Red Hot China Venture Capital Forum Strikes Reform Gong

China’s venture capital’s emerging industry has struck the gong for much needed reforms for domestic venture firms at the sell out China Venture Capital Forum now being held in Shenzhen with over 1000 attendees. Sure, this discussion does reaffirm the purpose of this blog to educate and inform more global investors on these prescient trends: China’s policy drivers have full intentions to reform its nascent venture capital industry, liberalize the listing requirements for domestic startups and increase the available research and development funding for science parks.

According to an article in the Red Herring, “of the total of 183 Chinese venture-backed IPOs to date, 76 percent, or 143 were in foreign capital markets, and only 24 percent (4) were domestic claims the father of China’s venture industry, Cheng Siwei, Vice Chairman of National People’s Congress.

Siwei’s keynote address was bolstered by the voice of Xu Guanhua, the Minister of Science & Technology, who also sounded a clarion call to the Communist Party to dramatically relax listing requirements for Chinese companies so they no longer have to go offshore.

Of course, there are many reasons for the short march of Chinese venture capital liberalization. Professor Haiyang Li, Assistant Professor at the Jesse H. Jones Graduate School of Management at Rice University commented on this trend in a recent e-mail to CVN.

“I believe that the rush of venture capital funds into China’s technology industries is driven by two types of factors: domestic and international. From a domestic point of view, over the past 15 years, many Chinese technology firms have been growing very fast and they are facing “bottleneck” right now in terms of managerial capabilities, strategic market selection and financial support.”

Many western investors believe that the increased entry of China venture capital funds might solve some of these problems.

The key point sounded at the opening day forum is China’s ambitious goal to increase funding for research and development by 20010 to almost $112 billion. The view form both academics and industry watchers is that the Chinese government’s mandate on proprietary innovation over the next decade sends a clear signal to the capital markets that China Inc. expects to see more technology entrepreneurship.

Expect to read here about a flood of deals to be announced over the course of the next few months.

http://www.chinaventurenews.com/50226711/red_hot_china_venture_capital_forum_strikes_reform_gong.php

China Data: Human Resources

China Business Review recently published a HR data sheet, you can download from here. Inside, you will find:

Compensation and turnover statistics, as well as tips for attracting and retaining talent

China’s Tight Talent Market
China Market Movement, 1995-2005
Salary Increase Rate by Job Level in First Tier Cities, 2005
Average Salary Increase by City, 2005
Salary by Exptriate Type, 2005
Total Cash Composition by Expatriate Type, 2005
Supplementary Benefits Practices among Foreign-Invested Enterprises, 2005
Employee Turnover Rate, 2001-05
Turnover Rate by Staff Type April 2004-March 2005
Why Employees Leave, 2005
Why Employees Stay, 2005

Tips for Attracting and Retaining Talent
Pitfalls in Talent Acquisition in China

www.chinabusinessreview.com

51job Stake Sold to Japan’s Recruit

NEW YORK — 51job Inc., which publishes a leading employment paper in mainland China, said Wednesday certain shareholders have agreed to sell a 15 percent stake to Recruit Co. Ltd., a privately held Japanese human resource services company, as part of a wider strategic alliance between the two companies.

Under terms of the agreement, Recruit has agreed to buy 8.5 million 51job shares at a price of $13 per share, or $26 per American depository share. The deal also gives Recruit the option to buy another 25 percent of 51job over a three-year period.

Shares of 51Job rose $2.29, or 12.9 percent, to $20.00 before the bell. The Shanghai, China-based company also lists job online and provides executive search services.

The two companies said they will set up a planning group within 51job to assess human resources opportunities and other new businesses in China. Recruit will also be involved in 51job’s business development activities and cooperate in certain new business areas, 51job said.

http://www.chron.com/disp/story.mpl/ap/fn/3772545.html

Retaining Chinese Employees

“How do you keep and maintain a stable and qualified workforce?” asked one expatriate general manager, citing his prime concerns for the joint venture he runs. “How can we attract and retain workers with new ideas?”

If these questions are prime concerns for a general manager, they dominate the working lives of human resources (HR) professionals. The three basic tasks of HR managers — recruitment (see Recruiting the Right People), retention, and compensation and benefits (CnB) — are as fundamental in China as anywhere. But HR managers in foreign-invested enterprises (FIEs) in China have had to devise creative ways to carry them out to remain competitive in China’s tight market for local managerial talent.

Retention in particular is the lynchpin of a company’s HR strategy and is crucial to building an effective workforce and a thriving business. It is vital to short- and long-term stability, efficient day-to-day functioning, and the achievement of long-term goals such as localization — the replacement of expatriates with local Chinese managers.

Career development and other concrete retention tools

Career development programs are key retention tools that may seem nebulous but are concrete in any company able to keep its best managers; in a Korn Ferry International study conducted in Beijing in early 2001, it ranked first on local managers’ lists of concerns.

“Career development is very important,” said one HR manager. “But usually the bigger the organization, the less attention is given to certain personnel. They start to feel neglected. Usually the biggest problem is with mid-level personnel — they are the biggest group you really want to retain.”

For many young Chinese managers, career development is a new and alien concept, and both manager and company benefit from regularly investing time and effort in it. The most effective career development plans are tailored to individuals. Just notifying employees that they have a lot of potential and will receive special training and attention is a valuable retention tool in itself.

Successful plans also spell out exactly how employees can fulfill the ambitions the company has for them. Vague assertions such as “I want you to be regional general manager in two years” won’t work, for instance. Instead, the company must tell targeted employees what it will do to support them in attaining such goals. The company must also provide regular feedback, from multiple sources, as to the progress employees are making toward their goals. The goals should be reachable but also challenging. Many HR managers argue that it is better to promote people before they are ready and give them the additional support they need in a new position than to wait until they are past ready, and perhaps getting restless.

