China's highest salary increase and employee turnover rate in Asia
According to the report released by Hudson Consulting, 32% of respondents indicated that job seekers have increased their salary requirements by more than 20%, which is the highest in all surveyed markets in Asia.
With the sharp rise in CPI and increasing competition, in order to attract management talents, more and more Chinese employers are preparing to raise wages substantially and increase the amount of year-end awards. However, they may not receive the expected results.
Supporting this assertion is the latest Hudson Quarterly Employment Survey Report by Hudson Consulting, the world's leading human resources company. Angie Eagan, general manager of Hudson Shanghai, said in reading the report: "Chinese employers will have to pay the highest salary and year-end awards compared to other surveyed markets in Asia. However, such a strategy may not work because they will also Facing the highest turnover rate in Asia."
According to the report released by Hudson Consulting, 32% of respondents indicated that job seekers have increased their salary requirements by more than 20%, which is the highest in all surveyed markets in Asia. In comparison, only 4% of respondents in Japan expressed their expectation of a salary increase of more than 20%.
In addition to raising pay, this year employers plan to significantly increase the year-end bonus. In all industry sectors, 66% of respondents plan to increase the year-end bonus by more than 10%, and 24% of respondents said their year-end awards are expected to increase by more than 20%, which is also higher than other Asian counterparts. Market research.
Despite the significant increase in salary and bonuses, the employee turnover rate has increased significantly from the previous year. 47% of respondents said that the turnover rate in the past 12 months exceeded 10%, and 13% of the respondents said that the company's turnover rate was as high as 20%. Compared with other surveyed markets in Asia, China has the highest turnover rate, which is more than twice the turnover rate of Japanese employees.
Why is there such a high rate of employee turnover? The report shows that the most important reason is that there is limited space for career development – 22% of respondents have chosen this reason, which is higher than other surveyed markets in Asia. AngieEagan said: "The current talent market demand is strong, and once employees feel that there is not enough room for improvement, it is easy to change jobs."
With the sharp rise in CPI and increasing competition, in order to attract management talents, more and more Chinese employers are preparing to raise wages substantially and increase the amount of year-end awards. However, they may not receive the expected results.
Supporting this assertion is the latest Hudson Quarterly Employment Survey Report by Hudson Consulting, the world's leading human resources company. Angie Eagan, general manager of Hudson Shanghai, said in reading the report: "Chinese employers will have to pay the highest salary and year-end awards compared to other surveyed markets in Asia. However, such a strategy may not work because they will also Facing the highest turnover rate in Asia."
According to the report released by Hudson Consulting, 32% of respondents indicated that job seekers have increased their salary requirements by more than 20%, which is the highest in all surveyed markets in Asia. In comparison, only 4% of respondents in Japan expressed their expectation of a salary increase of more than 20%.
In addition to raising pay, this year employers plan to significantly increase the year-end bonus. In all industry sectors, 66% of respondents plan to increase the year-end bonus by more than 10%, and 24% of respondents said their year-end awards are expected to increase by more than 20%, which is also higher than other Asian counterparts. Market research.
Despite the significant increase in salary and bonuses, the employee turnover rate has increased significantly from the previous year. 47% of respondents said that the turnover rate in the past 12 months exceeded 10%, and 13% of the respondents said that the company's turnover rate was as high as 20%. Compared with other surveyed markets in Asia, China has the highest turnover rate, which is more than twice the turnover rate of Japanese employees.
Why is there such a high rate of employee turnover? The report shows that the most important reason is that there is limited space for career development – 22% of respondents have chosen this reason, which is higher than other surveyed markets in Asia. AngieEagan said: "The current talent market demand is strong, and once employees feel that there is not enough room for improvement, it is easy to change jobs."
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