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back to index backGLOBALtalk December,  2014


Long-term Trends Reshape China's Talent Landscape

Lower economic growth in China has temporarily reduced the pressure on salary increases and staff turnover in the short-term. However, the slowdown in the numbers of new entrants into the workforce, the growing demand for employees who are multi-skilled and can work outside their core area of expertise, and the poor quality of the growing pool of university graduates has put enormous pressure on HR professionals to think creatively and develop innovative solutions to rapidly evolving and complex new issues. These findings were revealed in Aon Hewitt’s 2013 Human Capital Intelligence Report for China, which covers more than 4,000 companies in 40 major industries.

While China still has among the highest economic growth rates in the world, the Chinese government’s 2014 target for GDP growth (set at 7.5%) is the lowest in 20 years.1 The slower economic growth contributed to a reduction in salary increases and turnover rates in 2013.

Salary increases are expected to decline slightly in 2014, after recording a steady 7.7% rise in 2013. Voluntary staff turnover rates are experiencing an across-the-board decline. Even employees in sectors that historically have witnessed high turnover rates are acting more cautiously and staying with their employers longer. The staff turnover rates in 2013 for such high-turnover sectors as retail, high-tech, and consumer products are 30.9%, 23.2%, and 19%, respectively.

To read entire article, including graphs/charts, please click here.

Source: AON Hewitt
- GAI




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