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China’s financial industry will continue to be a magnet for job seekers in 2014, as it was announced that it is the job sector with the greatest potential for salary increases next year, reports job board and HR provider, 51Jobs Inc.
In a survey on ‘Resignation and Salary Adjustments in China 2014’, the report states that as much as a +10.4% increase in salary would be possible for financial sector employees, outpacing other industries, which are more likely to shore up salaries after cutting them this year.
Hamstrung by a persistent tightness in the economy, China's financial sector did not significantly increase salaries during 2013, however, as a result of the improvements in the economy, many financial companies are starting to compete for high-end talent, which is expected to force them to increase salaries in 2014.
Other sectors likely to increase their employees’ salaries by a relatively high margin are estate agents (+10.1%), high-tech industries (+9.9%), and the bio-medicinal sector (+9.2%).
According to 51Jobs, with a growing talent war, Chinese companies need to improve their talent management and enhance their staff development, in order to increase their employees’ overall satisfaction and increase employee retention.