3 Ways to Improve Employee Retention in China

This month’s news briefs:
• 3 Ways to Improve Employee Retention in China
• Salary Benchmarking: CFO Salaries at Chemical Companies
• The Last Word

TAKING STEPS TO IMPROVE RETENTION CAN HELP RESIST CHINA'S HOT JOB MARKET

“How can we hang on to employees in the face of rising salaries and a hot job market?” This is the question we receive most often about hiring in China. Here are three ways to improve employee retention, according to Derek Hu, head of DHR’s Shanghai office:

1. Be more proactive about career coaching than you would be in the United States. Make sure your employees understand the opportunities for advancement in your organization and how to take advantage of them. Especially if your senior China executives are expats, reinforcing to your local employees that they also have the potential to be international managers may induce them to stay.
2. Constant professional development reinforced with formal training programs is another effective team-builder. Investing in your employees communicates that they are valued and respected.
3. Think long-term in bonus and benefit plan design. Using long term incentive programs, retention bonus plans, stock plans and supplemental pension programs is another way to demonstrate to your employees that you are committed to them for the long term.
   

SALARY BENCHMARKING: CFO SALARIES AT CHEMICAL COMPANIES:

THE LAST WORD:
“Through the years, I have learned that there is no harm in charging oneself up with delusions between moments of valid inspiration.” - Steve Martin