and mediation, IP licensing, overseas litigation-related experience, especially if working for a high-tech company. In some cases, anti-trust and FCPA matters are important to foreign companies, but there are not a lot of in-house candidates with expertise with antitrust laws. In addition, the ability to liaise
with different functions within the corporate environment, and the ability to handle outside counsels and lawyers are becoming skills that hiring managers are looking for. For managerial roles, a proven track record in people management and the ability to supervise a team is a prerequisite for the job.
Human Resources Market Overview Taiwan’s human resources (HR) job market has been relatively slow moving over the past few years. On average it takes between 3 to 6 months for a HR manager or director position to progress through the interview process. We have seen less experienced candidates seeking recruiting or section HR manager positions in Shanghai, Beijing, Hong Kong, Singapore and other South East Asia countries such as Vietnam, Philippines and Malaysia instead of Taiwan. The type and number of companies in Taiwan remain stable with the exception of a few niche industries, so we do not see many newly created HR roles and most HR manager or director positions are only open when a replacement is needed. This sometimes narrows the field for ambitious professionals.
In the finance and banking sector HR positions are few and far between. Most foreign banks have a conservative HR presence in Taiwan. Some roles, such as employee relations managers,
The IT and technology market is the most buoyant market and where more and more opportunities exist for HR professionals. New headcount has emerged for HRBP, L&D manager, C&B manager and senior HR manager and director positions. The number of online gaming and gambling, ecommerce and IT software companies is rising and many are looking to hire HR candidates that demonstrate strong business sense and strategic thinking. We have seen newly created positions from many of the companies based in the science park at Hsinchu. It is however, more challenging to find strong candidates who can speak a high level of English in Hsinchu, so competition for talent is more intense.
Outlook In 2018, we expect to see a continued rise in HRBP roles as the focus and role of the HR function in organisations continues to shift and input at a strategic level is required. Compensation and benefits talent will also be in demand, primarily because
Salary Scales Commerce
HR Functions
Salary Range (NTD)
Midpoint
Compensation & Benefits Specialist
650,000 - 1,000,000
825,000
Recruitment Specialist
600,000 - 1,000,000
800,000
Learning & Development Specialist
700,000 - 1,000,000
850,000
Human Resource Generalist
600,000 - 1,000,000
800,000
Compensation & Benefits Manager
1,200,000 - 2,000,000
1,600,000
Recruitment Manager
1,000,000 - 1,800,000
1,400,000
Learning & Development Manager
1,000,000 - 1,800,000
1,400,000
Human Resource Business Partner
1,000,000 - 2,200,000
1,600,000
Head of Human Resources
2,200,000 - 3,200,000
2,700,000
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Taiwan Salary Survey 2018
7
Human Resources
HR business partner (HRBP) roles are increasingly common and an area of growth, as more and more companies are requiring HR to work closely with business units and heads to contribute to organisation optimisation (downsizing or reorganisation) and organisation development (expanding new business).
are based in Taipei to help with restructuring or dealing with employee issues. FMCG remains a stable market, as is the retail industry where we see mainly replacement hiring. There are areas of growth. Fast fashion companies, for example, are looking for HR teams to support store operations, and in the sports brand sector we have seen multiple opportunities.
there tends to be little movement between firms so available talent is limited at any given time. Due to the continuously changing labour laws in Taiwan, many companies will require HR candidates who can handle employee relations and keep up with the latest regulations. Senior candidates are generally more cautious and reserved in expressing interests in jobs in Taipei since they know the market is relatively narrow and many start-up technology companies prefer junior candidates. Furthermore, there is an increasing number of HR positions requiring overseas recruiting functions or business trip obligations traveling to places such as China, or alternatively to be based in or frequently traveling to Southeast Asia. These roles are often better suited to junior professionals who are more likely to
move to progress their careers. We also expect to see some more activity in the manufacturing, FMCG and technology sector. Bonuses in the retail industry tend to be between 1 and 3 months or 10-15% of annual salary. In international firms in the technology industry, packages tend to be 14 months fixed salary guaranteed, but we see very different bonus levels from company to company. Large or quickly growing tech companies have been known to offer generous bonuses, sometimes as high as 50% or more of annual base salary. Some local Taiwanese firms offer quarterly and annual bonuses, and internet and service providers generally offer 14 months plus a bonus of around 40%.
