Career International Released 2020 Talent Trends and Salary Guide
Salary GuideMarket InsightsRecruitment
The epidemic caused by COVID-19 has become a "black swan event" that exerts impact on China's economy at the beginning of 2020. Yet the economic development prospect still remains positive in the medium and long run with emerging new consumption, new product, new business, new model and new market. But how has it influenced the talent market in different industries and regions? And what are the talent gaps, job openings and salary hikes? Well, you may find answers in the 2020 Talent Trends and Salary Guide released by Career International recently. It offers insights into the employment trends this year based on the research and expert perspectives from an established human resources agency.
Released in the 8th consecutive year by CI, the survey studies 21 key industries and functions, 50 specialized domains, 10 high-profile domestic cities and 8 overseas regions. It lists information of 2,000+ middle and senior-level management and specialized positions, and analyzes the salary data of 400,000 candidates in our talent pool, which receives comments from 60-plus veteran consultants at CI with hands-on experience in varying sectors. It could work as a reference for employers and candidates alike regarding new opportunity and salary trend in the talent market.
Booming needs of skillsets in science and technology, R&D and other innovative domains
In the face of the COVID-19 outbreak, science and technology has been applied effectively into epidemic control and prevention. The Ministry of Industry and Information Technology of China shows their support for the use of artificial intelligence, big data, cloud computing and other new information technologies to prevent the coronavirus infections from spreading. The application of technical tools has greatly enhanced the disease control, which in turn has accelerated advancement of the cutting-edge technologies.
The healthcare market has seen a surging demand for medical talents due to sudden coronavirus outbreak. Besides, a large number of new drugs have been tested in clinical trial with the advent of innovative medicine era, which is predicted to generate a new high demand for talents in the field. According to our report, competition for clinical project managers (like CMO/medical director) and project operation experts (clinical operation director) is extremely fierce, with hopping increases up to 30%-50%.
Apart from the healthcare domain, high-tech industry was also flourishing in 2019. The commercial use of 5G was accelerated, Shanghai Sci-Tech Board officially was launched, and block chain was declared as one of China’s national strategies... The high-tech industry has become unprecedentedly appealing to talents promised with generous pay rise. The report shows in the wave of the interconnection of and digital transformation in traditional industries, the next generation of information technology has been increasingly used in major events. As a result, skillsets in AIoT, chips, digital transformation, and big data are much sought after, with big wage hikes in compensations.
Emerging demands for talents involved in lean operation, business growth and business insights
The complex external environment has accelerated the differentiation of companies and talents alike in 2019-2020. Uncertainty is everywhere to see: the drug bulk-buy program, the adjustment in real estate, increased financial regulation, declining auto sales, the fading heat of new force of car making... Industries are being reshuffled with accelerated consolidation. On the overall talent market, demand for low-end talent is becoming saturated; while need of expert with key expertise is still strong. As economy slows down, enterprise seeks development via innovation. Operation optimization and cost-effectiveness become the key words of strategic transformation for organization. Business tends to be more focused, with changing recruitment priority for talents labeled with lean operation and efficiency.
In view of the declining traffic dividend of the Internet industry, enterprises are endeavored to acquire insightful top talents who are able to grow users and generate revenues for them. As pointed out in CI’s report, skillsets in consumer insights in consumer goods and retail are in hot demand. And players in real estate attach more importance to make precise market deployment, strengthen operating capability, and downsize workforce while enhance efficiency. Therefore, strategic talents in business optimization, project management and organization transformation are much favored by employers.
Enhanced talent mobility back into tier 2 cities with a market correction in the over-heated industries previously
Faced with the pressure of economic downward, both capital market and talent market are becoming more rational. Enterprises practice a stricter and more objective talent assessment, less inclined to attract talent with high salary blindly. In some industries like real estate, finance and Internet that used to boast a fat salary and a high profile, it’s not rare to see some candidates choose to move though offered with the same or less wages than their last job. On the candidate’s side, they prefer a stable platform with solid employer brand for career progression to a position with high risks despite the high salary offered.
Under the impetus of favorable policies and improved industrial environment, China’s tier 2 cities are providing greater support to the innovative start-ups. There is an urgent need for top versatile talents from enterprises. As what CI’s report has discovered, Internet enterprises tend to set up their second headquarters in the tier 2 cities, with surging demands for talents specialized in AI algorithm, product technology, information technology R&D and Internet R&D. The transformation and upgrading of manufacturing industry has become vital to high-quality economic development of a region. Also, many private firms are expanding their businesses overseas, and seek to acquire global talents in marketing, human resources, and accounting like what they do in the Southeast Asian market.