Sierra Leone President Ernest Bai Koroma (R) meets with Chinese President Xi Jinping on Dec. 1, 2016 in Beijing, China. (Photo : Greg Baker - Pool/Getty Images)
China's transition to consumer-oriented economy exposes foreign companies to risks of losing younger generation of Chinese leaders, a recent study revealed. Homebred talents of Chinese are also poised to take over leadership and management positions previously handled by foreign nationals in China.
The report as posted by CNBC said the gap between homegrown companies and foreign multinational in terms of recruiting the best Chinese talents has become narrower, with greater chances for local companies to employ next-generation local talents.
The factor that caused such tough competition in human recruitment is the growing prominence and size of domestic companies.
Bain & Company, a management and consulting firm, initiated a joint report along with LinkedIn China, and said that almost 6 of 10 regional roles in China's multinational companies are presently handled by Chinese citizens, and 9 of 10 regional roles in its domestic firms are also held by Chinese citizens.
For several years, China has been considered the best choice for one to build a career mainly due to its enticing compensation package and culture, access to the best global practices and opportunities for leadership development.
But now that China transitions its economy to serving consumers, which results in an increasing demand in service expertise, new employment opportunities arise.
"Recently, locally owned companies have upped their game in terms of experience, salary, and employee training and development they provide, in an effort to woo talent away from their multinational competitors," James Root from Bain was quoted as saying.
"Their fast-growing operations present opportunities for homegrown talent to rapidly take on leadership roles," Root added.
Manpower's Research Center's "2010 Foreign and Chinese Private-owned Companies Talent Competitiveness Survey" indicated that more Chinese nationals prefer to work for local businesses. The survey result was in stark contrast to a similar 2006 survey conducted by Manpower.
