How to obtain, train and retain the people who can help a business get ahead in such a competitive and challenging market is one of the most common topics of conversation among senior managers in China. Luckily there is some advice on hand from McKinsey (and others). A new McKinsey report “How to address China’s growing talent shortage” notes:
“The growing need for talented managers in China represents the biggest management challenge facing multinationals and locally owned businesses alike. Demand for skilled managers will grow more quickly than the supply of qualified candidates.
Companies that take a long-term view of their talent needs, and that refine their recruiting and development processes accordingly, can create a real source of competitive advantage.”
ChinaSolved also puts an oar in on the subject, noting that “HR prices in China are about to go up – steeply – no matter what happens to the economy…You will have a hell of a time making productivity climb as fast as your payroll does”.
An idea of the scale of the problem comes from the fact that “44 percent of the executives at Chinese companies surveyed by The McKinsey Quarterly reported that insufficient talent was the biggest barrier to their global ambitions”. That is ahead of IPR and other well-worn issues. So reading the full article, and taking a long-term, strategic approach to HR issues is highly recommended.
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How to address China’s growing talent shortage