Monday, June 4, 2012

China's Talent War

Strong demand for talent in China is projected in the next 10 years. Both Multinationals (MNC) & Chinese enterprises are projecting 13-16% headcount growth in the next 5 to 10 years, creating greater pressure in China’s talent war. This creates two big challenges: in finding and in retaining people. On the other hand, China is transforming from a “manufacturing center” and “production base” to a “R&D center”. More scientists, specialists and returnees are coming to China as opportunities, fueled by large MNC investments and fast growth of leading Sino-owned Enterprises and Private Owned Enterprises, are unique in the world. MNC’s advantage in attracting talent is not as strong as before and the Chinese companies are gaining favors to strong talents as local Chinese governments are giving cash incentives of USD 100, 000 to USD 250,000 for talents who are in short supply in China.

This requires new strategies to find and attract talent, such as:
  • Need for creative sourcing strategies
  • New methods to reward / recognize recruiters
  • Use of new and innovative sourcing channels
  • Accelerating career growth opportunities by systematically promoting top local talents from within and by moving top talents to and from mature markets and by strategically assigning coaches and mentors
  •  Ensuring strong Employer Branding which includes a compelling employee value propositions, especially for vitality hires.
In this China's talent war scenario, do you think it is crucial to have a leading Executive Search company that can help to face the hiring and retaining challenges. If so, what would you require from it?.

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