Over half of employers expect to give pay hikes in Q1: survey

Taipei, Employers in Taiwan are more optimistic about the economy’s prospects than in recent months, and 55.6 percent of them are planning to give employees pay raises in the first quarter, a survey unveiled Monday by online job bank yes123 has found.
Some 26.6 percent of respondents said they were more upbeat about the economy in the first quarter than the fourth quarter of last year, while 12.5 percent said they were more downbeat.
That translated into a net optimism ratio of 14.1 percent, the highest in 11 quarters, according to yes123.
Of the 55.6 percent of employers with pay hike plans, six of every seven are planning to raise employee salaries based on performance, and only one in every seven expect to give across-the-board pay raises, of an estimated 3.9 percent on average, according to the survey.
It also found that 35.9 percent of companies surveyed said that they plan to offer bonuses or other rewards to employees beyond year-end bonuses.
In addition, the survey found that 85.3 percent of employers surveyed said they plan to recruit new employees in the January-March period.
The food/beverage and hospitality/leisure sector are the most willing to hire newcomers among all industries, ahead of the information technology, construction and real estate, manufacturing, and retail and wholesale sectors.
The reasons for hiring employees include mitigating a long-term shortage of workers, filling the positions of employees who resigned, and meeting the needs of increased business and orders.
Among employees polled in a separate survey, 88.2 percent said they plan to change jobs in the first quarter, up from 67.8 percent in the previous quarter and 87.7 percent a year earlier.
The figure is the highest in the same period in eight years.
Jobs in the information technology sector were the most in demand among people with career changing plans, ahead of the food/beverage, hospitality/leisure, the retail and wholesale, and manufacturing sectors.
The anticipated booming job market in the first quarter is being driven mainly by increased export orders, the seasonal effects of the Chinese New Year and a strong domestic market, yes123 spokesperson Yang Tsung-pin (楊宗斌) said.
The first survey collected 1,024 valid questionnaires from employers, with a margin of error of plus or minus 3.06 percentage points.
The survey of employees, conducted Dec. 16-28, collected 1,316 valid questionnaires and had a margin of error of plus or minus 2.7 percentage points, the job bank said.

Source: Focus Taiwan News Channel