CBC Executive Search most respected executive search company in china specializes in executive search, recruitment & staffing and Headhunting Executive Search services in Shanghai.
Shanghai, China, January 31, 2014 - (PressReleasePoint) -
Headhunters have seen ‘endless opportunities’ in China in the last 10 years as the country’s economy expanded with high single or even double digits.
However, recent reports show that foreign multinationals, including Johnson & Johnson, IBM and Hewlett-Packard, cut jobs in China. And according to the Wall Street Journal, the Manpower Group says the positions it tracks at foreign companies in China are down over 20% this year.
Does this mean that the China market is no longer attractive for executive search firms? Not at all, is the short answer. While in the past foreign companies have added hundreds of thousands of jobs in China, including white and blue collar jobs, the time has now come to focus on quality hirings. With the government’s reduced growth targets of 7% to 8%, it is only natural that companies are more prudent when it comes to hiring new staff.
Headhunters focusing on blue collar positions and entry / junior level assignments are feeling the squeeze much more than headhunters focusing on senior manager and C-level appointments.
The Chinese market is still of great importance and this will be the case for the years to come. For every company cutting jobs, you will find one that is hiring. As the Chinese market gets more competitive and expensive, multinationals are playing it safe by relying on headhunters who can provide the right candidates.
A challenge that (foreign) headhunters must accept is the fact that Chinese employees do no longer prefer to work for foreign companies. In a recent study, 47% of all respondents said they prefer to work for a Chinese company while only 24% said they favor a foreign employer. In 2008, 45% said they prefer to work for a foreign company and only 18% like local companies better.
Foreign headhunters must take this new development into account and improve their relationships with local companies. For some it will be an entire new playing field with little to gain. For others, the switch to a more local clientele might open new opportunities.
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