Mainland companies struggle to retain staff, says survey
Companies in China are struggling to retain their professional and support staff, and face either having to pay higher salaries or excessive recruitment costs, according to research by Mercer Human Resource Consulting, a global leader for HR and related financial advice and services.
A survey of over 100 organizations in China, many of which are multinationals, shows that 54% have experienced an increase in turnover for professional staff since last year, while 42 percent have reported higher turnover for support staff.
Brenda Wilson, Principal at Mercer, commented, "The employment market in China has ignited in recent years, as more multinational organizations set up operations there and local companies expand. Individuals with transferable skills have become a valuable commodity, and companies are battling to keep hold of them."
"Companies are starting to realize they need to be more sophisticated in their approach to employee attraction and retention. Those that offer variable pay, promote 'softer' benefits like flexible working and provide meaningful career opportunities are most likely to keep hold of their best employees."