Tech firms across Asia are spending big bucks to attract and retain the best talent. Meituan, a Beijing based firm, is offering $188,000 for a machine learning professional to enhance and further its autonomous delivery venture. For another position in the same project, they are willing to pay $177,000 for a professional to enhance the delivery, supply, and storage mechanism.
Meituan is not an isolated case either as there is a multitude of other companies across the Chinese tech industry who’re following a similar strategy.
Statistics reveal that the tech industry in China is splurging on compensations and employee benefits more than any other industry at the moment. For example, the major Chinese tech players such Tencent and Alibaba group have doubled down on employee benefits in the recent past. Things such as interest-free loans for house purchases are being extended to the employees to lock in the best talents in the tech industry. Firms in the Chinese tech sector seem to be splurging most on the salaries and benefits for the data scientists. Data scientists alone saw a rise in their average salaries by a whopping 67% just last year.
Artificial intelligence is another domain within the tech industry where the companies are investing to attract the best talent. AI professionals are taking home an average annual salary of $120,000 which is almost a 60% increase from the salaries in the previous year.
The IT sector in China is a favorite when it comes to investments. Even the Chinese government has been urging local firms to invest more in the sector as one of their ambitions is to become a technological leader in the world. Besides, major tech firms such as Tencent, Alibaba and Baidu require AI professionals and data analysts to enhance the customer experience as well as make advances into futuristic sectors such as autonomous cars.
Tech professionals seem to be a rare find in the present environment where the astounding rate of change requires constant learning and addition of skills. The supply of the best talent in the tech industry is further restricted by the fact that the resource is globally as well as regionally more mobile than ever before. The higher investment into salaries and benefits seems to be working in the case of the Chinese firms. However, they are not the only ones. The same trend can be seen across other Asian economies such as India, Japan, Malaysia, and Indonesia.
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