Mainland China's ambitious goals to assume global leadership in a number of areas including technology will intensify an already competitive market for talent over the year ahead. This is just one of the top 8 talent trends for 2018
"Creative, experienced, and innovative talent is what companies are looking for. However, it's expected the skill shortage will worsen before it gets better in 2018 and this will see demand outpacing supply in a dynamic market." Top 8 talent trends for 2018 in China are:
1. Booming IT & Internet industry:
The IT industry will be a hotbed of recruitment activity in 2018. As the world's third-largest IT market behind the United States and Japan, China's digital transformation is an irreversible trend with companies accelerating expansion in the areas of e-commerce and digital marketing. An investment spree in Internet businesses and a growing number of online financial services will drive demand for candidates who have digital experience.
2. Ongoing skill shortages:
Senior executives and HR departments will continue to face difficulties in securing candidates to bolster business growth. It's expected that skill shortages in certain industries and professions will be one of the biggest challenges facing companies in 2018. For many businesses, the challenge is to find candidates who have the ideal combination of technical and soft skills who are suitable for mid- to senior-management ranks.
3. IPO and M&A:
China's successful efforts to stimulate start-up businesses in a wide range of industries has created some exciting opportunities for professionals to utilize their knowledge and experience to rapidly launch and grow new businesses. Start-up enterprises are not without significant risks and 2018 may show a more slightly cautious approach from industry veterans, keen to ensure that IPO and M&A ambitions can actually be realized, before they shift their career away from the relative stability of working in MNCs.
4. Battle for STEM talent:
There is an acute shortage of science, technology, engineering and mathematics talent worldwide, which will prompt employers in China to double their efforts to attract suitable candidates in this field. Talented STEM graduates will also be actively sought after by various organizations amid China's efforts to diversify its industrial mix.
5. Tightening regulatory environment:
The tightening regulatory environment in China has led to a spike in demand for qualified and experienced audit, risk & compliance candidates, both for in-house and professional practice. Many global MNCs are in the process of establishing internal forensic investigation teams in an effort to provide greater control and visibility to international head offices. We expect this trend to continue in 2018, with strong trading conditions for professional consultancies operating in this niche area.
6. Moderate wage growth:
As demonstrated in the past nine editions of the Hays Asia Salary Guide, China has firmly led the region on salary increases. Although this trend will likely continue into 2017, for many industries and job functions, year-on-year increases will likely be more modest, with increases above 10 per cent considered generous. There will always be exceptions for booming industry sectors and niche skill sets, but employers are adjusting to tougher global trading conditions by moderating their fixed salary and payroll expenditure. In 2018, look out for a greater proportion of overall earnings to be attached to performance bonuses, as employers expect greater results for greater remuneration.
7. Outsourcing opportunities:
The trend of outsourcing suitable job functions to third party vendors in an effort to minimize costs and improve results has been a growing trend in China over the past few years. 2018 will see this trend intensify as MNCs look for ways to increase productivity and Chinese enterprises seek to leverage the expertise of established partners. Banking, finance, technology, customer service and recruitment & talent management industries will all likely lead the transition to outsourcing, with trusted international vendors able to capitalize on growing demand for their services. Talent Spot one of the premium recruitment agency can be your reliable partner if you want to outsource your recruitment process in China.
8. Attraction and retention:
Top talent is in hot demand and plenty of employers, especially local Chinese organizations, are preparing to pay a premium to secure the best talent out there. As organizations struggle to balance their ability to pay top dollar and with the increasing pressure on profit margins, expect to see some innovative retention strategies in 2018. Flexible working practices, upgraded non-financial benefits, performances bonuses, share options and (perhaps most importantly) being a true 'employer of choice' will all be on the priority list for HRDs and CEOs alike.
These top talents will be highly demanded in China this year. As a premium recruitment agency in Shanghai we engage in facilitating both the recruiters and the employees in the hiring process so that they can perfectly match each other. If you still confused about the recruitment process outsourcing, click the link below.