A recent Hewitt study1 showed a significant number of companies reporting obstacles in their efforts to get the talent they need.
For example, 46% of China participants in the study reported shortages of local leaders. In Malaysia, 26% reported a similar shortage. In Australia, 23% did, and in Singapore, the figure was 17%. Plainly, the problem is far greater in China than elsewhere in the region.
Similarly, the data showed levels of turnover among senior managers and leaders in China to be far
higher than elsewhere in the region. In China, around 43% of senior managers voluntarily left
organizations. No one else comes close to this level: Hong Kong at 13% and Australia at 11% are
the next highest.
At Hewitt, we consider the following three themes will dominate.
- First, the leadership talent gap will persist. This is a global trend. China is not immune.
- Second, companies will need to pay more attention to how they manage benefits in the compensation mix. We believe, in fact, that the effectiveness with which companies deal with this issue can not only better help them manage compensation costs, but also differentiate them in the battle to attract and retain key talent.
- Third, HR functions themselves will begin to change, moving away from the administrators they overwhelmingly tend to be today and more towards a role in which they become a key shaper of strategic decisions. This is not a 'nice to have'. In the China environment, it is an imperative.
AdMark China is committed to finding for our clients the best possible talent as quickly as possible. Contact us at email@example.com or at +86 21 6288 9292.