China’s economy is booming and Chinese businesses are fighting hard to recruit the best talent locally and abroad. Executive compensation in China still differs from compensation in the U.S. and Europe but the landscape is changing rapidly. Although promotion and bonuses are the norm for compensation, now there are new elements at play, such as stock options, or the added pressure of accountability as Chinese-listed companies must now declare their executive's salaries publicly. This article gives a brief background to executive compensation in China and highlights current trends for local and expatriate pay for executive talent.
When businesses are going through a period of transition it’s important to have trustworthy, experienced executives on board to help make the process run smoothly. That’s where interim managers can be a valuable addition to the team.
Although businesses in the West have been using interim management for decades, the concept of hiring an interim manager in China is relatively new. With China’s economy being in a state of change and with various challenges facing the Chinese manufacturing sector, experienced interim managers in China may be exactly what many businesses need to get through a crisis.
In 2016 the highest expatriate packages for mid to senior managers within the Asia Pacific region were paid in Japan with an average package worth USD 329,000. Mainland China is catching up fast and has reached the second highest expatriate package in the region. The value of a typical total compensation package (including cash compensation and benefits) for foreign executives in China increased to USD 290,000. This is up from the fourth position in 2015 with the cost of an average expatriate package having surged by 5% within one year.
Human Resources is one of the most important branches of any business organization. A quality HR department will ensure that its company has recruited the best of the pool of available talent. Yet, in some circumstances the HR team fails to provide the optimum quality of labor due to the many shortcomings that they face. This is mainly related to the hiring process where they fail to recognize skilled and experienced employees.
Yet in China the challenge doesn’t only rely on the Human Resources team in a business, but on the quality of the overall labor supply. Here are top 5 HR challenges faced by China's local and foreign companies.
The Chinese government is expected to implement personal tax relief policies that were designed to attract top executives to the country. The government also hopes that the new policies will benefit both large corporations and fast-growing startups to retain their brightest executive talent.
Business insiders in China expect a tax relief on noncash types of compensation to be offered to top corporate executives. It is one of the steps that Beijing is willing to take in order to keep highly qualified executives from leaving the country to pursue better opportunities overseas.
In the market for a new job? Even if you aren’t looking in the near future, one of the best contacts you can have when looking for a new position is an executive search consultant. These professionals have an extensive network and can help you pivot in your job search to get in front of the right people. While it’s great for you to work with an executive search consultant, how exactly do you go about it?
China is shifting from a low-cost production outsourcing location to a more mature market followed by increasing labor costs. Over the past years multinational companies have seen increased competition for executive talent from Chinese based companies which has shrunk the wage gap between local firms and their overseas counterparts.
Brendan Browne, the Vice President of Global Talent Acquisition is heading LinkedIn's global recruitment efforts and helped the company to grow into the largest social business network in the world. In April this year LinkedIn claimed a new record with 500 million registered users from more than 200 countries, and is far ahead of its competitors.
Browne has worked in recruiting and human resources for over 15 years and has experience working in markets across the globe for both large multinational corporations and Silicon Valley based startups. When Browne started his career at LinkedIn in 2010 he got inspired by Reid Hoffman, the co-founder and chairman and Jeff Weiner, the current CEO of the professional network.
In this article we want to have a closer look at LinkedIn's recruitment principles, Browne's favourite interview questions, and the major hiring mistakes he has experienced throughout his career.
When companies seek to attract management and professional talent from outside their organization, they have various options. They can decide to manage the process internally by posting job advertisements and leveraging their networks or they can outsource the recruitment process to a professional search consultant. If they decide to work with an external service provider, they can either engage a contingency recruitment or a retained executive search firm. Why might organizations face limitations of managing the recruitment process in-house? What are the differences between contingent recruiters and retained executive search consultants? How will these different recruitment approaches affect your business?
The smart car industry has become the new battlefield on which traditional car manufacturers and Internet companies are competing. One of the latest players entering the arena was announced in January last year when LeTV, best known for its streaming video platform held a press conference themed "Redefine the Future" in Beijing to announce the appointment of Lu Zhengyu, a former Managing Director of Asia & Oceania Operations for Infiniti, as Vice President for the newly established Leshi Super Electric Car Company, a subsidiary of the LeTV Group. In summer 2014 LeTV reportedly made a joint investment with the domestic carmaker Beijing Automotive Group (BAIC) into the American company Atieva, which is the design and engineering company for Tesla’s Roadster.