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The Association of Executive Search Consultants (AESC) revealed that China is facing a severe manager shortage, resulting to high base salaries as companies in the country scramble to retain their managers.
AESC Asia Pacific Managing Director Patrick Rooney states that the lack of professionals, who are well-versed in both Mandarin and English languages and are familiar with the local Chinese culture, has resulted in the severe shortage of talents who can take on management positions in China.
This shortage has prompted global executive search firms to focus on recruiting for top management positions in China in the third quarter of 2013.
"The high demand for talent in Asia, including China, is a good economic indicator but could also mean that the educational system has failed to produce highly-qualified people," said Rooney.
A recent survey conducted by the AESC revealed that the manager shortage in China has prompted employers to increase their base salaries, which is now one of the highest in the world, just to retain their talents.
The survey also showed that the region had the smallest decline among other regions in the average number of searches it conducted in the third quarter of this year. Searches fell 5.9% from a year earlier, compared with a drop of 13.3% in North America, 7.5% in Europe, the Middle East and Africa, and 24.6% in Central/South America.
As this developed, a United Nations report revealed that China needs reserve talents who can be appointed to key positions in international organizations.
As of June this year, the UN said there are only 74 Chinese nationals working in the UN secretariat. The figure is lower than the 116 to 117 estimate of the global organization.
There are also only 11 Chinese nationals serving senior management positions in the UN. This pales in comparison to the 48 Americans, 19 British, and 14 Japanese nationals.
