By Logan Taylor
Following a period of unprecedented growth, it appears that China’s economy is finally decelerating to a more moderate pace. Commonly referred to as the “new normal,” this new economic phase comes with many questions and uncertainties for a country that has only known rapid growth for the better part of three decades. While the recent GDP target of 7 percent announced for 2015 has largely come as no surprise to those familiar with the situation, many are now asking what it means for the business community. In particular, what challenges does China’s new normal pose for human resources?
On April 15, AmCham China hosted a panel discussion featuring Gloria Xu, General Manager of Government Affairs for Dow Chemical in Greater China, Johnny Yu, Partner at PricewaterhouseCoopers, Vivian Liu, Head of HR at Amazon China, and Tracy Xing, Director of Customer Service at FESCO, to address how China’s changing economic environment will influence the practice of talent retention and acquisition moving forward.
The panel emphasized the importance of talent retention. While international assignments are increasing, according to Liu, fewer expats are actually signing on to work in the country. In response, it would seem that there is an imminent need for HR departments to be more “open, flexible, and innovative” in order to retain effective employees.
Logan Taylor is a Communications intern at AmCham China.