(Yicai Global) May 2 -- With China’s rising economy, the culture of both men and women of the past three decades was to become rich and successful. At present, there are over 200 million single individuals in China, as women outnumber men by 33.66 million. As the maturing economy continues to provide countless job opportunities and attract more professionals, some believe that the demands of overseas returnees are re-aligning their expectations of what makes a successful career. However, it turns out that their focus on the starting salary is secondary to the climb in job prospects.
Lack of Student Debt Promotes Continuing Education
With the world’s largest university population, China currently has over 40 million students to date. Due to the high number of students, most countries would assume that China has one of the greatest student debt crises in the world. However, that is far from the truth. According to Tuition.io, the average cost of tuition in China is $2,000 compared to $28,500 for private Universities in the United States. The difference between the two countries is that the U.S. bases their admissions on standardized tests like the SAT. Meanwhile, China accepts their students based on one entrance exam. As a result, the low cost of education means that student loans are uncommon as most families are able to afford college without financial assistance.
Strong Demand for Career Progression
In Mainland China, the areas with the strong demand from employees include a stronger career progression route, better training, and salary increments as a third priority. Over 35% of professionals based in Hong Kong claim that the introduction of training would improve their job satisfaction. Yet, only 19% of employees receive this benefit. Fei Hung, a 28-year-old woman holds a Master degree in Commerce from America and has no previous work experience. After returning to China in 2017, Ms. Hung was eager to find a job related to her major. She also agreed that the starting salary was not an issue as her main goal was to prove herself worthy through her work.
Competition for Talent Rises in China
Hong Kong-based employees are benefiting from the approach to retention strategies and leadership teams to drive the agenda. As companies focus on success from within, employers are prioritizing career development as a low-cost method with high rewards for the employee and the organization. By paying for classes, building paths towards target positions, and hiring internal career coaches, employees have the benefits of sharpening resumes, grooming for higher positions in the ladder. In return, employees will likely boost motivation and develop their skills – giving companies higher results and output.
Over the recent years, China’s wage growth has risen since the boom in the economy. In fact, Alibaba’s IPO alone has built thousands of new Chinese millionaires within the past decade alone. Between the economic growth forecast and lower inflation for the upcoming years ahead, the majority of employees expect to see an increase in pay of at least 3%. To continue raising their brand reputation, Chinese employers must introduce employees to continuous programs in development, provide international benefits, and communicate effectively.
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