Other elements of a sincere career development program for higher-echelon managers are training and overseas assignments. Several HR managers from US multinationals mentioned the HSBC training program as a comprehensive retention model. The program includes 10 weeks of training in Britain for new managers, with fol low-up training in Hong Kong over a three-year period. HSBC gives participants bonuses, spread out over a year, after they complete the program and return to China. HSBC also offers these employees the opportunity to borrow money to purchase homes at below-market interest rates.

“This is very good,” enthused one HR manager at a US oil company. “Everybody will want to be one of their trainees. It will make them think that the company really cares about them — they won’t want to leave.”

One US multinational with significant investments in China tracks employees with high potential by periodically evaluating them on the basis of job accomplishment, education, performance, competency, and the like. If they are performing well, they are given a three-month “professional development assignment” in an overseas office. The same multinational runs a second, longer program for promising Chinese managers that involves support for the development of a close working relationship with an expatriate in China and one or two years of work in an overseas offi ce.

Looking ahead, both Watson Wyatt Worldwide and Korn Ferry predict an increase in “personalized” retention efforts that include tailored employment packages, since what will retain different people varies greatly by age, gender, position, and personality, among other factors. To keep the packages fair and manageable, companies usually allocate them by grade levels. Executive MBAs are usually the major retention tool that companies give out exclusively on an individual basis. Designing and maintaining such tailored packages takes significant effort, but can save resources in the long run by keeping people with the company.

A look at the package

Last but not least of the tangible retention tools is, of course, financial compensation. The compensation portion of C&B includes salary, bonuses, stock options, incentive schemes, and deferred compensation plans. Competitive compensation is simply an assumed component of both recruitment and retention — to attract and retain the best workers, every company has to be within the same salary range. But competitive financial compensation is an effective retention tool only when used in combination with many other tangible — and intangible — retention techniques. High salary alone is simply not enough to retain employees in the increasingly sophisticated Chinese job market.

A joint venture is likely to offer lower salaries and higher non-cash benefits than a wholly foreign-owned enterprise (WFOE) because of the influence of the Chinese partner, which is accustomed to this compensation structure (see Human resources and the Transition to Sole Foreign Ownership). Indeed, even in a WFOE, the benefits side of the C&B package for Chinese employees is much more than the faithful administration of insurance and other miscellaneous benefits regardless of investment structure. Joint ventures and WFOEs alike have to abide by all the statutory regulations concerning social insurance, whereas representative offices pay the Foreign Enterprise Service Corp. (FESCO) or a similar employment agency, which is then supposed to take care of their employees’ social insurance needs.

Companies must clearly articulate each and every C&B package and explain its benefits to recruits and current employees alike. Some HR departments make the mistake of assuming that employees read and understand the various e-mails or notices they send out regarding benefits. In fact, many young people, in particular, are so focused on cash that the mere mention of a pension fund is likely to make their eyes glaze over. A growing number of HR departments thus teach employees about the various aspects of compensation and explain, for instance, how the employee will ultimately benefit more from a total compensation package than from a package that is solely or primarily cash based. These HR departments also explain the company’s own reasons for preferring a total compensation philosophy. Some comparison to compensation packages at other companies in the industry is useful as a frame of reference, particularly given the fact that salary and benefits information is widely shared in China. C&B packages are likely to be complicated and continue to evolve, requiring creativity and responsiveness on the part of their designers and administrators.

Compensation

Some parts of a compensation package are more effective than others in retaining employees.

  • Salary
    Salary, of course, is the portion of the compensation package to which employees look first. Salary levels vary substantially by region, company, position, and investment type, but representative office salaries are generally the highest and joint-venture salaries the lowest. Salary surveys are conducted regularly in major cities by management consulting, HR, and other organizations.

    Compensation naturally differs from place to place since the cost of living varies so much from a coastal city like Shanghai to an interior city such as Xi’an, Shaanxi Province, not to mention smaller, third-tier cities like Xuzhou, Jiangsu Province. Most companies either abide by the local market when setting salaries or establish a general compensation and pay structure that carves China into first-, second-, and third-tier cities. Under this system, workers in a first-tier city would receive 100 percent of the salary scale while those in a second-tier city would get 80 percent and those in a third-tier city, 60 percent.

    One aspect of salary about which it is possible to generalize is salary inflation, the bane of FIEs. Salary inflation ran at nearly 30 percent in the mid-1990s but leveled off considerably during the deflationary period at the end of the decade. Salaries are once again on the rise, however, and companies are likely to be grappling with the trend for the foreseeable future. Watson Wyatt estimates that salary increases in 2001 will hit 7.5-8 percent, much higher than the economy’s current inflation rate of 1.2 percent. Indeed, the company’s annual salary survey already shows that salaries are up in 2001, with the highest salaries in Beijing, Shanghai, and in Guangzhou and Shenzhen, Guangdong Province. The highest paid positions generally fall into the categories of information technology, sales, marketing, and finance. Staving off salary increases is an uphill battle, one that can be won only through comprehensive benefits, generous incentives, and a work environment that is both challenging and supportive enough that your best employees simply don’t want to leave.

    A final salary trend worth noting is a move toward decentralized payment decisions that give individual business units more authority and flexibility in determining employee salaries. This more flexible approach is being applied to both direct and variable pay and can be seen as part of the move toward individualizing compensation packages.

  • Bonuses
    A movement is currently under way to tie many aspects of compensation to performance as an incentive for employees to meet certain goals. Getting employees to accept performance-based compensation has not been easy, since bonuses in the PRC have long been viewed as entitlements rather than as true rewards for individual or company achievement. As companies gradually ratchet up the percentage of compensation tied to performance, however, employees are adapting. In areas such as sales, bonuses are particularly effective and are sometimes tied to additional incentives, such as even higher bonuses if the sales manager is able to collect cash on delivery. Other companies have introduced bonus schemes to reward employee s if they come up with creative ideas to reduce costs, improve safety conditions, or increase efficiency.
  • Stock options
    Even before the international markets began their decline last year, most HR managers argued that the jury was still out when it came to evaluating the effectiveness of stock options. Options were perceived as useful in high-technology firms whose stock prices were skyrocketing. Unsurprisingly, the recent steep declines have been accompanied by a diminished enthusiasm about the value of stock options in retaining employees.

