Shanghai, 23 February 2017: Chinese companies, with an eye towards international expansion, are set to edge traditional multinationals (MNCs) in 2017’s hiring growth, according to the latest survey by global recruitment specialists, Michael Page. 55% of mainland Chinese firms are expected to increase headcount this year compared to 41% of multinational corporations based in China, according to its 2017 China Salary & Employment Outlook. The report, which surveyed nearly 1,000 employers across industries in mainland China, also revealed that out of the companies operating in mainland China, 44% of local companies will be offering salary increments of 6 to 10%, comparable to foreign multinationals (46%). Peter Smith, managing director of Michael Page China, says China has seen the meteoric rise of mainland Chinese brands, now multinationals in their own right. “As domestic companies mature, they are turning their efforts to employee retention and building a strong portfolio of business leaders. They continue to invest in recruiting and retaining quality professionals across all departments and levels of seniority. This includes finance, digital, and marketing – instead of only top line leadership. While these strategies spell optimistic employment opportunities, they place further strain on China’s candidate-driven market where strong candidates are always in demand and often receive multiple job offers.” Companies in China are now placing a higher priority on diversity and inclusion programmes as compared to five years ago. A majority (86%) of companies surveyed stated that their organisation was committed to diversity and inclusion initiatives. Gender (61%) followed by minority ethnic groups (35%) and religion (31%) are ranked as the top three most important focus areas of these efforts. In 2017, key sectors in China set to hire aggressively include renewable energy, financial technology (fintech) and financial payment processing, as well as digital media and consumer electronics. Primary manufacturing and industrial sectors, however, continue to struggle as domestic and international demand weakens. ****END**** Editor’s notes: The Michael Page 2017 Asia Salary and Employment Outlook covers market insights and recruitment trends in Asia. This includes Singapore, Malaysia, Indonesia, Thailand, China. The report incorporates the views of over 3,400 employer survey respondents in addition to feedback from corporate human resources directors across different industries in Asia and business experts' insights from the Michael Page leadership team.
