Global talent services company Morgan McKinley did another new study that revealed that 47% of employers in Mainland China plan to increase salary offers in 2024 for certain in-demand roles. Hence, 52% of professionals are optimistic that they will receive a salary increase next year.
The research was conducted as part of its 2024 Salary Guide and also found that 57% of organisations are maintaining current headcount, with 26% planning to increase headcount and hire new employees in the next six months.
Employers in Mainland China outlined the three most important things that lead to successful recruitment: Having organisational security, high salary offers and providing career development opportunities.
On the candidate side, 34% of professionals in Mainland China plan to actively look for new jobs in the next six months, whilst a further 34% are considering looking for new roles. Higher salary remains the most valued reason for wanting to move jobs at 35%, followed by career growth and development opportunities at 22%.
The top five desired benefits Chinese workers look for in a job are: Bonuses, flexible working hours, employee stock options, incentive plans, and work from home. 63% of organisations are paying out on combined company performance and personal objectives bonuses for 2023.
Marlon Mai, Managing Director of Morgan McKinley Mainland China, commented, “Companies are only interested in having top-tier talent; retention has been the focus due to the increased workloads and pressure for existing teams, and even when there has been scope for movement, counter offers have been more frequent.”
“Despite all this, there is a positive sentiment for the longer term view of employment, and companies have plans that will require new skills,” Marlon said.
The Morgan McKinley 2024 Salary Guide presents up-to-date and accurate salary data for a wide range of roles across Mainland China, providing hiring managers with industry benchmarks when they are working out what to pay employees and giving professionals more visibility over what they can earn.
Research from 67 businesses and 176 professionals in Mainland China was conducted to find out what companies’ hiring intentions are for 2024, what the key motivators are for changing jobs, and what the expectations are for movement on salaries.