    “Stock options don’t really work with young people,” explained one HR manager. “Saying we’ll give it to you in five years doesn’t fly. They want options and cash.” Ongoing education about the value of stock options will likely increase their usefulness as a retention tool, particularly in the case of employees who have remained with a company for a few years and have seen the value of their stocks appreciate.
    Their efficacy as a retention tool aside, stock options increasingly form part of compensation packages at major multinationals. Corporate policy often dictates who receives stock options; in some companies all employees get options, no matter their level, while in other companies options are reserved for upper-level management. Most companies that give options award them according to position and performance.

    Awarding stock options to Chinese employees is complicated since foreign exchange restrictions prohibit PRC citizens from owning stocks listed overseas. However, companies have devised ways to issue stock shares to Chinese employees while technically abiding by PRC law. Under most plans — usually called “shadow” or “phantom” stock plans — employees never actually take possession of the stock and do not legally own it. Instead, the company issues employees a letter confirming the number of shares and the prices at which they were issued. The stocks are held in the United States, perhaps by a professional broker. After a specified vesting period, if employees should choose to cash in their options, the company or broker makes the transaction on the ir behalf and the company gives them the renminbi equivalent of profits from the sale. Taxes are deducted before employees receive the money and paid to the local tax bureau at a rate negotiated by the company.

  • Golden handcuffs
    Golden handcuffs, or deferred compensation plans, are financial incentives given to employees if they stay with the company for a contractually specified length of time, such as an extra year’s salary after two years of employment. A few companies also extend golden handcuffs to employees who leave to earn an advanced degree at a top international university. The reasoning here is that no retention package can compete with a Harvard MBA, and young employees should not be discouraged from pursuing higher education. Rather than try to stop them, companies offer support by promising to reimburse their tuition if they return to the company for a specified number of years after completing their degree. This is a relatively new policy at most co mpanies and its effectiveness in bringing people back has yet to be measured. Other companies try to combat the problem of losing valued young managers to overseas study by sending them to school themselves, at established company programs or at universities with which the company has made special arrangements.
  • Iron handcuffs
    Iron handcuffs are punitive fines levied on employees if they leave before their contracts expire. The terms of iron handcuffs are included in labor contracts or in training agreements appended to labor contracts. For instance, a company might require managers embarking on extended overseas training assignments to agree to reimburse the company for the cost of the training should they leave before the contract expires or, in the case of open contracts, before a specified amount of time. Or, a company that has helped employees obtain mortgages and is paying the interest may require them to repay the interest, plus penalty, if they leave the company before th e contract expires.

    The enforceability of such agreements used to be a major question but most HR managers report that in cities such as Beijing, Shanghai, and Guangzhou, employees are generally willing to abide by the terms, albeit with a bit of negotiation over, for instance, the amount of time they are given to reimburse funds or pay penalties. “If they refuse to [abide by the terms] you take them to court,” explained one HR manager. “But usually they won’t do this, they will — pay it will influence their future if they don’t.”

  • Other incentives
    Incentive schemes are generally designed to spur productivity and encourage employees to remain with the company. They may involve cash, savings plans, travel, gift certificates, or in-kind rewards and may be given for anything from exceeding a sales target to coming up with a creative idea to working well as a team member. Incentive schemes that work best involve recognition as well as rewards and are tailored to individual preferences. Some HR managers tie the plans to business goals and design them i n consultation with the company’s business units.

Benefits

Although employees may not consider benefits to be a significant part of their total compensation, at a joint venture or a WFOE they may add up to as much as 50-70 percent of salary. Benefits are lower at representative offices, partly because their pay scales tend to be higher. At a state-owned enterprise (SOE), on the other hand, non-cash benefits may be triple an employee’s cash compensation. Benefits can be divided into two categories: social benefits and commercial benefits.

  • Social benefits
    Social benefits consist of government-mandated payments into the government-run social insurance funds that currently include housing, pension, medical, unemployment, accident/disability, and maternity (see The CBR , May-June 2001, p.18). Regulations governing these funds, which were started on a local basis in 1995, vary widely from city to city, creating nightmares for HR and payroll divisions. Though the funds were created to alleviate the social welfare burden borne by enterprises, in reality most money for the new funds still comes from enterprises, with FIEs contributing a disproportionately high share. Contributions to the funds are split between employer and employee, with the local government setting the contribution percentages as well as the wage floors and ceilings upon which contribution levels are based. Many localities are phasing in contributions and will raise them in small increments every few years until they reach a final percentage.

    In Shanghai, for example, companies and employees each pay a percentage of their salary — with contribution percentages based on 300 percent of the average local wage — into four funds, with 7 percent from each going to housing, 2 percent from each going to medical, and 1 percent from each going to unemployment. Employees in Shanghai currently pay 6 percent into the pension fund; employers pay 25.5 percent. All of the individual’s contribution goes into an individu al account, which receives 11 percent of the total contribution. The corporate contribution is scheduled to decline as the individual contribution rises to 8 percent. The remainder of the corporate contribution goes into a social pooling fund. Employees’ contributions to the funds are deducted from their taxable income.

    Pension funds, which place the largest burden on both employers and employees, are supposed to be unified nationwide, and the individual accounts are intended to be transferable should an account holder move to another city. Unification of the many local regulations has proved extremely difficult, however. Also, there is considerable question about the mobility of these funds, which in fact are simply numbers on paper, as the actual contributions are funding payments to today’s retirees. As a result, some FIEs in Shanghai supplement pension funds with additional contributions or insurance. For example, one major US company in Shanghai contributes to its employees’ pension funds based on their true salaries rather than the 300 percent of average monthly wage that the government requires. This extra contribution — 25.5 percent of the difference between 300 percent of average wage and the emplo yee’s true salary — goes into the employee’s individual account. However, a portion of this difference is actually taken by the Shanghai government and put into the pooled fund rather than the employee’s individual account; the government announces the percentage it will take only at year’s end.
    “They say that if you want to do more for your employees, you have to do more for the government, too,” explained the HR director at the company with this scheme.

