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June 27, 2012

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Home » Metro » Education

Grads given higher pay, prospects worse in 2013

UNIVERSITY students who graduate this year enjoy an improving job market, while those to graduate next year may find it tougher to land an ideal job due to the economic slowdown.

Local multinational companies offer a monthly salary of 3,662 yuan (US$575) to university graduates this year, a 13 percent increase over last year, according to a report issued yesterday.

Human resource experts attributed the salary increase to the rising cost of living, graduates' higher expectations and companies' growing demand for professionals.

Many consulting and financial companies are willing to offer higher salaries to graduates in order to compete for the best talent, which also causes the increase in the average salary, according to human resources firm China International Intellectech Corp, which conducted the survey.

"Many foreign firms curtailed their employment quota in 2008 and 2009 due to the global economic crisis," said a CIIC analyst who declined to be named.

"They expanded their employment plan last year and this year to make up for the talent shortage," the analyst said.

Half of the employers decided to raise the salary of the university graduates employed last year by 8 percent on average, according to the survey, based on nearly 100 multinationals.

However, students who graduate next year may find trouble as China's economy has slowed down in the first six months of this year, experts said.

"The macroeconomic development will later affect the job market," said Chen Haoming, a Fudan University official in charge of student employment.

About 40 percent of Fudan's students who graduate this year had landed a job before the Chinese Lunar New Year, which fell on January 23.

"The country's economic development in the second half of this year will determine the 2013 graduate job market," he said.


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