China Human Resources - Trends and Challenges

Amid signs of a likely economic slowdown in China, the country's government released a set of labor statistics that resisted the trend. Import and exports may be down, but wages are up. Companies are continuing to expand workforces and even as China's growth cools, the country remains one of the most competitive markets for attracting and retaining employees in the world. A shortage of qualified & experienced talent in China has created an "overheated" labor market. Employee turnover has become a critical concern of HR executives and General Managers. In China, 1 in 3 employees is at high risk of turnover -- twice the number compared to other global markets. While many companies choose to compete for qualified talent by "out-paying" the competition, leading employees have realized that while pay attracts employees, compelling career paths and robust development retains employees -- especially high potential employees. Companies that develop compelling employment brands based on flexible career paths and focused skill development can insulate their employees from premature turnover and force their competitors to overpay for talent. In this edition of Klako Group's webinar series we will be looking at the up-to-date trends on the market and the challenges that multinationals as well as SME's are facing. We will be focusing on the following key points: China Compensation Trends, Emerging Trends in HR and Recruitment Services and Key Developments in the Employment Law and Visa Regulations.