Heard about this few weeks ago. Supposedly there's a formula, 1:3:7, that Chinese firms are using to recruit South Korean engineers.
It means if a S Korean semiconductor engineer joins a Chinese firm in China, he's guaranteed to be paid 7 times of his current salary for 3 years.
So let's say you make $10,000 at current job in S Korea, you will be making $70,000 a year, for 3 years. That's supposedly 'guaranteed'.
I may be off with the formula. It may have been 1:3:9. But I am sure it was 1:3:x, so pretty sure that it was supposed to be for 3 years.
A few dozen engineers did accept the offer so far. In the story I heard some S Korean HR person commenting such poaching went on recently for Display engineers who were recruited away from S Korea to Chinese firms. But he claimed none achieved much success, which I took as their career in the industry didn't last longer or they didn't make the money they expected to make.
China also made massive investment in commercial airliner, resulting in Comac C919. I read however that the C919 mostly had US/EU components though.
The 3 in 1:3:x certainly sounds credible, as employment contracts in China typically last 3 years (after which, renewable, of course).
The reason for 3 years per contract? Seems to be a sweet spot. After 2 contract renewals an employee is 'permanent' and essentially unfireable. 5 years per contract seems a bit long and a big buy-in by the employer, and 1 year way too short to expect someone to have the level of assurance and employer buy-in.
So, the 7/9 sounds realistic because of the 3. But I honestly don't expect much to get done, even in 3 years. Someone coming from outside a firmly entrenched organisation has to be a management master to achieve anything.
It means if a S Korean semiconductor engineer joins a Chinese firm in China, he's guaranteed to be paid 7 times of his current salary for 3 years.
So let's say you make $10,000 at current job in S Korea, you will be making $70,000 a year, for 3 years. That's supposedly 'guaranteed'.
I may be off with the formula. It may have been 1:3:9. But I am sure it was 1:3:x, so pretty sure that it was supposed to be for 3 years.
A few dozen engineers did accept the offer so far. In the story I heard some S Korean HR person commenting such poaching went on recently for Display engineers who were recruited away from S Korea to Chinese firms. But he claimed none achieved much success, which I took as their career in the industry didn't last longer or they didn't make the money they expected to make.
China also made massive investment in commercial airliner, resulting in Comac C919. I read however that the C919 mostly had US/EU components though.