Teach your children to speak chinese!

If you think we have got talent issues in the UK, then think again! China, now one of the new superpowers of the world, is needing to feed it's exponential growth with talent. Therein lies the problem. One, there isn't enough skilled people to meet the huge demand and two, one of their biggest problems is retaining employees, particularly Management.
Competition is stiff for Managers in China and high turnover just compounds the issue. Management-level attrition rates in China are more than 25 percent greater than the global average, and replacing a high-performing manager can cost 300% to 2,000% of that individual’s salary.

Jonas Prising, President of Manpower North America, says,“The United States is the biggest investor country in China, yet many of its companies are struggling to generate the growth they want because of people issues. Recruiting the right people, retaining the best staff and developing leaders of the future are difficult tasks in any market. For foreign companies operating in China, there is the added difficulty of understanding how to adapt talent management strategies to the country’s unique business culture and values.”

The rapid economic and social change that has already impacted China in a big way in the past few years has spurred a skills shortage that is expected to be massive in the next few years. The labour shortage in China is even more problematic than in other nations because it is most severe among managers. 40% of companies find it difficult to fill senior management positions.  Mid-level managers are also in short supply, particularly those who are Chinese nationals and can interact with local people.

So is it any wonder that search for talent in China has gone online, in this extreme example of a candidate driven market. The job board stats would be a dream for online companies in the UK, with the Chinese employments sites such as Zhaopin.com and 51job.com having daily hits in excess 4 million. But when you realise that China’s population is well be over 1.3 billion people you realise that it is just a drop in the ocean.

So if you are advising your children which GSCE's to study, or you really do want to give you little generation Z'ers a leg up into the global workplace, then start them studying mandarin or cantonese!!