China faces worst staffing turnover levelJanuary 19th, 2008 - 1:31 pm ICT by admin
New Delhi, Jan.19 (ANI): A survey undertaken by the China Youth Daily shows that employers in China are disadvantaged on two fronts — the hiring front while facing the biggest salary increases in Asia and secondly the highest staffing turnover in Asia.
Nearly a third, or 32 percent, of the employers surveyed have revealed that they plan to raise salaries by at least 20 percent to attract badly needed talent.
Human Resources Company Hudson, which carried out the survey, covered employers’ first-quarter plans and expectations.
According to Xinhua, the year-end bonuses are expected to rise significantly, with 66 percent of the respondents planning to increase year-end bonuses at least 10 percent and almost one-fourth planning raises of more than 20 percent.
But despite significant increases in compensation, staffing turnover has been heavy.
Across all industries, 47 percent of companies surveyed had turnover rates of more than 10 percent in the past 12 months, and 13 percent said that the rate was over 20 percent.
China’s staff turnover rate was highest in Asia, more than twice that of Japan, the Youth Daily report said.
Unsatisfactory compensation and limited career progression were blamed for China’s high turnover level.
Among respondents, 22 percent agreed that limited career progression was a major cause of high turnover, while 18 percent believed it resulted from dissatisfaction over money.
The report predicted a persistent increase in salary levels in China because of limited talent resources. (ANI)
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