Word from an Expert – How much are you worth?
Salary survey results by Anthony Aucutt, General Manager, JM Gemini
Despite the recent global financial crisis, salaries in China over the last two years have seen on average a 10 per cent increase year on year. This can largely be put down to candidates who were in stable positions during the economic downturn placing a risk premium on their salary demands in order to move in the uncertain employment environment.
So far in the first quarter (Q1) 2010 as the employment market picks up, we have seen increases in salaries across most industries and in particular the FMCG, retail, F&B, supply chain, and automotive industries. This trend will continue into Q2 as China’s CPI, a main gauge of inflation, picked up at a faster rate in April rising 2.8 per cent year on year which will further add pressure on salary demands.
As part of the localisation trend in multinational companies in China, more skilled PRC nationals with fluent English ability are commanding salaries commensurate with expatriate salary levels.