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Chinese companies to cut salary

Chinese companies to cut salary
More than two-thirds of 150 large Chinese shipping companies intend to freeze or cut salaries this year in an effort to tackle the tough business environment.

More than two-thirds of 150 large Chinese shipping companies intend to freeze or cut salaries this year in an effort to tackle the tough business environment.

More than two-thirds of 150 large Chinese shipping companies intend to freeze or cut salaries this year in an effort to tackle the tough business environment.

A joint survey conducted by Shanghai Shipping Exchange and CIC HR Management Consulting showed 55% of respondents said they would freeze wages this year.

Of the 150 companies surveyed, 15% said they would cut employees" salaries.

Only 45 companies were willing to increase their staffs" remuneration and the average of increase was lower-than-expected, at between 4.2% and 6%.

The survey covered both local and international shipping companies in China, including China Shipping Container Lines, Maersk (China) Shipping and OOCL.

Apart from salary adjustments, some companies are cutting recruitment and laying off staff.

Just 4% of respondents said they would lay off employees. However, 28% of the companies said they had a hiring freeze.

A further 17% of companies said they were cutting back on the number of staff they were recruiting.

In light of the bleak economy in the first half, 15.8% respondents have revised their whole-year revenue targets downwards.

Shanghai Shipping Exchange vice president Wang Dongjiang told local media that the outflow of talent was very serious for shipping companies in Shanghai in the first half of the year.

Mr Wang called on shipping companies to introduce competitive salary packages to retain talent.

www.TurkishMaritime.com.tr

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