Skills Development: In China, meanwhile, people are graduating from college
in historic numbers. Spurred by rapid economic expansion and growing free
markets, multinationals in China employ a sizable cadre of university graduates
in their 20s and 30s. However, these new entrants into the workplace “often lack
the practical experiences and softer creative and leadership skills” that
businesses need to succeed in the global economy, according to a February report
from the Conference Board.
In another survey, Mercer Human Resource Consulting polled 100 organizations
in China and discovered that retention of professional staff is a mounting
issue. Turnover has skyrocketed at about 54 percent of multinationals and other
large firms, while 42 percent report higher turnover in support positions. The
result: Companies are forced to pay higher salaries or spend excessive amounts
on recruiting, Mercer says.
—Garry Kranz
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