2016 Job Market Trends Overview
The global economy is slowing down, and the Chinese market is no exception. The economic situation is directly reflected in the performance of the job market. Traditionally, more activities in the job market would be seen after the New Year, so how about this year?
- Domestic enterprises become the new favourite. In the volatile international economic environment, foreign-funded enterprises with lagging profits lay off large numbers of employees and cut costs. Rising labour costs in the country, coupled with economic turmoil result in constant restructuring and reorganisation, massive layoffs, even withdrawal from China. In contrast, a number of promising and open-minded domestic enterprises are much sought after by employees who want job security. This trend brings good news to quite a few potential entrepreneurs. Many of them are trying to optimize their internal systems and processes to attract foreign management elites, hoping that they will bring in new management philosophy, promote enterprise development to create a virtuous circle.
- Qualified technicians are still in great demand. Supporting functions still face challenges. The economy is slowing down while showing a rising trend in general. Rapid development of science and technology means sophisticated technical talents are still very popular, as a company's business units remain the key to profitability. At the same time, some supporting functions are downsizing to cut costs and maintain profitability, which intensifies competition of the job market and ensures survival of the fittest.
- Outsourcing becomes a growing trend. In today's market, outsourcing is a choice favored by many companies. They outsource their recruitment, finance and customer service business to support their main business with lower costs and in a more efficient way. This is a trend which will last long.
- Traditional industries are trying to transform to seek development. Traditional industries are more or less impacted by the sluggish economy. On the one hand, faced with rising labour costs and environmental pollution in China, most manufacturing enterprises are relocating their factories. For example, some industrial companies are moving inland from coastal regions and garment companies are moving their factories to Southeast Asian countries. On the other hand, under the impact of emerging industries, traditional sectors have to transform to survive, with the automotive industry as the most prominent one. In general, electricity, Internet, new energy and the robotics industry are highly sought after. The healthcare industry is growing steadily, while manufacturing and the retail industry are greatly challenged.
The changing environment highlights the importance of human resource management. Highly qualified HR teams are not only a major competitive edge of a company, but also the key to the healthy development of the employment market. Therefore, how to improve the efficiency and professionalism of the human resources system to ensure stable and healthy development of a company is undoubtedly one of the most concerned issue in today's business world.