If you look at the industry developments in the recent years, you will find intelligent and digital technology prevailing in all walks of life. The traditional industry as we know it is no longer the same because enterprises are upgrading their business philosophy and technology. With the government putting more money into new infrastructure, the construction of 5G base stations, UHV transmissions, inter-city high-speed railways and urban railways, new energy charging stations, big data centers, artificial intelligence and the industrial Internet, more jobs and talent demands are bound to be created. According to the ‘2020 New Infrastructure Talent Report’, the demand for core technical personnel in new infrastructure is expected to reach 4.17 million people by the end of this year. Taking the 5G industry as an example, the investment and development of this industry is about to enter a golden period in the next five to ten years. It is estimated that in 2030, this industry will create over 8 million positions directly and 11.5 million positions indirectly. Therefore, we can see that the demand for highly skilled talents may multiply day by day. The ‘pursuit for changes’ and ‘flexibility’ will be the key to competitiveness for future jobs. Talent with innovative thinking, adaptability, and quick learning skills will be very much needed.
Having gone through the black swan incident of the global epidemic in 2020, enterprises have to bear in mind a sense of crisis and realize that talents are essential for sustainable development. How to keep and train them will be a new challenge for these companies. Under the backdrop of globalization, more domestic private enterprises are trying to go global, and they also improved their company structure and culture so as to attract excellent talents. Compared with mature management methods in multi-national companies (MNC), local private companies give broader space for professionals to develop and realize their own values. As a result, quite a few executives in MNCs choose to turn to private companies for better development. According to the CIER Index Report published by the China Institute for Employment Research in Renmin University of China, MNCs were less popular than before in the job fair. In recent years, the CIER of private companies is higher than that of MNCs. The statistics in the 2Q2020 report suggested that the epidemic has led to a decrease of CIER both in private companies and MNCs. However, the CIER index of private companies was 0.88, still higher than that of MNCs, which was 0.5. (CIER Index is used to demonstrate the employment situation in China, its calculation formula is CIER = the number of employees needed in the market / the number of candidates who applied for jobs)
Under this circumstance, both private enterprises and MNCs are concerned with attracting and retaining core talents, hence putting more emphasis on employer branding. Judging by the Global Report of Employer Brand Research, companies with excellent brands receive twice the number of resumes than normal companies do while the former ones don’t have to pay extra money for that. Those with a worse reputation may have to pay more than 10% of hiring cost. The effective ways to improve employer branding are to pay attention to the needs of talents in salary, corporate value, promotion mechanism and training opportunities. The stronger the employer brand, the more excellent core employees may be attracted to the company.