Skilled tech talent still in high demand

There is still a strong demand for talent in China’s technology, e-commerce, health care and education sectors despite the COVID-19 pandemic, according to an industry report.

Many companies have taken a cautious approach to their 2020 business plans by freezing headcount, cutting salaries and, in more drastic cases, laying off staff, according to the annual salary report by RGF International Recruitment.

The implication is that for the first time in many years, salary increases and adjustments will be much more moderate as companies across China come to grips with the “new normal,” said David Chan, China regional head of RGF International Recruitment & CEO of Bó Lè Associates. 

Across industries and job sectors in China, there is demand for talent to fill roles related to sales, research and development, e-commerce and digitalization. Many of these positions require niche and increasingly technical skill sets, leading to fewer applicants with the knowledge required.

Though the Chinese government is working with both tech startups and tech giants to reach its goal of becoming the first AI global superpower and upgrading its entire industry by 2025 and is attracting top tech talent – especially young graduates – there is still a shortage.

This has has led to a limited supply of qualified candidates to fill the growing number of AI-specific roles, and has spurred fierce competition for candidates with the right skills. Because of this, salaries and compensation packages for tech talent are high.

AI and data scientists with five to 10 years of experience earn between US$87,000 and US$260,000 a year on the Chinese mainland, the report noted.

While competition is high for talent, industries receiving the highest salaries remain the financial services and health-care and life science industries.

Though people across China have high expectations when it comes to salary increases when changing roles as well as benefits such as bonuses and profit-sharing, they consider many facets of a company before accepting a job, RGF's report said.

Salary rises are not the top consideration, they come in third after the desire to expand knowledge and skills, and receiving a higher title and more responsibility, according to the report.