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Maintaining loyalty levels among employees in organisations continues to be a concern in China, as talent shortages show no signs of declining in the nation.
MetLife’s China Employee Benefit Trends Study (EBTS) found that 47% of employers in China are concerned that talent shortages will affect their business in the next 12 months.
Polling 393 local bosses and 367 full-time employees, the report highlighted that most employers in China, (71%) say that retaining existing talent is difficult, the highest compared to other markets including the USA, Poland, Russia and UAE.
“Globally, we are seeing employers increasingly challenged to find innovative ways to attract, retain and engage talent, and China is no exception,” said Maria Morris, executive vice president, Global Employee Benefits, MetLife.
Interestingly, however, the report identified a vast chasm between employees’ and employers’ perceptions when it comes to loyalty
It highlighted that 68% of employers thought their employees are “loyal”, but only 39% of employees agreed.
This misalignment was wider in China compared with many other markets MetLife has surveyed, underscoring employee engagement as an issue too big to ignore.
In order to keep such employees engaged, the report suggested bosses to take note of their staff’s financial and health concerns.
This was mainly because employees in China were found to be significantly stressed about their financial responsibilities.
Most employees aged 18 to 40 stated they have the additional responsibility of caring for their parents, and 59% of them are concerned about the resources to do so, according to EBTS.
Employees in the Mainland were also concerned about their health.
Topping the list of employees’ health concerns are medical problems (65%), emotional health (69%) and lifestyle issues (e.g. exercise and eating habits etc.) (69%).
“Therefore, they are interested in wellness programmes offered by their employers,” stated the report.
“79% said they would like their employer to offer more health programmes.”