    This company offers life, accident, and hospitalization insurance to employees as supplementary benefits, with life insurance equal to 52 times the employee’s monthly salary. The firm also provides travel insurance, but only for business trips. Some companies put an additional percentage of the employee’s salary into the housing fund, rather than just the mandated 6 percent.

  • Commercial benefits
    HR managers design many commercial benefits perks to retain valued employees. Like compensation, benefits packages for senior managers are complicated and spread out over a period of time to encourage them to stay. Commercial benefits may include housing plans or mortgage assistance, including loans or the payment of interest on bank loans; car plans; additional accident and medical benefits, including partial coverage for one child; supplementary pension plans; child care and elder care; cell phones; health club memberships; extra vacation time; and tuition assistance programs.

    Commercial benefits programs tend to change with China’s evolving economy and to follow social trends. Five years ago, purchasing a home was still a difficult enough endeavor that many companies offered extensive housing plans to senior managers, and some even built homes and sold them to employees at highly preferential rates. In the past two years, however, the stock of housing available for purchase in major cities has increased considerably, and banks have begun to make mortgage loans to individual buyers. Housing plans now more frequently take the form of mortgage assistance programs.

Important intangibles

Though all companies grapple with the retention issue using more or less the same set of tools, some are consistently more successful at it. The reasons cannot always be fully explained; one company may lose valued workers even while another retains them with a virtually identical C&B package. The reasons why may have much to do with intangible factors.

  • Identifying retention goals
    At the top of the list of intangibles is how a company defines highly valued employees and subsequently determines its retention goals. Turnover is inevitable; companies that acknowledge this are least likely to suffer seriously when it happens. Indeed, the best way to avoid turnover is by anticipating and planning for it. Rather than trying to keep everyone equally happy, a company must target those employees who are most essential to its current functioning and future growth. While doing everything within reason to retain targeted employees, companies should keep possible successors in the p ipeline.

    Companies that suffer from high turnover rates should not let the fear that they have become virtual training schools for other FIEs limit development programs that could ultimately help with retention. “There will always be people who leave; that’s life, you have to deal with it,” summed up one HR manager. “You still have to train.”

  • Managing employee expectations
    Just as a company must honestly evaluate its own expectations when it comes to retention, so must it manage the expectations of its employees. Though it is important to keep people motivated and enthusiastic, it is equally important to dispel unrealistic expectations for fast promotion or rapidly increasing responsibility. And, just as employees need honest evaluations of their probable paths in the company, so do they need to have a sense of the company’s own growth plans and goals.

    The importance that personal relationships play in retention in China should not be underes timated. Indeed, the Korn Ferry study mentioned above found that local managers listed relationships with their bosses second behind career development in a list of factors motivating them, more important even than salary.

    As the HR manager of one major US multinational explained it, “The personal relationship of the manager and employee is very important. The sense of loyalty is to the person — the company is nothing, it’s a building. You need to move beyond work, to family. You have to invest some time in getting to know your employees.” This opinion was echoed by another HR director who noted, “Superiors are very important. Most people leave companies because they lose confidence or interest in their boss.”

    Employees who feel personally appreciated, respected, and cared for by their superiors are far more likely to stick with a job than those who do not. HR managers repeatedly stress that bosses must strive to show interest in and concern for their employees by asking after their families, organizing and participating in company outings and other social activities, visiting staff when they are sick, and expressing concern in other ways. This personal interest must start from the general manager and radiate down through the various levels of management. Naturally, the more genuine the interest and concern, the more effective it is likely to be, but even just going through the motions is better than ignoring this basic desire to humanize a corporate relationship.

  • Welcoming newcomers
    One of the most important elements in a company’s retention strategy is a commitment to ensure that the newcomers feel welcome. “Companies should pay more attention to bringing people into the organization,” says Helen Tantau of Korn Ferry. “It’s like a guest coming to your home, you need to take care of them from the beginning. Help them settle in, find their feet, see where they are going.”

    The FIE environment is demanding for all concerned, but the effort it takes to integrate new employees — especially managers — into the company will be worthwhile in the long run. A smooth start and a thorough introduction to the workings and goals of the company can help make new employees feel like valued team members, encourage them in their work, and build their loyalty to their new company.

Some retention tools straddle the line between tangible and intangible. These include autonomy, empowerment, recognition, and credit. Upper-level managers are far more likely to stay if they are given the independence they need to make a mark and if they receive public recognition for their successes. Firms should also make clear to everyone that top-level Chinese managers will have the opportunity to move on to senior management positions; if a glass ceiling seems to exist, with all of the top positions staffed by expatriates, the turnover rate is likely to be higher. One way of making the possibility of promotion clear is to identify high-potential employee s and put them on an accelerated career track. Another, of course, is to staff top positions with local managers.

Measuring effectiveness
One aspect of retention policy that should be tangible — but often isn’t — is the success or failure of various retention tools. Most companies can quote their turnover rate in an instant, but have a much harder time explaining why turnover continues at that rate or how retention tactics affect it. Since companies invest a considerable amount of time and money in retention tools, an analysis of their effectiveness is certainly worth the effort. Of course, when conducting an analysis, companies must consider such factors as the age of their workforce and the structure of the company. FIEs that hire a large percentage of recent college graduates will inevitably have a higher turnover rate than those that employ more people in their 30s or 40s. Similarly, FIEs that have flat organizations in China will have higher turnover rates than those that have deeper hierarchies and more opportunities for promotion.

