The fight for talent is heating up in China, as the pool of labor resources dries up. And Chinese companies are winning from the multinationals. A staff turnover of 20% was already considered to be normal, explains Ben Cavender in Forbes India.
Last year, only a quarter of graduating students listed MNCs as desirable employers. That figure was 50% in 2007 and 66% in 2004, according to surveys by recruiting firm ChinaHR, a company owned by Monster Worldwide.
Hiring is only half the battle – retention is another struggle. “It is not uncommon for MNCs to face 20% turnover or higher in China, a number that would raise major warning flags in most other markets,” says Ben Cavender, Senior Analyst with China Market Research…
A dominant short-term gain mentality has led many in China to hop from one job to the next following higher and higher offers, explains Cavender, leading to China’s astronomical turnover rate.
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