80% of professionals prepare for job change as a 'career cushioning' tactic amidst Taiwan layoffs and AI development
- Written by Telegraph Magazine
TAIPEI, TAIWAN - Media OutReach Newswire - 26 June 2024 - Career Cushioning, the process of being proactive about your career prospects to 'soften the blow' should anything go wrong with your current job – is a phenomenon that recruitment firm Robert Walters believes has grown in the Taiwan job market.
According to the latest survey by the recruitment agency Robert Walters Taiwan, only 18.45% of workers have no plans to switch jobs in the first half of 2024. Over 80% of respondents are actively seeking new job opportunities or preparing for a career change. The main motivations for job switching are low job satisfaction (35.06%), economic instability (19.93%), and lack of job security (15.87%), indicating that more than a third of Taiwanese workers lack confidence in their current employment situation.
- 81.55% of professionals have taken steps to prepare to look for another job as a 'just in case' tactics.
- 28.04% of those are actively seeking new job opportunities in first half of 2024.
- Top reasons for job switching are low job satisfaction (35.06%), economic instability (19.93%), and lack of job security.
- Top career cushioning tactics include monitoring jobs market (65.89%), tidying up CV (55.43%), and upskilling / training (48.84%).
The rapid AI development, layoffs trend in the global job market, and the unclear economic situation have made career cushioning the latest trend in Taiwan's job market in 2024. Over 80% of employees are actively seeking new job opportunities or making preparations for career changes to respond to various unexpected career situations and try to minimize potential impacts.
John Winter, Country Manager of Robert Walters Taiwan highlighted, "Currently, professionals are acutely aware of their job satisfaction and the external environment. Whether it is the difficulties organisations face due to economic conditions or the possibility of their jobs being replaced by AI, they are keenly observing and reacting accordingly."
Cushioning tactics in full flow
Professionals are adopting a more proactive attitude towards their career. Among the common career cushioning tactics, Taiwanese candidates tend more to use "monitoring jobs market" (65.89%), "preparing and updating CV" (55.43%), and "upskilling or training" (48.84%). John Winter further emphasised, "Adequate preparation is always the first step. It can start with simple actions like updating personal resumes and actively browsing job websites. Most importantly, be open to approaches from recruiters who can provide you with valuable insights about the jobs market in your region/industry."
Additionally, keeping a close eye on industry trends and in-demand job roles is essential when choosing which skills to train for. Currently, the AI boom has swept across various industries, and it is foreseeable that AI applications will accelerate the digitalisation process within organisations, driving the demand for talent in AI and digital tools application, data analysis, and digital transformation. In particular, talent specialising in AI construction and deployment are highly sought after in the market.
| Most common tactics for 'career cushioning' | |
| Monitoring jobs market | 65.89% |
| Preparing and updating CV | 55.43% |
| Upskilling / Training | 48.84% |
| Networking more | 44.96% |
| Working with Career Coach or Recruiter | 36.05% |
| Applying for jobs | 36.05% |
| Adopting side-hustle | 12.79% |
More than 40% of professionals find salaries competitive: job satisfaction extends beyond compensation package
There is no guarantee that those that 'career cushion' will leave, it's an old adage but employees researching opportunities elsewhere can often illustrate to them that the grass isn't always greener.
According to the survey, low job satisfaction (35.06%) is the leading motivation for professionals to change jobs. The top three aspects that employees value most in their careers are "salary and benefits" (82.95%), "company and team culture" (63.57%), and "career development opportunities" (60.85%). It is noteworthy that the same survey also reveals that 42.07% of respondents believe their personal salary is competitive, and 16.61% state that their current salary is above the market average. This indicates that salary may not be the main reason for low job satisfaction. The less visible factors of "company and team culture" and "career development opportunities" might also have a significant and profound impact.
"Valuing company and team culture is no longer exclusive to Generation Z. Our survey shows that, regardless of age group, company and team culture consistently remain among the top three priorities for employees. To attract and retain top talent, companies need to offer a comprehensive and appealing work environment. This involves promoting their benefits policies, flexible working arrangements, career development opportunities, and support systems." John Winter, Country Manager of Robert Walters Taiwan highlighted. And he added: "Career cushioning needn't always be looked at as a negative by employers, in many cases it can lead to employees upskilling, being more determined to succeed or engaging in more networking - bringing greater value to the business. "
https://www.robertwalters.com.tw/
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About Robert Walters
Established in 1985, Robert Walters is one of the world's leading specialist professional recruitment consultancies spanning 31 markets. The Taipei office specialises in placing candidates in the following specialities: accounting & finance, electronics & industrial, healthcare, human resources, IT & digital transformation, marketing, manufacturing, sales, semiconductors, software, supply chain, logistics & procurement.
About the Robert Walters Salary Survey
For more than 20 years, employers and professionals alike have relied on the Robert Walters Salary Survey to help them make critical decisions for their businesses and careers. This digital edition of the Salary Survey gives easy access to all the salary and market trends. In addition to a comprehensive guide to salaries for thousands of roles in 31 countries, the Salary Survey is packed with helpful tools and resources for hiring managers and job seekers alike, including the latest trends and analysis for different industries, as well as video updates on market conditions from industry experts.
For details of the Robert Walters Salary Survey 2024, please visit:
https://www.robertwalters.com.tw/zh/our-services/salary-survey.html
