Employers need to be savvy in recruitment war
Despite global trade uncertainties and a skill shortage, Chinese employers are still offering more generous salary packages than their global peers to attract the right talents.
According to the latest Salary Guide released by global recruiting specialist Hays, 45 percent of 1,200 Chinese mainland employers expect to increase salaries by 6 to 10 percent in 2017, slightly up from the 44 percent a year earlier. Roughly 11 percent of the employers said they would offer a salary increase up to 11 percent this year. In 2016 that figure was 16 percent.
However, the majority of the employers in Hong Kong, Singapore and Malaysia will keep the salary increase between 3 and 6 percent. Seventy-six percent of the employers in Japan will offer a salary increase no more than 3 percent.
In the next 12 months, roughly 65 percent of Chinese mainland employers intend to award bonuses to all employees and 28 percent of them said they would award bonuses only to some employees.
For most accounting and finance professionals, the salary increase will be limited in 2017. More digital and technology companies will offer stock option plans to senior management staff to retain talent.
China banks' operations centers will set a higher bar on enhancing efficiency and controlling costs. Therefore, talents with such expertise will be in demand this year and their salaries can be expected to increase accordingly.
Traditional financial companies and internet financial companies are in short supply of talent with infrastructure technology knowledge. Therefore, employers will continue to use high salaries and clear career development paths to attract the right people.
As Hays discovered, online financial companies are more attractive as they offer better salary packages and stock options.
Christine Wright, managing director of Hays in Asia, said: "Recruitment and retention of talented employees will be one of the biggest challenges facing employers this year in the midst of a war for top talent."
