Truelist estimates there are 26.9 million software developers worldwide and only approximately 4.3 million in the United States. Perhaps this is why 24% of executives outsource these roles instead of taking on the burdens of recruiting and hiring internally.
And maybe this is why U.S.-based technology companies are finding their elite app developers in Asia, where also, according to Truelist, 32.9% of the world's app developers live. But hiring globally–especially your first time–feels intimidating. It’s also easier than you think.
Setting up local entities is time-consuming. Failure to comply with country-specific labor and tax laws can be expensive. Navigating work visas and sponsorships is complicated. The solution, however, is partnering with an employer of record (EOR) to avoid establishing a local entity, ensure compliance, and meet work eligibility regulations.
More specifically, an EOR with in-house recruiting services is the fastest way to match your workforce demand with global supply. For example, you need software engineers. Some of the world's best live in Taiwan. Worca, as an EOR with proven recruiting strategies, can help you hire these highly-skilled, experienced Taiwanese without overpaying.
Hiring in Taiwan is strategic and affordable
Taiwan is a prosperous country with a thriving economy, an exceptionally skilled workforce, and one of the world's most educated populations–-the average I.Q. is 106!
English literacy is high, especially among young people and in metropolitan areas. In addition, the economy is export-oriented, so many Taiwanese business people are familiar with global business etiquette.
And considering the primary industries are semiconductor manufacturing, information technology, and electronics, it's not surprising global giants Google, HTC, and Asus have major operations in Taiwan. Salaries, however, might surprise you compared to U.S. figures.
The median salary for a software engineer in Taiwan is $46,928, and $117,000 for a software engineering manager. However, according to Builtin, the average salary for a U.S.-based software engineer is $127,946–significantly more than the estimated pay for a Taiwan-based software engineer manager role!
It's important to note that, similar to American compensation, multiple factors influence Taiwanese pay levels.
Along with location and role-specific trends, salaries vary by candidate-specific variables, including
Settling on fair compensation is crucial to your business's fiscal health, meeting product launch dates, and high retention rates. Understanding Taiwan's pay structure is a smart part of creating competitive pay packages.
Employer contributions
The Worcapedia How to Hire in Taiwan fact page is a comprehensive and easy-to-read starting point for adding team members based in Taiwan, including a list of average technology-sector salaries in U.S. dollars.
If you decide to hire directly instead of using EOR to ensure payroll and tax compliance, determine the projected monthly base salary, then add employer contributions for
Exchange rates
In 1979, Taiwan moved from a fixed to a variable exchange rate determined by the Taipei Foreign Exchange Market. Why is this important? Because most distributed workers expect payment in their local currency. Unless you hire an EOR, your finance and payroll departments must manage the exchange rates between the USD and the New Taiwan Dollar (NTD) every pay period.
There are a few ways to address this issue:
Mismanaging payroll costs or exchange rates can lead to high burn rates, especially for start-ups. Prevent the problem by considering global talent, especially software engineers from Taiwan and the Asia Pacific region (APAC), to reduce salary expenses while elevating expertise and production.
Hiring globally–especially your first time–can be intimidating. And risky for several reasons:
The solution, however, is partnering with an employer of record to avoid establishing a local entity, ensure compliance, meet work eligibility regulations, and reduce payroll costs.
Imagine lowering salary costs by up to 67% over U.S. wages while hiring and onboarding international talent in days or weeks. Choose Worca's end-to-end employer of record solutions to identify and manage the world's best software engineers--or any other role you're struggling to fill.
