I have already commented that there is a talent squeeze at the top and bottom of the market. Now, a new report by Mercer Management Consulting indicates that retention of staff is becoming a major issue. Mercer’s survey of 114 companies (including many multinationals) in China (as reported by Forbes) found that, compared to last year:
- 42 percent experienced increased turnover for support staff
- 54 percent have experienced higher turnover for professional staff
- Average tenure for employees aged between 25-35 years was 1-2 years in 2005 (3-5 years in 2004)
In order to combat this problem, firms are spending plenty on “soft” benefits, but it seems that not enough is being done in many cases, and 44 percent think their employees are dissatisfied with their benefits. The benefits provided include the following:
- 24 percent offer flexible working conditions
- 41 percent provide health and fitness plans
- 26 percent offer mentoring programmes
- 42 percent provide staff with overseas assignments as part of career development plans
- 51 percent offer individual career development plans
- 83 percent of companies provide their employees with health insurance
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