Shanghai – 29th May 2017 – Leader in mid-senior level recruitment, ZW HR Consulting has announced the launch of China Salary Guide for 2017. As one of the most trusted recruitment firm in China, ZW HR Consulting aims to provide employers and jobseekers alike with a comparative overview of salaries in Tier 1 and Tier 2 cities.
The guide is based on recently discovered changes in salary patterns within the diverse fields of Accounting, Banking & Finance, Aerospace & Engineering, Chemical & Energy, Consumer Goods, Human Resources, IT&T, Legal, Life Sciences, Manufacturing & Supply Chain and Real Estate – areas in which ZW HR Consulting has built a strong foothold in, with regards to executive recruitment. Although China’s economic growth in 2017 is currently slowing down, high levels of hiring activities that transcend the current status quo of the country are indisputably going to continue throughout the year.
Also, many companies remain optimistic when it comes to hiring activities but, the bitter truth remains that the top talents – professionals – are still in short supply.
Key Takeaways –
- Average salary increase rate is expected to be around 8% (excluding promotion), however it varies from industry to industry
- Those with specific in – demand skill sets and experience: will enjoy up to 25% increase in salary.
- Retention, training and employee engagement will be key focus areas for 2017
- Candidates with regional or China exposure possessing English and Chinese (Mandarin) language skills are particularly in higher demand and can expect salary hike up to 15 – 25%
- Employers looking at promotion and career development, instead of merely salary, as the job market is becoming more mature than before
- Hiring graduates of key majors and top universities on rise
Frank Yu, Chairman of ZW HR Consulting, states that ‘There is a positive outlook on hiring by Chinese companies in 2017. We expect many companies will offer wage increases to retain and attract employees as the employee turnover rate remains high”.
- Those who switch positions: will enjoy average salary increase of 8% to 15%.
- Accounting and finance recruitment professionals remains steadily high across all sectors thus, hiring for accounting, finance and banking professionals will remain comparatively stable.
- IT, Sales & Marketing professionals to expect upto 10 – 12% increase in their salaries
- Middle to high-level positions in the civil aviation sector: won’t experience any major changes in their salary structure.
- The IT sector will continue to outperform as demand will be particularly high for specialists, mobile engineers and software developers
- Engineers in R&D positions and bilinguals: will experience much more advantages – candidates who have proficiency in English communications, and business and project management skills, work experience and education in overseas should expect 20% to 30% increase in salary.
At the same time, company development and the requirements for the quality of the candidates may vary from cities to cities:
- In tier 1 city: employers emphasize the stable development of the company and the ongoing projects.
- In tier 2 and tier 3 cities: they will provide senior talent with promotion and development opportunities.
Joyce Jing, General Manager for ZW HR Consulting said, “I often hear candidate saying that salary is no longer the most important factor that would convince them to join any organization. Employees in China are looking forward to new and innovative benefits, career development, training instead of merely salary hikes. Candidates with international exposure, good language skills, market knowledge and who are well-disciplined will continue to receive multiple offers, as well as counter offers from their current employer”.
China will also focus on the improvement of economic benefits. On this basis, ZW HR anticipates that the employment market in 2017 will continue to maintain steady development.
In conclusion, the aim of this guide is to provide you with further insight into the latest salary ranges, calculating for various positions across different industries in China. The salary ranges signify actual transactions between employers and employees, therefore best reflecting the Chinese marketplace.
If you would like to learn more about the China Salary Guide 2017 or receive a copy of the salary guide, please visit our website www.zwhrconsulting.com or email us at firstname.lastname@example.org
About ZW HR Consulting
ZW HR Consulting provides recruitment solutions focused on mid-senior level professionals. Originally founded in Shanghai in 1998, ZW HR has since grown into one of the biggest and the oldest headhunting recruitment firms in China. With 10 offices across Asia, ZW HR Consulting currently has over 200 employees. As of 2012, ZW HR Consulting has become an exclusive member of InterSearch Worldwide. Established in 1989, InterSearch ranks as one of the top international executive search alliance organizations in the world, with 100 offices in over 50 countries.