Int'l Head-hunting Agencies Tap Chinese Market

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Last updated at: (Beijing Time) Tuesday, December 10, 2002

Int'l Head-hunting Agencies Tap Chinese Market

The economic potential of China is appealing not only to foreign investors, but also to executive head-hunting agencies.

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The economic potential of China is appealing not only to foreign investors, but also to executive head-hunting agencies.

The world's top two head-hunting companies -- Korn and Ferry International and Heidrick and Struggles -- have announced in Beijing that they are to start business in China.

"We believe as China is increasingly integrating into the worldeconomy, its demand for high-level talent is bound to increase dramatically," said David Guo, chairman and deputy general managerof Heidrick and Struggles International Consulting Co., Ltd., a joint venture between Heidrick and Struggles and a Chinese company.

"For instance, Chinese companies eager to get listed abroad need financial experts familiar with the international financial market. Such talents are seriously undersupplied in China and we can help to introduce such talents to China," said Guo.

He said the joint venture had received many talent requests from companies in China, about 70 percent from foreign-funded enterprises and 30 percent from state-owned enterprises.

Heidrick and Struggles estimated that in a few years, business volume in the Chinese head-hunting market would top 200 million USdollars a year.

A Beijing-based official of Korn and Ferry International said transnational companies were putting more emphasis on the localization of human resources in China, so their need for returned overseas Chinese students would rise.

"These people have unique advantages. They are familiar with both Western and Eastern cultures besides being competent professionally," said the official.

Korn and Ferry International, which has 80 offices across the world, reported its global business volume in 2001 topped 466 million US dollars. Listed on the NASDAQ stock exchange, Heidrick and Struggles has 75 offices around the world with its 2001 business volume totaling 455 million US dollars.

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