HR bread and butter
For the near future, China will suffer a dearth of educated, experienced, and self-motivated men and women capable of managing in a global economy. Competition to hire managers with the most desirable qualifications therefore will remain stiff, with pervasive poaching, salary inflation, and localization efforts hobbled by problems with recruitment and retention. While China’s impending WTO entry will eventually benefit HR development, in the short term the arrival of new foreign companies into the China market will likely heighten rivalry among FIEs to attract and retain talented and experienced managers. Finding, retaining, compensating, and training workers will thus still be the bread-and-butter work of most HR departments in foreign firms in China.

Sheila Melvin
http://www.chinabusinessreview.com/public/0111/melvin.html

Recruiting in China: what to expect

China is hot — but starting operations in a new market is not easy. Will you move your own people to the new location or will you start hiring locally? And if you hire locally, how do you attract the best candidates and what do these new recruits expect? Nannette Ripmeester reports.

Kevin Ng, Partner at the Beijing office of Deloitte, is clear about the type of graduates Deloitte targets. “We will only approach the first-tier universities in China to be assured of quality graduates,” he says. “We conduct campus recruitment to introduce our firm and the attributes of graduates we are looking for.”

University ranking is extremely important in China and is directly related to salary expectations. Graduates from the top universities can command much higher salaries in comparison to the rest of the graduate market.

A survey by the Shanghai Labour and Social Security Bureau conducted in 2003 showed most fresh university graduates in Shanghai earn a monthly salary of between 1,500 Yuan Renminbi (abr. Yuan) and 2,500 Yuan — the city’s average is 1,100 Yuan.

Only 1 percent of graduates earn top salaries — they earn between four to six times as much as the rest. Even though there is a wide difference between salaries and graduates from less prestigious universities are expect much lower salaries, Deloitte only targets the absolute top students.

“We make use of various methods such as written tests, group discussion and one-to-one interviews to assess the quality of the graduates. For us technical competence is less important, we focus on their personality,” says Kevin Ng.

ICI has taken a slightly different approach. “We have initially focussed our attention on Chinese nationals studying in Europe. Only now we are going to market on-campus in China as well,” says Esther Penketh, who is a member of the international recruitment team at ICI, based in the UK.

“Our first experiences in China have made us realise that it works best if we give prospective candidates more information upfront on how to approach the selection process,” says Penketh.

“We tell them what we are looking for with regard to the on-line application, the telephone interview and the competencies we seek. Being very clear about the package on offer is also essential,” she says.

Kevin Ng agrees how essential it is to invest time and energy before starting to recruit in China: “Market intelligence is essential, be patient and diligent in hiring the right candidate — because it can be quite painful to dismiss a person in China!”

The following information is useful when dealing with the application process in China.

The application letter

For Chinese graduates an application letter, or cover letter, is not customary. They are more used to application forms.

The curriculum vitae

The Chinese do not use the term CV, but resume. Usually this document lists their education and experience in a very detailed manner.

In China it is not unusual to see a resume of more than two pages. The resume is usually typed, but hand-written documents are still surprisingly common.

Chinese resumes are usually set in a reverse-chronological order, listing the most recent first. Education plays a prominent role and references are not by standard included.

The Job interview

The Chinese are very modest people, and do not like to show off, or over-impress others. Be aware that it might not be easy to get through to a Chinese candidate at a certain level as they are educated to behave in a self-effacing manner.

Here are some facts based on the most recently published data (June 2004):

  • Last year, Chinese university graduates faced difficulties in finding a job.
  • This year, the job market seems even more disappointing for them – the starting salaries for university graduates in 2004 dropped between 25 to 30 percent, compared with last year.
  • The average starting salaries of university graduates is 1,500RMB/month.
  • Foreign invested enterprises (FIE) pay the highest salaries.
  • Average salaries of governmental bureaus are 1516.7RMB/month.
  • Average salaries of state owned enterprises are 1508.1RMB/month.
  • Average salaries of foreign invested/owned enterprises are 2040RMB/month.
  • Having an academic degree plays an important role in starting salaries;
  • College (three-year professional education): 1300RMB/month
  • University (four-year academic university): 1500RMB/month
  • Postgraduates (Master degree): 3000RMB/month
  • Those who graduated from famous universities (with a good ranking) earn 400RMB a month more on average than others from less prestigious universities.
Hot expat destination: China

Robin Pascoe reports on the challenges HR faces as their international companies contemplate a move to China.

With world foreign direct investment (FDI) set to rebound in 2004, the attraction to China in particular is growing. The country is forecast to receive FDI of USD 58 billion in 2004 according to the fourth edition of the World Investment Prospects from the Economist Intelligence Unit

It’s no wonder then that companies are scrambling to figure out how to do business in China, and more importantly, looking hard at their HR strategies in order to make them relevant and productive.

“When you see the amount of foreign investment flowing into China, and the growing impact of China on the global economy, the country has become the place to be for most international firms,” says Carlos Mestre, who heads the International Unit in Mercer HR’s Global Information Services Practice in Geneva, Switzerland.

“For many firms, this has meant a need to develop and enhance policies to cover the diversity of assignments, the multiple nationalities, and the important differences that exists from city to city in China,” he says.

Mercer held its 8th annual Expatriate Management Forum in Paris last month. More than 60 HR managers from European companies attended the two day meeting, which included a special presentation on international assignment management in China.

Presenter Peter Schoof, who has been responsible for the International Transfer Centre at Daimler Chrysler since 2001, believes the role of HR has not developed yet in China.

“The current HR challenges in China include recruiting, training and qualification, integration and retention, and the introduction of HR policies and procedures,” Schoof told the audience, with a particular emphasis on retention of local Chinese managers.

Schoof proposed that higher salaries could help retain local Chinese managers but it was also pointed out during the session that loyalty and the building of relationships are key business values in China. This means, among other things, that if expat managers are rotated out of positions too quickly or too often, the Chinese employees will also leave out of sense of loyalty.

