Retaining talent a key concern
An applicant talks to hiring staff at a job fair
Employers in China are the most worried about retaining talent among major global economies while the employees are the most concerned about salaries and health, a Metlife report has said.
The U.S.-based life insurance company said that 47 percent of employers in China are worried that talent shortages will affect their business in the next 12 months, and 71 percent said that retaining existing talent is difficult, the highest among 11 countries and regions where the survey is conducted.
The study found that while raising salaries remain the most effective way in retaining talent in China, 58 percent employees said they will stay with their company if an improved benefits package is offered.
Medical-related benefits are the most sought after benefits, followed by life insurance and retirement plans even if employees have to pay the full costs, it said.
“Globally, we are seeing employers increasingly challenged to find innovative ways to attract, retain and engage talent, and China is no exception,” said Maria Morris, executive vice president, Global Employee Benefits, MetLife. “We found Chinese employees are more concerned about healthcare than many mature markets such as the U.S., and we expect fast growth of group insurance market in China throughout the healthcare, life insurance, and pension sectors.”
Compared with the U.K. and Russia, Chinese employees are less obsessed with cash incentives, Morris added.
It is the first time Metlife include the Chinese market into its global Employee Benefit Trends Study as the insurer noticed huge potential of employment benefit market driven by domestic and multinational companies demands to retain talent.
The China survey covers nearly 393 employers and 367 full-time employees.