Talent - a potential game changer for Chinese companies
To bolster their workforces, half of China CEOs plan to expand their headcount by more than 5% this year (vs. 28% globally). However, 59% say it is increasingly difficult to hire in their industry. In fact, this challenge cuts across all sectors, with an acute shortage of senior and middle managers.
In addressing the talent constraints, China CEOs are looking at alternative channels. Two-thirds are investing in workforce development outside of their own companies to build a bigger base of potential employees, while 59% expect to source more people globally. Furthermore, 57% of China CEOs are partnering with other companies to help overcome talent deficits.
Meanwhile, with no signs of a pickup in the euro zone and US economies, strong expectations are being placed on China for growth opportunities. Globally, 30% of global CEOs rank China as their top growth market in the next 12 months.
"The Chinese economy may be slowing down, but the China story remains attractive and critical to global CEOs' growth strategy. Beijing may have lowered China's growth rate to 7.5% for this year, it still doesn't deny the fact that that projection is still more than double the growth rate of the global economy. So, should we consider 7.5% an unexpected slowdown or a powerful engine of growth? I think it's pretty clear what the answer is," says David Wu, PwC China Beijing Lead Partner.
China's rapidly growing middle class - expected to be 40% of China's population by 2020 - will create a vast new domestic consumer market that is expected to drive the Chinese economy. And with the various measures taken to resolve the talent crunch, it will leave Chinese companies in a better position when the global economy picks up again.
You can download PwC's 15th Annual Global CEO Survey – The View from China on www.pwchk.com/home/eng/rss.html.
Notes to editors
For PwC's 15th Annual Global CEO Survey, 1,258 interviews were conducted in 60 territories in the last quarter of 2011 – including 122 from China and 38 in Hong Kong. In depth interviews were also conducted with 39 CEOs, including three based in China.
PwC's 15th Annual Global CEO Survey – The View from China is a summarised report of the responses from CEOs in China and Hong Kong.
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