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China labor market faces high wage pressure, Hays survey shows
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HIGH wage pressure remains in China’s mainland at the labor market, warding off manufacturers and toughening employers’ competition for highly skilled workers, recruitment agency Hays said in a survey today.
China registered a score of 8.4 in an index measuring overall wage pressure, making it second only to Hong Kong in the rankings of 31 countries and regions included in the survey.
The result showed that real wages in the Chinese mainland are increasing much quicker than historic levels and are threatening the country’s stand as global manufacturing power.
“Internationally, China has a reputation for a stable workforce that is willing to work hard and go beyond expectations,” says Simon Lance, Regional Director of Hays in China. “But while this has been a huge advantage in the global world of work in the past, wages in China are now increasing much quicker than we’ve historically seen, which lessens this benefit. This is most notable in the manufacturing industry, with more manufacturing moving to south Asia.”
Rising wage pressure also suggests that China is on the verge of an exceedingly tight labor market as employers compete for talent based on salary, he said.
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