Salaries in China are expected to rise by an average of 5.4% in 2023, despite the challenging economic conditions in the country. The competition for talent and a shortage of skilled workers across numerous industries are key factors driving up salaries, as companies continue to seek out the best employees.
The rise in salaries has also led to a shift towards a more flexible and market-driven employment model. Companies are offering more flexible working hours and benefits packages that go beyond education and training, such as wellness programs and extra time off. There is a growing focus on talent retention and employee engagement, with companies creating a positive work environment and offering benefits that cater to the well-being and overall happiness of their employees.
For companies hiring in China, it is important to offer competitive salaries and benefits packages that also consider employee wellness and flexibility and focus on creating a positive work environment.