Welcome to Morgan McKinley’s 2017 Salary Guide for China. Here we review hiring trends across a number of different sectors in 2016 and make predictions about recruitment and remuneration patterns for the coming 12 months.
The big business story of 2016 was, of course, the slowdown in China’s economy. Official data suggests China’s economy grew by 6.7% last year, its slowest rate since 1990. Meanwhile, the global economy is expected to have grown by just 3.1% in 2016, according to the International Monetary Fund.
In era of sluggish growth, it is no surprise that companies are taking a cautious approach to recruitment and cutting back on hiring in some areas. They are being particularly frugal when it comes to support functions, such as finance and accounting and HR, although they are investing in niche areas relating to automotive and supply chain and operations.
There are also fewer opportunities arising in financial services due to banks restructuring their businesses and cutting costs. While they are still hiring into compliance roles so that they can meet their regulatory obligations, planned headcount increases for many other functions have either been cancelled or put on hold.
On a more positive note, the internet is creating a host of new and exciting jobs in China. As the online finance industry expands, there is heightened demand for IT professionals. Furthermore, digital marketing and logistics expertise are sought after by fast-growing e-commerce businesses.
It is encouraging to see China building a reputation for itself as a destination for regional hubs while Chinese professionals are increasingly able to secure regional leadership roles with international businesses. Overseas experience and language skills continue to be prized by many employers, particularly for technical roles, but the local talent pool is becoming broader and deeper all the time.
Despite the challenges, Chinese professionals in all disciplines should look ahead to 2017 with confidence.
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