Chinese companies are now going head-to-head with multinationals when it comes to recruitment of executive talent, salaries, and career opportunities. As local companies grow in size and prominence, they are increasingly able to compete against global competitors to win the next generation of Chinese executives. Nearly 6 out of 10 regional roles within multinationals engaged in business operations in China are now held by Chinese managers, while 9 out of 10 regional roles in local firms are held by Chinese executives.
Soon, homegrown executive talent will take over management and leadership positions previously held by foreigners. The narrowing gap in the recruitment of Chinese executives is the latest challenge for foreign companies. Up until recently, multinationals were considered the best place to build a career in China due to leadership development opportunities, access to global best practices, and attractive compensation packages and culture. But as the world's no. 2 economy transitions from an industrial-focused economy to a consumer-oriented one, more service expertise is in demand, presenting new hiring opportunities.
Recently, locally owned companies have upped their game in terms of the experience, salary, and employee training and development they provide, in an effort to woo talent away from their multinational competitors. Their fast-growing operations present opportunities for local talent to rapidly take on leadership roles. As a result, multinationals must rethink their talent strategies to ensure they can attract top Chinese executive talent. Local companies are becoming more attractive because they provide the opportunity to drive greater changes. Whereas in multinationals, the China units are often limited to a following a specific direction that was developed at headquarters.
Ginkgo Search Partners is a leading international executive search firm specialized in attracting outstanding professionals to fill mid to senior level management positions in China and across Asia. In China, we are present through offices in Beijing, Shanghai and Hong Kong. For further insights about recruitment challenges in China and our unique executive search services please visit www.ginkgosearch.com
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