The Chinese economy is currently undergoing significant shifts due to the forces of globalization, domestication, digital intelligence, and green transformation. In the face of growing economic volatility, employers are under increased pressure to manage operational costs and workforce productivity. Yet, businesses remain highly focused on top-tier talent that can catalyze transformation and drive revenue growth, with a keen eye on professionals who make substantial contributions to the company’s profitability.
ZW HR Consulting’s 2024 Industry Salary Insights has been officially released. We have presented a salary range forecast for popular industries in 2024 based on publicly available data from a vast pool of self-owned talents and market research analysis, combined with frontline market observations by senior industry consultants.
This report is designed to shed light on compensation trends, offering valuable guidance for businesses as they develop their talent strategies and assisting professionals in understanding their market value and shaping their career paths. It empowers both parties to make more informed and advantageous decisions in the competitive market landscape.
Below is the report sharing and message from Joyce Jing, CEO of ZW HR Consulting:
Dear Readers,
The annual salary report is the most cutting-edge insight into the mid-to-high-end talent market provided by ZW HR Consulting. In this era filled with challenges and opportunities, we gather once again to discuss the salary trends and talent market dynamics of 2024 together.
Enterprise Side: Strategic Adjustments, Focus on Efficiency and Flexibility
The preceding year has been marked by market volatility, with numerous sectors confronting the imperative for strategic recalibration, posing considerable challenges for the professional workforce. We have observed a multitude of enterprises undergoing transformative processes, which have precipitated a substantial evolution in their talent requirements. Concurrently, the paradigm of remuneration has transitioned from a rigid escalation to one characterized by flexibility and adaptability. Talented individuals are actively engaging with this dynamic, endeavoring to align their skills and expectations with the evolving market demands。
The past year has borne witness to the relentless progression of digital transformation and globalization strategies. These trends have not only reshaped the operational paradigms of corporations but also introduced novel challenges to the demands for talent. Particularly within the realm of cross-border operations, there has been a surge in the demand for polyglot professionals. Positions related to overseas marketing, expansion, and brand promotion have maintained a consistent level of popularity. The pursuit of multi-skilled, multifaceted individuals by enterprises has emerged as a new employment trend, reflecting the growing need for versatile talent capable of fulfilling diverse roles within the organization.
We have also observed that companies are placing a greater emphasis on efficiency and flexibility in their personnel strategies. As they maintain an active recruitment pipeline, the norm of multi-posting has become commonplace. This necessitates that talents possess not only a broad range of skills but also the agility to adapt to changes swiftly. Undoubtedly, these shifts have elevated the demands on human resource management and have introduced new opportunities for both enterprises and individuals.
Talent Side: Conservative Tendencies, but High-End Talents Remain Competitive
On the other side of the talent market, we have observed an intriguing phenomenon: while demand from the client side is robust, the talent side appears relatively conservative. This may stem from concerns about future uncertainties or a deliberate consideration of career development. Regardless of the reasons, this indicates that enterprises need to offer career paths and flexible benefits that are more aligned with the characteristics of the times when it comes to attracting and retaining talent.
The geographic mobility of talent is also an undeniable trend that warrants attention. First-tier cities and emerging cities continue to attract talent in popular industries. Meanwhile, with the rise of third and fourth-tier cities, returning to one’s hometown for employment has become a new trend. This not only alters the map of talent distribution but also infuses new vitality into the development of local economies.
In terms of salary, although the overall percentage of salary increases has declined, for certain key positions, such as large model architects in the field of AI, salary increases remain significant due to their scarcity and high market demand. This indicates that the competition for high skilled talents in the market is still fierce, and companies need to make corresponding adjustments in their compensation strategies.
In this era of constant change, we hope that this report provides you with the most authentic feedback from the market. Whether you are a decision-maker within a corporation or a professional seeking growth, we hope that this report offers you valuable information and insights.
— ZW HR Consulting CEO Joyce Jing
OUR EXPERTISE: Healthcare, Manufacturing, TMT, Chemical, Energy, Automotive, Consumer Goods, Finance, Real Estate, Agriculture, Logistics/Supply Chain, Central State-Owned Enterprises, Professional Service, and General Function.
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