On July 17, the Hudson Company released its third quarter report (for Asia) showing that Chinese employers face the most severe pressure from wage growth in Asia. Only 8% of respondents think they can negotiate lower wages with new employees under the current economic environment. The percentage is lower than in any other market in Asia.
Officials from Hudson's Shanghai branch said that the demand for professionals seems large. These professional elites expect higher wages when changing jobs; and consequently, have created a big problem for employers.
Manufacturing businesses are the most confident in lowering wages of new recruits, partly because the salaries of foreign experts and of those who have study abroad experience are becoming increasingly localized. In industries such as media, public relations and advertising, only 2% of respondents think it is possible to cut their employees' wages. This is the lowest percentage among all industries. The market lacks skilled professionals, who will inevitably become the target of dozens of enterprises.
The report is based on the expectations of more than 2,600 recruitment policy makers, 708 of whom are from China. The report covers a wide range of all the major industries and business organizations.
By People's Daily Online
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