Chinese companies are set to fuel hiring growth in 2017, according to a latest survey by global recruitment specialists Michael Page. The company surveyed more than 3,400 employers in Asia, trying to find key employment trends in the region, popular industry fields and salary standards.
According to its 2017 China Salary and Employment Outlook, roughly 55 percent of Chinese mainland companies are expected to increase headcount this year compared to 41 percent of those multinational corporations based in China.
The report also surveyed nearly 1,000 employers from various industries on the Chinese mainland. And it revealed that 44 percent of these companies will offer salary increases of 6 to 10 percent this year, China Daily reports.
Many of the key sectors in China are set to hire aggressively this year, including renewable energy, fintech, financial payment processing, digital media and consumer electronics, the report said. However, manufacturing and other industrial sectors will continue to struggle in the face of the weakening of domestic and international demands.
Compared to five years ago, companies in China are now placing higher priority on diversity and inclusion programs. Peter Smith, managing director of Michael Page East China said, “China has seen a meteoric rise in local companies, and many of them have developed into multinational brands.”
He further added: “As domestic companies mature, they are turning their efforts to employee retention and building a strong portfolio of business leaders. They continue to invest in recruiting and retaining quality professionals across all departments and levels of seniority. This includes finance, digital, and marketing, and is not limited to top line leadership.”
See: China created 13 million New Jobs in 2016, despite Economic Slowdown
“While these strategies spell optimistic employment opportunities, they place further strain on China’s candidate-driven market where strong candidates are always in demand and often receive multiple job offers.”
Also career progression, salary increases, and learning and development opportunity for employees continue to remain the top measures for companies to attract and retain talent.
In addition to these traditional incentives, the report also found that more companies are paying closer attention to their employer branding strategy, as a way to stand out in the increasingly competitive arena of recruitment.
Almost two-thirds of the surveyed companies said their organizations have already started actively practicing employer branding.
About 86 percent of companies surveyed said that their organization was committed to diversity and inclusion initiatives. Gender, minority ethnic groups and religion are the top three most important focus areas of these efforts.
Also read: Most Desirable Benefits by Employees in China in 2017