Archives November 2008

Global financial crisis spills over China’s labor market

BEIJING, Nov. 1 (Xinhua) — In the space of a year, Yang Chanjuan’s career plan has changed direction. A soon-to-graduate college student in economics, Yang is feeling her fortunes being buffeted by the financial crisis.

Yang was recently told by her schoolmates already working in the financial sector that their companies would cut staff, or there would no bonus this year. Amid the turmoil and full of uncertainty, a job in banking or securities company was no longer desirable to her. As a result, she decided to apply for a government job.

Migrant workers fill in application forms at a job fair in Chongqing, southwest China on Jan. 1, 2008. International Labor Organization (ILO) estimated earlier that the financial crisis would cost 20 million jobs globally by the end of 2009. (Xinhua Photo)
Photo Gallery>>>

Yang’s change in career plan came as the financial crisis is spreading around the world. As it is now beginning to hit the real economy, more and more people, not only those in banks, have lost their jobs.

International Labor Organization (ILO) estimated earlier that the financial crisis would cost 20 million jobs globally by the end of 2009. The ILO said the new projections could prove to be underestimates if the effects of the current economic turmoil are not quickly confronted and plans laid for the looming recession.

In the birthplace of the crisis, the United States, big companies from Goldman Sachs to Coca Cola, Motorola to Alcoa, have all announced their job cut plans. Economists believed the jobless total could increase by 200,000.

Back to China, unemployment now becomes a concern too. Although with 2-trillion U.S. dollars of foreign reserves, a budget surplus and a controlled capital market, China would suffer limited direct impact from the crisis. However, weakening demand from its major markets, North America and Europe, is now leading China’s real economy in the export sectors into a tough situation.

In China’s coastal areas, export enterprises are now struggling with soaring labor cost and fewer orders from foreign customers. Many toy factories in South China’s Guangdong Province were shut from January to July this year.

Earlier last month, two big factories of a Hong Kong listed toy-maker were shut. As a result, 7,000 workers lost their jobs. Affected by the global financial crisis, the company was suspended from trading thus it faced severe shortage of current funds.

Statistics from the Ministry of Commerce showed that China’s export suffered a growth slowdown in the first three quarters compared with the same period last year — from 27.1 percent to 22.3 percent. The government said the gross domestic product (GDP)growth rate in the first three quarters this year slowed to 9.9 percent – a 2.3 percentage points fall compared with the same period last year.

“The greatest impact is on these labor-intensive, small and medium-sized export enterprises,” said Wang Dewen, a labor economist from China Academy of Social Sciences.

These export-oriented enterprises that make China the world’s workshop, are mainly small and medium-sized and vulnerable to market changes. These are China’s major employers, absorbing 70 percent of the aggregate 20-million new jobs every year.

Wang said that the lower-end labor market, especially the migrant workers who are the biggest source of employees in the export enterprises, would suffer from unemployment. As the crisis is now just beginning to hit the real economy, the whole situation could be worse if there is no countermeasure.

The fear of unemployment is also hovering over other places. College students and white-collar workers are now worried about their future in the open market.

Production Manager (eo154sz)

Job Title: Production Manager
Location: Shenzhen China
Job Description:
An international commercial furniture manufacturing company with a reputation for producing high quality products always delivered on schedule is looking for a Factory Manager to direct its manufacturing operation. This fast growing company is seeking an individual who can build, expand, and direct an organized and efficient manufacturing operation as sales increase.

Responsibilities
1. Directing, scheduling, and coordinating all manufacturing & production operations by adhering to superior quality standards;
2. Shipping finished products to specification, on schedule, and on budget;
3. Personally overseeing and monitoring all areas of manufacturing, maintenance, engineering, and all related functions to ensure efficient and profitable running of the operation;
4. Laying out and maintaining a clean, organized, and efficient factory that is consistent with international standards for manufacturing excellence;
5. Analyzing, developing, and instituting improved manufacturing processes and procedures that ensure efficient and effective production of high quality products;
6. Hiring and managing employees with experience in fiberglass, metal fabrication, woodwork, powder coating, quality control, and other functionally specific areas as the company requires;
7. Facilitating and delivering training for all production employees in manufacturing techniques, process control, and quality assurance;
8. Developing workers to work effectively in teams;
9. Working closely with procurement personnel to ensure that required raw materials are purchased, delivered, and maintained on site in the most cost effective manner;
10. Inspecting work in progress for conformance with quality standards and for efficiency of operations;
11. Overseeing all outsourcing and purchasing of finished products from suppliers to ensure products are manufactured to specification, on time, and on budget.
Requirements:
1. Bachelor’s Degree from an accredited four-year college or university;
2. Ten years experience in manufacturing; Must have 5 years supervisory/management experience
3. Must have good interpersonal skills;
4. Proficient in Mandarin with ability to communicate in English;
5. Highly motivated with ability to work independently
6. Strong communication capability and team work sprite. Effective problem-solver and strong sense of urgency.
7. Strong leadership and inter-personal skills with ability to work through all levels of organization, internal and external.
8. Be able to work under pressure, self-motivated and have positive attitude as well as good team spirit.
9. Strong sense of responsibility, highly initiative and flexible, mature, independent.
* Please send us your complete resume (both in Chinese and in English to: ‘topjob_154sz@dacare.com'(Please replace “#” with “@”)
* In the email subject MUST you plus the position name ?in either En or Ch ?

Yahoo to lay off at least 10% of workforce

Internet giant Yahoo announced on Tuesday that it planned to lay off at least 10 percent of its workforce over the next few months as sales declined for the third consecutive quarter this year.

At least 1,500 employees will lose their jobs as part of Yahoo’s cost-saving plan, which Yahoo hoped would reduce costs by 400 million U.S. dollars a year.

The company said it would also achieve “substantial additional cost savings” by addressing “structural inefficiencies.”

Also on Tuesday, Yahoo said its third-quarter sales, excluding commissions, were 1.32 billion dollars, a decrease of 21 million from the previous quarter.

Its third quarter profits were 54.3 million dollars, or 4 cents per share, down 77 million dollars from the previous quarter, a 64-percent decline.

In a statement, Yahoo Chief Executive Jerry Yang said that economic conditions and online advertising had softened during the third quarter.

Yahoo now projects that 2008 revenue will be between 7.18 billion and 7.38 billion dollars, down from a forecast, issued three months ago, of 7.35 billion to 7.85 billion.

Yang said the company would continue to balance the investment in new products with a tight control on costs.

“Despite a tough environment, we remain optimistic about Yahoo’s future,” he said during a conference call with analysts.

Following the release of the third quarter revenue report, Yahoo shares lost 6.1 percent, or 79 cents, to 12.07 dollars in regular trading on Tuesday and then gained more than 5 percent in after-hours trading.