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62% of Taiwan's employees willing to forgo higher salaries or job promotions for work-life balance: Michael Page

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62% of Taiwan's employees willing to forgo higher salaries or job promotions for work-life balance: Michael Page

62% of Taiwan's employees willing to forgo higher salaries or job promotions for work-life balance: Michael Page

TAIPEI, June 23, 2022 /PRNewswire/ -- Sparked by the global pandemic, the Great Resignation has been happening in Taiwan for the past two years and will only intensify in 2022. There has been a wave of resignations in Taiwan with almost half (40%) of employees who have been at their current jobs for not more than two years and a significant 59% of employees looking for new career prospects over the next six months.

Claire Wu, Regional Director of Michael Page Taiwan
Claire Wu, Regional Director of Michael Page Taiwan

Professional recruitment services firm, Michael Page Taiwan, launched the 'Talent Trends 2022 Report', titled 'The Great X' which features prominent employment insights.

While salaries and bonuses are still top motivators for candidates, the survey shows a swing towards non-monetary benefits. A significant 62% of respondents in Taiwan are willing to forgo pay rise and/or promotion for better work-life balance, overall well-being, and happiness.

Claire Wu, Regional Director of Michael Page Taiwan says, "Employees are re-evaluating how they view work and what constitutes quality work. They are also upskilling and reskilling whilst evaluating their careers. Achieving a work-life balance has become more challenging in recent years. So, it's no wonder that more people are turning to temporary work, and there has been accelerated demand for contract professionals across all levels."

As economies improve, companies cannot underestimate the psychological effect that merging "work" and "personal" life has had over the past two years. 80% of respondents want a hybrid work arrangement between working from home and the office.

In addition, 62% of professionals in Taiwan have asked or will consider asking about a company's DE&I policy at interviews and 45% say the lack of clear DE&I commitment would stop them from actively pursuing a job opportunity.

The pandemic has also shifted priorities, 68% of candidates believe that mental health and well-being should play a part in employee performance and appraisals. Companies must create a positive culture in which employees at all levels feel appreciated.

A significant number of employees has been found to not feel supported at work. 49% of respondents say that their workload has increased compared to before COVID-19. 74% believe that their company does not take active steps to ensure work-life balance. Companies need to change things and help employees work more efficiently.