Despite global downturn, Taiwan’s TSMC plans to recruit 6,000 engineers – NewsEverything Technology

According to TSMC, the plan is to increase the engineering workforce by 6,000 throughout 2023.

TSMC buildings – illustrative photo. Image credit: 曾 成訓 via Flickr, CC BY 2.0

The global electronics and microchip manufacturing industries are facing a relatively strong economic downturn. Many companies have announced job cuts and are attempting to apply different cost-caving measures across the board of their activities, including reduced investments since late 2022.

For example, Intel Corp previously announced it is going to reduce payments for mid-level staff and executive personnel by 5% to 25%. Last November, rumors also emerged saying Intel was planning to cut “thousands of jobs” in response to the slowing personal computer market.

In this light, the TSMC hiring wave seems like going against the stream. But apparently, sustained orders from some high-end customers such as Apple kept TSMC operations at a relatively stable level.

The company announced it is forecasting a first-quarter revenue drop in 2023 and preventively reduced its capital expenditures, but is expecting the demand to gain traction in the second half of this year. Additional job positions are being prepared to meet this economic upswing.

According to TSMC, the average annual salary of a new engineer with a master’s degree is around $65,578.07.