Challenge for Talent Retention in China
China is one of the fastest developing countries in the entire world. Instead of being the hot destination for outsourcing and home for the largest population in the world, China lacks the qualified talent required to meet the demands of foreign employers As a result of talent shortage, skilled workers find it extremely easy to hop on from one job to another resulting in high attrition rate. Therefore, top MNCs in China site human resource challenges, i.e. attracting and retaining trained employees as their top concern.
Given the cut-throat competition in the global market, companies in China need to think beyond the ‘talent-crisis” and focus on long term goals for their improvement. Companies should find out ways of building an efficient work force that grows and evolves with the changing needs of their businesses. Over the next few years, it is important for Chinese MNCs to change their HR strategies and train their employees to become as efficient as Savile Row tailors.
For most of the Chinese companies solving talent crisis means throwing more money for the desirable employees and retaining them. This often results in promoting an employee beyond the success level that he/she deserves. Many companies focus on performance instead of paying any attention to training and learning. This is because, most companies in China still believe in ‘buying'the talent rather than ‘building'it.
Companies should change their HR strategies and opt for a total reward strategy for their employees that should include good pay along with training, career development opportunities and other incentives. Such a strategy helps by taking into account employee’s career development, which is the most effective retention factor for manpower in China.
If most of the MNCs in Chins opt for this total reward strategy and make the required changes in their HR processes, the scarcity of talented human resource will become easy to deal with.
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