Higher Pay Offered to Attract High Level Professionals
In a bid to attract high level professionals, some high tech companies are giving out pay increases to those interested in working for their company. Still, even with these lucrative offers, companies are still finding it difficult to source talent due to the high cost of living in the city.
During the last job fair, 150 companies struggled to recruit professionals to work in the research and development sectors. The job fair had around 200 companies with almost 3,000 vacancies. A spokesperson for the Shenzhen High Tech industry association said that the city has 3,000 high tech enterprises with a shortage of workers and professionals in the high tech field.
Companies were even offered wages 40 percent higher than others in hopes of attracting much needed professionals to work for their company, while larger companies were offering 10 percent additions to their salaries while small and medium firms were giving out 20 percent. Even with the 20 percent increase, small and medium enterprises had difficulty attracting workers simply due to the fact that they can’t compete with larger companies giving out higher wages.
The job fair also attracted companies outside of Shenzhen that are also competing to attract professionals to work for them, although it is uncommon to see outside companies attending local job fairs. Some companies even resorted to hiring fresh graduates to work in their research and development divisions, saying they used to hire experienced people to work in R&D, but due to the shortage they hired the most outstanding graduates they could find to work in the positions.
The city government was also offering incentives to attract high level professionals to the city by offering them housing and cash subsidies.