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.More in Forbes India
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