China Talent Trends
While China has been a strong engine for global growth for the last two decades, it is no longer the world’s hottest labor market.
Employee expectations for merit increases has dipped below the global average for the first time this quarter and concerns about growth loom large. In fact, when it comes to attrition drivers, Growth Rate now rates in the top 10 for Chinese workers, ticking up 10 spots in the last three months. An even greater premium was put on Stability, which shot up six spots in Q2. This new emphasis signals that employees are dissatisfied with a GDP that is rising at a slow and unfamiliar pace and concerned about the impact it may have on their positions.
Despite slow growth, Chinese workers still feel good about their personal prospects in the broader labor market and job seeking is on the rise.
While employers will be tempted to promise stability to woo new recruits and retain top talent, they should resist. Instead focus on benefits than can be reliably delivered like those related to heightened work-life balance, the second most important attribute workers in China consider when evaluating a new position.