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Amidst macroeconomic uncertainties, industry shifts, and changing workplace dynamics, the business landscape in China is poised for significant challenges and opportunities in 2024.
To capture the market sentiments, we surveyed C-suite executives. We published the PageGroup 2024 C-suite Confidence Insights at the beginning of the year, providing an unparalleled perspective on the key concerns and strategic priorities of business leaders in China.
The report reveals that executives from the Chinese Mainland have shown a prominent increase in confidence in their companies and industries compared to the findings of the previous year. This increase likely reflects one of two key factors: leaders adapting to current market conditions, or a growing confidence in their chosen response.
Notably, leaders are generally more confident in their own businesses than in their industries. The key question remains: Does this self-assuredness translate to overconfidence in exceeding a challenging market, or is it a reflection of ultimate trust in their chosen strategy?
Companies adopt a two-pronged approach to achieve growth in this complex environment: maximising top-line revenue through technology advancement and R&D, as well as sales and marketing efforts while protecting the bottom line through cost control and efficiency measures. This strategy is evident in how our clients are operating in Q1 of this year, with more companies taking action to deliver on expectations rather than waiting for policy or structural changes.
According to the report, international expansion continues to be a trend for 2024, with Southeast Asia, Europe, and other parts of Asia emerging as top destinations.
While 70% of companies are eyeing Asia for globalisation, there’s a notable shift towards diversifying expansion destinations compared to the previous year.
This trend is not limited to large corporations like Xiaomi, Nio, and Shein; small and medium-sized enterprises, particularly in the healthcare and life sciences sectors, are also finding success abroad.
In the first quarter of 2024, PageGroup partnered with several Chinese firms to support their global expansion by connecting them with top executive talent for positions such as Chief Business Officer, Chief Executive Officer, and Global Sales Director.
The C-suite commonly recognises a robust talent strategy as an enabler for business growth in Greater China.
One in five leaders identifies talent management as a key objective. Companies focus on recruiting and retaining core talent and improving employee efficiency, which is central to their talent strategy for business development.
For leaders, it is important to reassess their strategies by identifying opportunities, making pivotal decisions, attracting, and nurturing top talent, and building high-performing teams in this complex landscape.
Talent strategy has evolved to align more closely with business objectives, going beyond mere recruitment to focus on retaining crucial talent, upskilling, and reskilling employees.
Problem-solving skills and a growth mindset are highly valued by surveyed executives, along with learning ability, business development skills, and innovation.
With salary, career growth, and flexibility becoming primary motivators for job-seeking and retention, companies need to rethink their resourcing model, benchmark pay and review their employee value proposition (EVP).
For some companies, recruitment will need to be continuous rather than on-demand to keep up. It will likely comprise a blend of permanent, contract and flexible options. Working with a trusted recruitment partner and flexing the model according to evolving needs will be the key to meeting the hiring challenges.
As salary is one of the most important job-seeking factors, it is essential to know the salary information and benchmark salary whether you are looking to hire new staff or retain top talent.
At PageGroup, we produce annual salary guides and provide real-time data on salary benchmarking and market trends to help companies make informed decisions. Stay tuned for our 2024 Salary Guide, which will be launched soon.
Furthermore, a clearly articulated EVP is the best way for companies to demonstrate they can meet the needs of the people who work for them. Building a strong EVP should consider the key job satisfaction factors.
Our Talent Trends 2024 report, launching in mid-May, combines data-driven talent trends with actionable insights into the 2024 job market to help businesses navigate the shifting labour market and shape talent strategies for their organisations.
It also provides an end-to-end and complete understanding of talent to reveal their motivations, attitudes, perceptions, beliefs, and values and the drivers within the hyper-local and global talent landscapes in key areas such as salary, culture, and values, work-life balance, DE&I and generative AI.
Navigating China’s dynamic business landscape 2024 requires a strategic approach that balances growth and profitability. By prioritising talent acquisition, developing a robust talent strategy, and staying informed on market trends, C-suite leaders can position their businesses for success in the coming year. As the talent landscape continues to evolve, embracing innovation and adaptability will be vital to attracting and retaining top talent in China.