Salary Scales Technology
Role
Salary Range (NTD)
Midpoint
Compensation & Benefits Specialist
700,000 - 1,000,000
825,000
Recruitment Specialist
650,000 - 1,000,000
800,000
Learning & Development Specialist
700,000 - 1,000,000
850,000
Human Resource Generalist
800,000 - 1,000,000
900,000
Compensation & Benefits Manager
1,400,000 - 2,000,000
1,700,000
Recruitment Manager
1,300,000 - 2,000,000
1,650,000
Learning & Development Manager
1,400,000 - 2,000,000
1,700,000
Human Resource Business Partner
1,400,000 - 2,200,000
1,800,000
Head of Human Resources
2,500,000 - 4,000,000
3,250,000
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Taiwan Salary Survey 2018
8
CONTACTS Max Lin Senior Consultant Finance & Accounting Taiwan, Asia Pacific [email protected] +886 2 7732 5778 Max is a Senior Consultant responsible for finance, accounting, tax and audit roles, based in Taipei. Max specialises in recruiting mid to senior level finance professionals in various industries including banking, retail, FMCG, pharmaceutical, and numerous Taiwan listed companies. Previously, Max worked with an international recruiting firm as a consultant in finance, where he developed extensive networks and successfully delivered staff for roles including financial analyst, auditor, senior accountant, accounting manager, head of finance and chief financial officer. Max has a Bachelor’s degree in Public Administration from Tamkang University, Taipei. He also completed courses at Winona State University, Minnesota, USA. He speaks Mandarin and English.
Tina Lu Senior Consultant Human Resources & Corporate Services Taiwan, Shanghai North Asia +886 2 7732 5778 [email protected] Tina is a Senior Consultant with the Human Resources & Corporate Services team, based in Taipei. She focuses on placing mid to senior level HR professionals in mainland China. She recruits for roles such as HR directors, HR managers, HRBP, staffing and training managers. Tina has extensive knowledge and networks in the luxury, fashion and cosmetics markets, as well as experience in FMCG, eCommerce and pharmaceuticals. In addition to her role as a Senior Consultant, Tina also works across teams and regions to ensure our clients have full access to all Aquis Search products and services across industry sectors and geographical regions. Tina joined Aquis Search from a leading regional recruiter where she successfully developed business in the luxury, fashion and FMCG sectors. Prior to her career in recruitment Tina worked in marketing and PR roles also in these industry sectors. She has a Master’s degree in Communications from Buffalo University and a Bachelor’s degree in Political Science and International Relations from the National Taiwan University. She speaks English and Mandarin.
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Taiwan Salary Survey 2018
9
CONTACTS Zak Jhuang Consultant Human Resources & Corporate Services Taiwan, Shanghai North Asia +886 2 7732 5778 [email protected] Zak is an Associate Consultant, based in Taipei. He works with job seekers and clients in the legal and compliance sector in Taiwan and across North Asia. Zak has previously worked in executive search research roles where he specialised in market mapping in the legal and compliance sectors, as well as financial services and commerce. He has a Bachelor’s Degree in Business Management from National Taipei University and he speaks English and Mandarin.
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Taiwan Salary Survey 2018 10
About Aquis Search Aquis Search is a leading regional executive search firm specialising in the corporate affairs, compliance, finance & accounting, human resources & corporate services, investment management, legal, risk management and technology sectors across Asia. We offer clients executive search, research & advisory, search & selection and contract & payroll services. Our clients are members of a global network of prestigious financial institutions, leading UK and US law firms, regional market leaders and Fortune 500 organisations. Clients’ recruitment briefs are successfully met by our team of experienced, multilingual consultants. Professional integrity is the key value on which our client relationships are built and the majority of our business is from personal referral. This is a testament to the high level of professionalism for which we are known. Aquis Search was established in Hong Kong in 2009. Today we operate offices in Beijing, Delhi, Hong Kong, London, Mumbai, Shanghai, Singapore and Taipei.
For further information please contact Aquis Search below or email [email protected] Beijing Level 15, Yintai Office Tower, 2 Jianguomenwai Avenue, Chaoyang District, Beijing, 100022 China +86 10 5387 6100 Delhi Suite 422, Level 4, Rectangle 1, Commercial Complex D-4, Saket, New Delhi-110017, India +86 10 5387 6100 Hong Kong 19/F, Kailey Tower, 16 Stanley Street, Central, Hong Kong +852 2537 0333 London 80-83 Long Lane, London, UK, EC1A 9ET +44 020 3633 0183 Mumbai 315, 3rd Floor, C-Wing, 215 Atrium, Andheri-Kurla Road, Andheri (East), Mumbai 400059 +91 22 6786 6720 Shanghai Room 5, 42/F, No.1717 Wheelock Square, Nanjing West Road, Shanghai 200040, China +86 21 8025 1528 Singapore 11 Collyer Quay, #09-05/06, The Arcade, Singapore 049317 +65 3157 9393 Taipei 37F Taipei 101 Tower, No.7, Sec. 5 Xinyi Road, Taipei 11049, Taiwan +886 2 7732 5778
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Taiwan Salary Survey 2018 11
