Nearly all Chinese employers are concerned that a lack of quality talent has created a severe skills shortage that will negatively impact operations this year.
According to a survey by global talent recruiter Hays, 97 percent of 1,200 Chinese employers polled said that they are "struggling to find the skilled individuals and the situation is worse than ever." As a result, more Chinese employers are willing to look for talent from outside the country. This is contrary to what is typically preferred because local talent is much cheaper.
However, when it comes to key development areas, many companies are accepting the higher costs of hiring mid- to high-level management talent from outside China. This issue has been spotlighted by the sudden resignation of Chen Xiangli, who was the former president of the GE Technology Center in China.
For more related to talent shortages across the APAC region, see: The 2017 Hays Salary Guide
According to new data from international recruitment firm Hays, 70% of employers in China are concerned they don’t have the right talent to achieve current business objectives. The data from Hays also shows that 53% of employers in China believe skills shortages have the potential to hamper efficient business operations this year. A further 44% expect shortages to have some impact on business operations. “When the efficiency of a business is threatened, planning your business strategy and your talent pipeline has never been more critical”, Christine Wright, Managing Director of Hays Asia, said: “The focus for many businesses should be to build a highly talented and productive workforce. To do so, companies need to ensure they have access to the right candidates if they are to benefit from emerging conditions”.