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Market insights: Empowering your talent strategy.

In 2024, China's economy faces enormous challenges. Except for a few specific industries that have maintained stable and growing business operations and strong hiring demand, most industries have seen hiring stagnate, making it one of the more exceptional years in China in the last decade.

 

of organisations ‘struggled to hire’ the right talent in 2023.

 

of professionals plan on actively looking for a new job in the next 6 months.

 

of employers have lost talent in the last 6 months, with ‘salary’ being the main reason.

2025 remains an unpredictable year, with various geopolitical factors such as Trump's rise to power, the war in the Middle East, and the US-China relationship, all of which will have a bearing on companies' investment confidence.

- Marlon MaiManaging Director, Morgan McKinley Mainland China

This is your opportunity to Go Beyond all expectations.

How can you be successful in the evolving talent landscape?

The top 5 hiring challenges companies will face in 2024.

 

of organisations found hiring ‘Very’ or ‘Quite’ competitive in 2023. The main barriers for recruitment in 2024 are…

  • Lack of skilled candidates available
  • No budget to hire
  • Volatile market
  • No sign off for new headcount
  • Pay and benefits not competitive enough

What do people want? Key benefits to offer…

 

Employees are not very satisfied with the benefits they receive, with 58% being ‘neutral’, ‘dissatisfied’ or ‘highly dissatisfied’ with their packages.

Offering strong benefits, both financial and non-financial, increases your chance of attracting and retaining top talent.

    Top 5 most desired benefits:

  • Pension
  • Flexible working hours: Flexi-start, flexi-finish
  • Work from home
  • Health insurance
  • Bonus

Job security is a pressing issue for employees.

 

of employees are either feeling ‘indifferent’, ‘a bit insecure’ or ‘very insecure’ in their current roles.

    In a time when top talent is scarce, employers should take steps to ease the concerns of their workforce, or risk losing them to competitors.

Up, down or flat? The state of salaries.

Despite the uncertainty, companies still have ambitious plans that will require new skills. As we all know, hiring or holding onto the top talent who possess those skills comes at a cost.

54%

of organisations kept their salary bandings level over the second half of 2023.

57%

of employers plan to increase salary offers in 2024 for certain, hard-to-fill roles.

50%

of professionals are optimistic that they will receive an increased salary in 2024.

2025 Mainland China salary guide.

Explore salaries to find out how much you should be paying your employees or how much you could be earning this year.

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Download your Salary Guide for 2025.

Salary data, insights and advice to guide your talent strategies. Benchmark what you are paying your teams against the industry averages for roles in your location.

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