Mid-Level Professionals in Greater China Seek Job Vacancies Offering Leadership Development Opportunities and Substantial Pay Increases
- Guangzhou and Shenzhen Among Top Five Preferred Chinese Cities for Relocation -
Hong Kong, August 1, 2006 -- Futurestep, the outsourced recruiting subsidiary of Korn/Ferry International (NYSE:KFY), a premier global provider of talent management solutions, today announced that a survey conducted in late June of mid-level professionals in Greater China (including Hong Kong) found that 62% of them labeled themselves either “likely” or “highly likely” to change jobs in the next twelve months, even though that same percentage said their current job is at least “fairly” if not “very” secure.
While more than 55 percent of respondents have updated their CV in the last six months (and 88 percent of those who haven’t expressed an intent to do so this year), an inability to find a new, interesting position was the number one reason cited for staying in their current role (49 percent). As a result, they are turning more and more to well-known recruitment firms in addition to online job boards to make the most of what 50 percent of them described as a “stabilizing job market” in China.
“A growing part of the end-to-end solutions that Futurestep offers companies struggling to find talent in China is the development and execution of custom employer branding campaigns that will reach the best job seekers in the most effective way,” said Rachael Pogson, Country Leader, China, Futurestep. “In addition, by taking a holistic view of their company culture and HR policies, we work with them to plan for the creation of proactive development programs to foster employee loyalty.”
Understanding Employee Attitudes is Key to Solving Talent Challenges in Greater China The survey illuminated some underlying employee demands that Futurestep consultants work with clients to proactively address, including:
Inadequate Opportunities for Development and Advancement: Less than a quarter of the professionals surveyed felt there was a “strong” to “definite” possibility they would be promoted this year. But when asked what the most significant thing a potential employer could do to make them leave their current company, investing in their professional growth and development so they can become a more effective leader (over 50 percent) was much more important to them than was offering a higher position (at 14 percent). Likewise, more than 30 percent said this was the number one thing their current employer already is doing to keep them on board.
Significant Salary Increases Expected: When considering a new role, a pay increase of at least 25 percent is expected by more than 45 percent of respondents. Twenty-three percent seek a minimum raise of 20 percent; 17 percent expect 15 percent, and 12 percent are looking for no less than a 10 percent salary hike.
New Cities Emerging as Attractive for Chinese Talent: While Hong Kong, Shanghai and Beijing remain the top three preferred cities to work in respectively, Guangzhou and Shenzhen vied for fourth place. Suzhou, Dalian and Wuhan also made the “top ten” list, ranking in that order.
“Whereas in the past, relocation to the major Chinese cities was viewed by many professionals as a hardship posting, today many ‘Chinese expatriates’ (from Hong Kong, Taiwan and Singapore) are actively seeking opportunities in mainland China to fast-track their career. A China posting is seen as a hot ticket for advancement due to the rapid pace of the country’s economic development and prosperity,” said Paul McGrory, Managing Director, Hong Kong, Futurestep.
About the Survey The online survey was the third in a series that Futurestep is conducting across the Asia Pacific region this year to keep abreast of trends in employee aspirations and behavior in each market. Respondents were drawn from the Company’s comprehensive candidate database and comprised middle management professionals across multiple industries.
About Korn/Ferry International Korn/Ferry International, with 70 offices in 40 countries, is the premier global provider of executive search, outsourced recruiting and leadership development solutions. Based in Los Angeles, the firm partners with clients worldwide to deliver unparalleled senior-level search, management assessment, coaching and development and recruitment outsourcing services through its Futurestep subsidiary.
About Futurestep Founded in 1998, Futurestep serves as Korn/Ferry International’s outsourced recruiting subsidiary, focusing on the creation of successful recruitment solutions based on clients’ individual workforce needs. Futurestep has locations in 17 countries across North America, Asia/Pacific and Europe. In addition to recruitment process outsourcing, the company’s portfolio of services includes project-based recruitment, interim solutions and mid-level recruitment.