The importance of understanding the Chinese value of guanxi—which translates from the Chinese as the “relationship between people”—is typically stressed by most cross-cultural business trainers preparing managers to work in China—and there’s a good reason for that.

According to business Professor Oliver Yau, the Chinese style of management tends to be very human-based. Professor Yau is the chairman of the Academy of Chinese Management and Vice Chairman of the Academy of Knowledge Management in Hong Kong.

“The importance of guanxi, for example, indicates a task-focused approach which emphasizes the human side of a relationship and personal behaviour,” says Professor Yau.

“Most international joint ventures fail because people are unable to handle the relationship [side]. There are generally misunderstandings on both sides as to the way in which the other side works. Both sides need to try to understand how the other party thinks. This is crucial if the venture is to succeed. Trust is also very important.”

So should managers go for long- or short-term assignments in China?

This question was also raised during the Mercer meeting by Taina Makkonen, who is responsible for Nokia’s international transfer programmes. Nokia currently has 220 expats in China.

“China must be considered a long-term assignment to be successful,” believes Makkonen based on Nokia’s experience. “It takes a long time—typically longer than in other countries—to learn to do business and be effective in China. Companies therefore need to determine whether some allowance is required to compensate for the extended duration of a Chinese assignment.”

Accompanying family considerations must also not be ignored, according to panel members, otherwise it will be difficult to find staff to move to China even though the availability of western amenities in the major cities such as Beijing and Shanghai has improved dramatically over the past five years.

“A key factor for the success of assignments—to China and elsewhere—will be how well the many family issues are dealt with,” points out meeting organizer Carlos Mestre.

Other conclusions reached by this particular panel on HR challenges in China included:

  • there is still a big gap between managerial and other salaries as the dramatic growth in China has pushed local salaries up, with upper management levels creeping towards international standards;
  • there is increased competition for local talent which is driving up cash incentives so that firms wishing to retain talent must constantly evaluate incentive schemes; and,
  • training opportunities are an essential weapon in the war for local talent.

China is destined to be the biggest expat destination in the next five years, according to Daimler Chrysler’s Peter Schoof. He underscored the importance of companies understanding the Chinese way of doing business by adding: “We consider our expats as ‘ambassadors of the brand’.”

www.expatica.com

Recruiting, developing, and retaining staff in China

As multinational corporations compete for a share of China’s burgeoning economy, they face various human resource issues, including how to recruit, develop and retain local staff. Paula Santonocito reports on these challenges.

When Google recently hired Kai-Fu Lee from Microsoft to head up its China operations, the story of a giant corporation vying for rights to an employee based on a non-compete agreement made headlines. Corporations will no doubt focus on the outcome of the legal wrangling, but the story raises another issue as well.

“When a company hires a new president, China and its bigger rival launches a US lawsuit citing ‘predatory hiring,’ then you know that China is hot,” says Mike Goldstone, founder and managing partner of Goldstone & Co., a Hong Kong-based firm specialising in executive search, board advisory, and human resource advisory.

In sharing his perceptions with Expatica, Goldstone points to what may be lesser known facts: Lee is not even a Mainland Chinese (he is Taiwanese), he is US-educated, and he has spent most of his career in the United States.

According to Goldstone, who has 12 years’ experience hiring heads of China for Western multinationals, Lee’s background illustrates that the profile of a high-level executive, even one in demand, isn’t necessarily obvious.

The competition for Lee also raises the question: Why is hiring senior executives in China so difficult?

Skills gap

With a population of 1.3 billion, it seems China would have an abundance of in-country talent. But Goldstone indicates this isn’t the case.

“China suffers from a ‘demographic Black Hole’,” he tells Expatica. “Because of the closure of the Chinese universities during the Cultural Revolution, China did not produce any academically trained graduates between 1982 and 1996, and then only in small numbers for several years. So even today, statistically speaking, there are very few Mainland Chinese university graduates with more than 15 years work experience and almost none with more than 20.”

Goldstone cites how 20 years from now this shouldn’t be as problematic because Chinese universities have been pumping out large numbers of talented, self-motivated people.

But there is another factor, one that may not be so easily resolved.

“The Chinese economy is growing at such a rate that Mainland Chinese executives need to be able to manage an operation somewhere between 10 to 30 percent bigger and more complex every year just to stay on top of their existing jobs,” Goldstone says.

These demands take a toll. “There is a lot of road-kill caused by this steamroller economy: executives, both local and foreign, who just can’t raise their game quickly enough,” Goldstone explains.

Communication and culture

Growth has also created another area of concern for executives struggling to keep up in China: demands of the corporation’s home country.

Goldstone points out that the China operations of many foreign companies have become large enough and strategic enough so that they now report directly to corporate headquarters, or at least have more direct communication with headquarters.

“This puts an added strain on Mainland Chinese executives to bridge the communication and culture gap, most of whom have no overseas experience and who lack the cultural understanding to manage, say, a boss in Seattle effectively,” Goldstone says.

Choosing leaders

It’s Goldstone’s observation that in lieu of hiring local Mainland Chinese executives to oversee operations in China, a lot of US companies are hiring Mainland Chinese returnees. “The benefits are that many returnees have been in the U.S. long enough to understand the workings of typical US corporate culture and how to work it. The downsides are that many have been out of China too long to have effective informal networks or to understand modern day buying behaviours, employee motivators, etc.,” he says.

Local staff are often sceptical about returnee leaders, Goldstone tells Expatica, noting there can also be resentment for the higher compensation returnees typically receive.

When seeking leadership, companies sometimes look within the organisation, turning to emerging market expatriates. The can-do attitude of trusted, results-oriented executives made them leaders of choice in the early to mid 1990s, Goldstone explains, indicating there is still a place for these individuals. However, attitude isn’t everything. “In my view, an executive running China can’t really be more than 30 percent effective unless they can at least speak Mandarin, and preferably read and write it as well,” he says.

