March 10,2011

Labor Shortage Spreading: China Spends Big for Skilled Labor

By CSC staff,Shanghai

According to Make Watch, headhunters recruiting in China say they've rarely seen busier times. Domestic and multinational companies seeking to bolster staff as part of bold expansion plans in the Chinese market have sparked frenzied bidding to attract qualified personnel across a broad range of industries. Candidates with the right level of education and skills are typically seeing inducement offers that include salary increases of 40% to 50%, in addition to enhanced responsibility.

China's labor market could not be more interesting. Young migrant workers for factories and construction are in shortage due to changing demographics; fresh college graduates are in surplus as a result of the great leap forward in high education (graduates jumped from 1.0mn to 6.6mn per year in the past decade), while highly skilled talents are in big shortage. One good thing is that high pay for talents is attracting overseas Chinese to come back. The "brain drain reversal" could have deep impact on China's &D push in the new decade.

 

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