Amid booming economic growth and an erosion of traditional values, this land of the socialist “iron rice bowl” ” where people once served their state-owned employers until death ” has become a revolving-door society.
China’s overall turnover rate jumped to a record 14% last year from 8% in 2000, according to a survey by consulting firm Hewitt Associates. That doesn’t include people who were terminated. The current turnover rate in the United States is about 3%, including firings.
In bustling areas such as Shanghai and Guangdong province, many companies lose 1 out of 3 employees every year.
Experts say a shortage of skilled workers is the underlying cause of the high turnover and its effects: large salary increases and extensive poaching of high-performing employees.
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