The fourth, and perhaps most desirable option, is hiring ethnic Chinese executives who originate from Hong Kong, Taiwan or Southeast Asia. Goldstone tells Expatica it’s an approach that foreign companies have taken for the last 10 to 15 years. In general, these leaders have necessary advantages—including local language capability, familiarity with both local and Western cultures, an understanding of how to get the job done, and a global view. However, there simply aren’t enough leaders to meet demand. In fact, Goldstone indicates that informed observers generally cite the finite supply of these executives as the key constraint on China’s ability to continue to increase manufacturing market share.

Managerial challenges

Going forward, Goldstone says there will be challenges for executives overseeing operations in China, regardless of their country of origin. “Without doubt, the biggest challenges are faced by those companies which are trying to build a large market within China rather than just to use a China as low-cost production base,” he tells Expatica.

This is due in part to managerial challenges related to culture. Goldstone gives the area of sales as an example.

“Basically, Mainland Chinese like to buy on their own terms from their own country people. Companies that I have worked with find out very fast that the only effective sales force in China is a 100 percent local sales force—but the problem then becomes how to manage that sales force to corporate headquarters standards. That’s where the talent is required,” he explains.

The situation is further compounded by the fact that sales people are in demand, and they’re aware of their market value. Retention, therefore, becomes a key issue.

Coaching and developing local staff

One tool for retention is staff development. Kevin Ng, a partner with Deloitte in Tianjin, tells Expatica that even though executives overseeing operations in China may not have time, it’s important to coach the local staff.

Recruiting in China isn’t an issue for the global consulting and financial advisory firm, but retention is. After one or two years, employees in China tend to leave Deloitte for further study or to work for a competitor, Ng says.

The market keeps growing and there is a lot of temptation for employees, Ng explains, indicating that nowadays job hopping can lead to a paycheque increase of 50 percent.

“Companies need to know how to recruit and develop Chinese workers—and how to retain them,” he says. Ng recommends that companies provide training, show concern for employees, and arrange for overseas assignments to increase international exposure and perspective.

Goldstone concurs with Ng that retention tools are paramount. He says China really is the land of opportunity for the current generation of university graduates aged 21 to 45. However, Goldstone notes that people are willing to stay put if they feel their current employer is actively investing in developing their skills and offering them the opportunity to test their newly developed skills in positions of increased responsibility.

“From a headhunter’s point of view, the worst challenge in China is trying to hire talented mid-level general managers or functional people to new enterprises from well-respected multinationals which manage their HR well. In such cases, candidates tend to adopt a ‘three strikes and you’re out’ approach with their current employer before they will accept even a patently better career step with another employer. That’s retention in any country,” he says.

Going forward

As companies evaluate operations in China, human resource issues are getting closer scrutiny. Indeed, in the first of a series of webcasts focused on China, US-based manufacturing magazine IndustryWeek cites human capital as the single most important factor in achieving growth in China.

The web presentation, hosted by John Brandt, CEO of the Manufacturing Performance Institute and columnist for IndustryWeek, highlights the importance of hiring well, and then training and cross-training well. Skills to train for include technical, teaming, financial, and creativity, Brandt says.

Training and development is also the focus of a new initiative by Manpower, a world leader in the employment services industry. The firm recently launched the first in a series of international public-private partnerships in China. From its office in Shanghai, Manpower will develop human resource strategies and infrastructure to support China’s rapidly growing labour requirements. Projects include quantifying future vocational skills and training required in Shanghai, the installation of Internet-based assessment systems in local employment offices, and the design and provision of training and development programs, among other efforts.

Manpower’s initiative illustrates a growing awareness of the importance of managing human resources in China. But the firm’s latest move is also indicative of a larger trend: aggressive expansion in China. Although Manpower entered the Chinese market in 1964 with an office in Hong Kong, today the firm and its subsidiaries have a network of 38 offices in China, including 17 in Mainland China.

There is no question that China is the global hot spot. Nevertheless, experts caution that operational challenges in China are unlike those in other locations, and that expansion will not necessarily lead to greater market share, a fact some companies are already discovering.

The most successful organisations will be those that understand the challenges specific to China and adapt accordingly, experts tell Expatica. At the top of the list is how to effectively recruit, develop, and retain local employees in order to create a solid base from which to grow and prosper.

www.expatica.com

Sony names Takashino new chairman for China unit

SHANGHAI, April 4 (Reuters) – Sony Corp. said on Tuesday that Shizuo Takashino has been named as the new chairman of its China business, taking the helm in a market the company expects to become its second largest in the next three years.

Takashino will take over as chairman of Sony (China) Ltd. from Kei Kodera, who left the company at the end of March, said spokesman Shinji Obana.

Takashino has been in China for the last year, previously working as an executive vice president connected with the company’s Japan operations, Obana said.

The move comes amid a broader global overhaul for Sony, which has posted weak results in the last few years amid a lack of major hits for its core consumer electronics business.

In September last year, Sony’s newly appointed global chief executive Howard Stringer and President Ryoji Chubachi unveiled a sweeping restructuring plan that included the shedding of 10,000 employees, closure of several plants and sale of more than $1 billion in non-core assets.

China has been one of the company’s few bright spots of late, with annual sales of over $3 billion in a market set to overtake Japan as the company’s second largest in the next three years, Kodera told Reuters in an interview last year.
The company has set a target of reaching $8 billion in annual China sales by 2008/09.

But the company also had a misstep in China late last year, when it was forced to withdraw six digital camera models that were plagued with issues such as image uniformity and problems with their liquid crystal displays.

Obana said the company stopped taking back the models in question at the end of last month, but has not begun reselling them in China.

