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TMF plans quick expansion in China
By Wang Yanlin |
June 13, 2012, Wednesday
|
Online Edition
Online Edition
TMF Group, a global provider of accounting, corporate secretarial, human resources and payroll outsourcing services, is among the companies trying to seize opportunities from the global economic downturn.
The company announced yesterday that it plans to expand the number of its offices in China to 25 by the end of next year. It presently has eight offices in the country.
Also yesterday, the company unveiled its first shared service center in China, which is in Chengdu, Sichuan Province, to better facilitate their clients' expansion plans into inland China.
Setting up shared service centers has become a global trend. It allows companies to focus on their core business by spinning off corporate services like accounting, IT, human resources, or purchasing, to a separate entity established either by the company itself or by outsourcing.
TMF works for more than 35,000 companies, among which more than half are Fortune Global 500 firms.
Its shared service center in Chengdu plans to employ nearly 130 staff members to serve clients who have or want to have a presence in western China and across the country.
"Good infrastructure, sound economic growth and plenty of young professionals are among the reasons that we chose Chengdu to set up our first Chinese shared service center," said Bert Damstra, TMF's regional director for China who is based in Shanghai. "It also shows our commitment and confidence in China, even in a global economic downturn."
Commenting on China's rising labor costs, Damstra said the real costs that many foreign companies can't bear is the high turnover rate in the country, which forces companies to spend a lot on re-training new employees.
The company announced yesterday that it plans to expand the number of its offices in China to 25 by the end of next year. It presently has eight offices in the country.
Also yesterday, the company unveiled its first shared service center in China, which is in Chengdu, Sichuan Province, to better facilitate their clients' expansion plans into inland China.
Setting up shared service centers has become a global trend. It allows companies to focus on their core business by spinning off corporate services like accounting, IT, human resources, or purchasing, to a separate entity established either by the company itself or by outsourcing.
TMF works for more than 35,000 companies, among which more than half are Fortune Global 500 firms.
Its shared service center in Chengdu plans to employ nearly 130 staff members to serve clients who have or want to have a presence in western China and across the country.
"Good infrastructure, sound economic growth and plenty of young professionals are among the reasons that we chose Chengdu to set up our first Chinese shared service center," said Bert Damstra, TMF's regional director for China who is based in Shanghai. "It also shows our commitment and confidence in China, even in a global economic downturn."
Commenting on China's rising labor costs, Damstra said the real costs that many foreign companies can't bear is the high turnover rate in the country, which forces companies to spend a lot on re-training new employees.
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