Why Chinese New Year Is the Ideal Time for Job Hunting and Hiring in Taiwan

During the traditional company end-year dinner (called weiya 尾牙), employees probably have a single thing in mind: "How much will I get for the year-end bonus?" Year-end bonuses in Taiwan can sometimes reach up to 12 months' worth of salary!

If you are looking for a new job or new hires, the Chinese New Year might be the best time to look for one. Why that? 👇

After Chinese New Year, employees leave, and companies hire in mass

According to a January 2024 Yes123 survey, a staggering 94.7% of workers are contemplating a job switch post-Chineses New Year.

And why that?

1. Dissatisfaction with salary (62.3%): This was the most commonly selected reason, chosen by 62.3% of respondents.
2. Feeling that the current company has no prospects for development (46.7%): The second most common reason.
3. No opportunity for promotion (45.8%): The third most frequent reason selected.
4. No room for job performance (35%): The fourth most common choice.
5. Dislike of current job content (34%): The fifth most frequent reason.

The subsequent reasons are ranked similarly, based on the percentage of respondents who selected them:

1. Poor company benefits (32.7%)
2. Worried about insufficient year-end bonuses or dividends (24.7%)
3. Concern about company closure or merger (23.8%)
4. Long working hours (22.7%)
5. High job pressure (21.6%)

As you can see, 62.3% aren't satisfied with their compensation, and 24.7% are not happy with the bonuses!

Consequently, in the same survey, 97% of companies are bracing for this turnover, and plan to recruit. And 61.4% of those companies hiring primarily to fill spots left vacant by departing employees.

The Impact of Bonuses in turnovers

In our deep dive into developers' salaries in Taiwan, we showed how significant bonuses are in the total compensation package. They play a crucial part in their earnings:

Here's how it looks for the top 25 paying companies:

If you leave your job before the Chinese New Year, you might miss out on those bonuses. This leads to a unique pattern where employees often wait until after receiving their bonuses before making a move.

This is probably the best time of the year for job hunters to find opportunities or companies looking candidates.

Can you do anything?

Performance-based bonuses can be really stressful. Bonuses can feel like golden handcuffs.

• During your negotiations, try to negotiate for a higher base salary rather than bonuses.
• When joining the company, you might not have a lot of leverage. Try to keep your options open, and ask during the interview if there's an opportunity to renegotiate later on.
• You can probably talk to your manager at the end of each year to renegotiate your base salary.
• Another option is to negotiate a guaranteed fixed bonus, not based on performance.

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