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GLOBAL: "2008 Innovation in Emerging Markets: Managing product sourcing risks in emerging markets"

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back to index backGLOBALtalk December,  2011


Recruiting Leaders in China

As global business leaders consider where to target current and future strategic business expansions, there is no marketplace that surpasses China in terms of raw opportunity. According to IMF predictions, the GDP growth rate in the huge Chinese market should near or reach 10% during 2010 and 2011. And this will come on the heels of 8.7% GDP growth in 2009, a truly difficult year for most world economies. Aspirations for business expansion in China are held by both multinationals and local Chinese companies, as these companies aim to further tap the nation’s immense and expanding consumer base and industrial sector.

Indeed, as China helps lead the world out of recession, the nation will experience a renewed war for talent as well as significant upward pressure on executive salaries. Demand for highly skilled talent is expected to be strong across all industries, but most particularly in the life sciences, industrial, and financial services sectors.

Local companies are competing aggressively with multinationals for talent. Many Chinese banks, for instance, are expanding their operations and revising their business models to compete more directly with their foreign rivals. That means competing for talent as well as customers.

Experts also expect employee turnover to return to normal, pre-crisis levels during 2010. And it is worth noting that for new entrants into the Chinese market, poaching talent from local competitors can be far more expedient than attempting to develop talent internally or transplant talent from overseas. Such talent wars mean salary hikes. According to some predictions, wages at multinationals operating in China will rise, on average, by more than 7% this year.

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Source: CTPartners - GAI





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