China Digital Communication Group CEO Chang Chun Zheng Steps Down

LOS ANGELES, CA and SHENZHEN, CHINA — (MARKET WIRE) — 04/04/06 — China Digital Communication Group (OTC BB: CHID), one of the largest and fastest growing battery components manufacturers in China, announced today the resignation of CEO and Chairman Chang Chun Zheng. Yu Xi Sun, president of China Digital, was designated by the board to assume responsibilities of CEO and chairman until the company hires a replacement for Zheng.

Sun said, “We are saddened by the departure of Mr. Zheng, who has stepped down for personal reasons. He has played a key role in the growth of our company. We wish Mr. Zheng and his family all the best. The board of directors has begun a search for a new chairman and CEO.”

Sun, who holds an M.S. degree from the Hubei University Law School, began her career as legal counsel at Hubei Xing Yuan Battery Company. She subsequently held a number of marketing positions until she was named assistant president at Shenzhen E’Jenio Science and Development Company. She went on to become vice president, then president of China Digital.

About China Digital Communication Group

China Digital Communication Group, through its wholly owned subsidiary, Shenzhen E’Jenie Science and Technology Co., Ltd. (E’Jenie), is one of China’s leading manufacturers and developers of advanced telecommunications equipment. E’Jenie sells advanced high-quality lithium-ion battery shell and cap products to all major lithium-ion battery cell manufacturers in China. E’Jenie’s products are used to power mobile phones, MP3 players, laptops, digital cameras, PDAs, camera recorders and other consumer electronic digital devices. China Digital Communication Group is continuing its expansion across East Asia, while seeking distribution partners and acquisitions in new global markets, including the U.S. For more information, visit http://www.chinadigitalgroup.com or contact Roy Teng, China Digital, (310) 461-1322, e-mail: info@chinadigitalgroup.com.

An investment profile on China Digital Communication Group may be found at http://www.hawkassociates.com/chinadigital/profile.htm.

For investor relations information regarding China Digital Communication Group, contact Frank Hawkins or Ken AuYeung, Hawk Associates, at (305) 451-1888, e-mail: info@hawkassociates.com. An online investor kit including press releases, current price quotes, stock charts and other valuable information for investors may be found at http://www.hawkassociates.com and http://www.americanmicrocaps.com.

Keith Minty Appointed as New Chairman of the Board of China Diamond Corp.

LONDON, ON, March 14 /CNW Telbec/ – The Company is pleased to announce as part of its corporate restructuring the appointment of Mr. Keith C. Minty, P. Eng., as a director who has also been elected as Chairman of the Board effective today, subject to TSX Venture Exchange acceptance. Mr. Minty has over 25 years of international mining and financial experience and since graduating as a Mining Engineer in 1978 from Queens University, has established an excellent reputation in the mining and investment communities. Mr. Minty, has previously held the executive position of President and CEO of North American Palladium Ltd., and was instrumental in developing that company into Canada’s largest primary palladium producer. Mr. Minty received the “Mining Man of the Year” Award in 2002 for outstanding achievement in the Canadian Mining Industry.

“Keith is a versatile senior executive with demonstrated leadership strengths in developing and executing company strategies related to operations and management, financing and resource and reserve development and brings a solid track record of transforming resource companies into profitable enterprises in the mining industry” commented Sam Halbouni. “I stated previously that our objective was to build a strong management team and board of directors. The addition of Keith as Chairman of the board will provide management and the Company access to a person who has a strong corporate and mining background. With Keith’s extensive international mining and financial experience, we look forward to his contribution in advancing China Diamond Corp. and its projects.”

In addition, as mentioned in the March 8, 2006 news release, Mr. David Critoph, a Chartered Accountant and a former partner of the international accounting firm of Deloitte & Touche, joins the Company as a director. Mr. Critoph has extensive professional accounting experience having been actively involved in the financial industry since graduating in 1964 from the University of British Columbia

As part of the Company’s further corporate restructuring, Mr. Halbouni, who remains as a director of the Company, will now be concentrating his efforts in China to represent the Company’s interests as Chairman and legal representative of its joint venture companies, to assist management with the development of the Company’s projects, and to liaise with government officials in order to foster relationships.

Additionally, Mr. Michael Michaud, P. Geo., President and CEO, will continue to lead his technical and operating team in existing operations operational improvements and evaluate and develop the company’s China projects. Mr. Michaud with Mr. Minty’s assistance will continue to improve the company’s profile in the investment community.

“On behalf of the Company’s management and the board of directors, I wish to thank Mr. Halbouni for his past efforts and his commitment to continue to support the Company” said Mr. Michaud, “For the past 3 years, under Sam’s leadership, the Company has developed a strong management team and board of directors and has advanced the Company’s gold and diamond projects that establishes a strong foundation for the future development of the Company. The management and the board of directors appreciates Mr. Halbouni’s efforts in developing the Company and strongly support Sam in his new role which will focus his activities in China where he has acquired invaluable experience and developed strong relationships. The Company appreciates not only Sam’s strong financial support, but also the commitment of his time and dedication to the Company. The Company is pleased with the addition of Mr. Minty and Mr. Critoph that adds considerable mining and financial expertise to the Board”.

At the meeting of the directors of the Company on March 13, 2006, the board has approved the makeup of following committees:

Audit Committee: David Critoph (Chairman)
George Laforme
Keith Minty

Compensation Committee: Keith Minty George Laforme (Chairman)
David Critoph
Sylvio Escaloni

Governance Committee: Keith Minty (Chairman)
Lee Barker
Xie Datong
Sam Halbouni

As announced previously on March 8, 2006, the independent committee of the board of directors consisting of George Laforme, Lee Barker, Sylvio Escaloni and David Critoph will continue to take on the mandate to review of the Company’s current corporate governance and expenditure authorization policies and procedures in March 2006. The committee expects to report its findings and recommendations to the Governance Committee and the board by the end of the first half of 2006.
Pursuant to the Exchange Bulletin dated February 15, 2006, the Company’s securities remain halted pending clarification of the Company’s affairs as previously announced on February 24, 2006 by the Company. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.