A Startup In China Is Poaching The Best Tech Talent By Offering Them $3 Million Salaries

Jinri Toutiao is an app that's been doing really well, even hiring from competitors like Baidu and Tencent.

Gwyn D'MelloUpdated: Oct 27, 2017, 12:15 IST
China app

Over the years, China has developed a reputation as a place to secure large manufactories and cheap labour. But that entire situation might be changing very soon if the startup scene is anything to go by.

Damir Sagolj/Reuters

Damir Sagolj/Reuters

Zhang Yiming is the founder of a new startup in the country called Beijing ByteDance Technology Co, best known for a smartphone app called Jinri Toutiao (Today¡¯s Headlines). The app is a news aggregator that gathers articles and videos from hundreds of media outlets into one app, and it¡¯s now one of the most popular news apps worldwide, with 120 million daily users, according to Bloomberg.

In order to push for greater talent, as well as to improve the average wage earnings of techies in China, Zhang is paying some of his top employees around $1 million in salaries and bonuses each year, as well as stock options. And he can afford to toss all that money around, in order to lure leading talent from tech companies like Baidu and Tencent , sometimes even by offering a 50 percent hike on their current salaries as incentive. The Jinri Toutiao is reportedly on track to earn approximately $2.5 billion in revenue this year from advertising, with the app itself valued at $20 billion, as much as SpaceX.

Toutiao

Toutiao

¡°Our philosophy is to pay the top of the market to get the best,¡± the 34-year-old entrepreneur told Bloomberg. ¡°The company that wants to achieve the most, you need the best talent.¡±

¡°Unlimited salary for unlimited talent,¡± he says.

And ¡°unlimited¡± isn¡¯t necessarily just a casual phrase thrown in here. Some employees can accrue a total compensation package of over $3 million a year, though most reportedly prefer stock options to cash. In fact, veteran AI engineers in China average between $1 million to $2 million a year.

Thomas Peter/Reuters

Thomas Peter/Reuters

Times are changing for the technology sector in China, with a major influx of venture capital funding in the last four years. Because of that, a lot of cash-infused startups are now competing to hire the best local talent, something that¡¯s given these engineers and software developers a lot of bargaining power.

And yet, Toutiao is something of a unique case. It¡¯s a startup in the purest sense of the word, having not tied with any of China tech¡¯s big three ¨C Tencent, Baidu and Alibaba Group. Instead, it's competing with all of them, and currently winning, as far as the news app is concerned.

¡°Made in China¡± has had a bad connotation for way too long, and it¡¯s about time people realised it.

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