China Talent Trends
While the Chinese economy continues to transition to a sustainable growth model, the labor market is experiencing old-world market woes. Worker unrest can be seen in the form of protests and strikes across key industries like manufacturing and construction.
Exacerbating these challenges is the cost of acquiring talent. Workers expect at a minimum a nine percent increase to switch jobs. Six provinces have increased minimum wages to secure talent, including Shanghai and Shanxi, but with intent to stay at a lowly 23 percent, few employees are staying loyal to their employer. Companies are now in a tight spot as employees are in the driver’s seat as to whether to stay or go.
Organizations looking to keep their talent in seat must offer competitive compensation and a focus on both current and development opportunities that excite employees.