Mainland turnover high

Multinational companies saw a higher rate of employee turnover on the Chinese mainland last year than in other parts of Asia, according to a recent employment report.

The report, released in Shanghai yesterday by Nasdaq-listed Hudson Recruitment, was based on a survey of more than 2,200 multinational companies in Asia about their hiring and year-end bonus situations this year.

About 600 of the responding companies do business on the mainland.

Across all sectors, one-third of the Chinese mainland respondents said that more than 10 percent of their employees left the company over the past 12 months. Another nine percent of employers said that their turnover rate had exceeded 20 percent.

The figures are higher than those reported for other Asian regions, including Japan, Singapore and Hong Kong.

Angie Eagan, general manager of Hudson China, said that the high employee turnover rate reflects heated competition on the Chinese mainland for talented professionals.

"China's unparalleled GDP growth is attracting more foreign investors to expand their business here, so companies are competing with each other to attract qualified professionals," Eagan said, adding that sufficient job opportunities made room for job hopping.

To attract staff, 57 percent of respondents said they expect to increase salaries for new managers by more than 10 percent this year, compared with 48 percent last year.

The proportion is also much higher than those in any other market surveyed in Asia.

Year-end bonuses are also considerable. About 42 percent of the respondents said that they would pay bonuses of more than 10 percent of employees' annual income.

tags:turnover rate  shortage  job hopping  attract  salary increase  

<< homepage recruitment advertising