Shanghai's job market remains buoyant despite slowing economic growth at home and continuing concerns over the impact of the euro debt crisis on global economies.
'A lot has been written about the possible impact of the European crisis on China,' said Simon Lance, regional director for recruitment consultancy Hays in China. 'But we haven't seen a slowdown in the sectors in which we are operating.'
Lance said in sectors such as life sciences and banking and finance, Shanghai employers were forced to pay more and offer a wide range of perks and benefits to attract top talent.
Because of the shortage of qualified candidates in the city, a chief financial officer (CFO) employed by a multinational company can now expect to earn up to 2 million yuan (HK$2.46 million), up 25 per cent from last year, according to Hays. That matches the pay a CFO could expect in Hong Kong, where employers are offering an average HK$2.8 million, unchanged from last year.
'We are also starting to see a number of overseas trends around benefits coming into the China market,' Lance said. 'This reflects a generational shift from the belief that work comes first towards a desire for a better work-life balance.'
An increasing number of homegrown companies are therefore now offering inducements such as gym memberships, flexible hours and guarantees of no overtime as they compete with international firms to recruit high-calibre employees and gear up to establishing Shanghai as a global financial centre by 2020.
