Simon Laube Shares Insights on China’s Compensation and Retention System with Austrian Companies

Invited by Advantage Austria Shanghai, our International Business Advisory Assistant Manager, Simon Laube, recently spoke at the ABC Update Call – Labour Market in Eastern China: Outlook 2023 in the frame of the Austrian Business Circle – Spring Edition.  This event was the first of its kind organised by Advantage Austria for the Austrian community in Shanghai since China reopened its borders. Attendees were updated on visa regulations and flight matters between China and Europe and discussed how companies can stay competitive in the current “candidate market” of China.

In his part of the presentation, Simon outlined the key factors that cause employees to leave a company and suggests how to create a comprehensive compensation system to retain talent: “Many companies may simply blame employee departures on salary issues. But an effective compensation system is more than just money. It should have four pillars – competitive pay, strategy, motivation, and fairness. You need to always look at the entire system and raise the level accordingly together at once to avoid certain positions from falling behind, even if you don’t feel they are leaving the organisation. By keeping all employees competitive, you will also stay ahead in the marketplace.”

Dezan Shira’s HR and Payroll Services

Dezan Shira & Associates appreciates and understands that HR and payroll processing in emerging economies can be challenging due to ever-changing regulations and dynamic local practices. We have accumulated abundant knowledge and experience of local markets. Our certified HR and payroll specialists can find constructive solutions for our clients in a time and cost-efficient manner. Click here to learn more about our HR services or contact us to speak to one of our HR experts.

Further Resources

For further resources on Human Resource Management in China, you can visit our website, China Briefing, where you can find articles such as:

• [Publication] Human Resources and Payroll in China 2022
• Hiring Foreign Employees in China: A Quick Checklist of Requirements
• How to Develop an Effective Employee Retention Strategy in China
• A Guide to Minimum Wages in China in 2023 (Last Updated on February 21, 2023)

You can also visit our publication store, Asia Briefing, which houses in-depth business guides and magazines for multiple regions in Asia.