Home / Business / News Tools: Save | Print | E-mail | Most Read | Comment
SMEs urged to hire talents now
Adjust font size:

Staff layoffs at a number of multinational companies (MNCs) in the country as a result of the worldwide financial crisis should present an opportunity for small and medium-sized domestic enterprises (SMEs) to grab whatever talent they can, according to the head of a global recruitment agency.

The SMEs should do so before the MNCs realize the resilience of the Chinese economy and start rehiring sometime next year, said Tony Goodwin, CEO of Antal International.

Hiring people now can bring greater long-term benefits than firing, Goodwin told China Daily in an exclusive interview.

In these uncertain times when developed economies, especially the US, are sliding into a recession, corporate executives should think "long-term" in formulating corporate human resources strategies, Goodwin said.

In China, US companies tend to react a little more aggressively to the perceived effect of the global economic downturn in the reduction of their workforce, Goodwin said. Domestic enterprises and European multinationals have shown much greater restraint in their response to the unfolding crisis, he said.

The conservative approach is a wise one because of the underlying strength of the larger developing economies, particularly China.

"Firms that are now firing people will experience problems in coping with the growth of business next year," Goodwin said. "They will have no choice but to start rehiring then."

As some MNCs are on the downsizing path, they have provided a window of opportunity for the small- and medium-sized companies to recruit the talents they would not be able to find in the past.

"If the financial crisis had not had happened, the smaller companies would never have stood a chance of competing with the big corporations for top managers," Goodwin said. "Now is the best time for them to tap the market for talent."

Goodwin also said that instead of cutting staff, foreign companies can save costs by speeding up the process of localization by hiring more Chinese managers and professionals, rather than bring people from their own countries. The quality of Chinese talent, especially those who have worked at foreign companies, has improved rapidly, he said.

Liew Mun Leong, CEO of Singapore-based MNC CapitaLand, one of the largest investment and real estate companies in China, said the firm will hire even more locals in 2009 to eventually have a 100 percent Chinese management team.

(China Daily November 7, 2008)



Tools: Save | Print | E-mail | Most Read
Pet Name
China Archives
Related >>
- SMEs to get benefit package soon
- SMEs face less trying times with state help
- Loan quota raised to aid SMEs
- SMEs seek non-bank finances
- SMEs get a boost with more aid
Most Viewed >>
- Famed trade fair deals fall 16% as credit crisis deepens
- Chinese model of development suits 21st century
- China expects 'fair, inclusive' world financial system
- China economic data - Sept. 2008
- Pact agreed to build aircraft engines
- Output of Major Industrial Products
- Investment by Various Sectors
- Foreign Direct Investment by Country or Region
- National Price Index
- Value of Major Commodity Import
- Money Supply
- Exchange Rate and Foreign Exchange Reserve
- What does the China-Pakistan Free Trade Agreement cover?
- How to Set up a Foreign Capital Enterprise in China?
- How Does the VAT Works in China?
- How Much RMB or Foreign Currency Can Be Physically Carried Out of or Into China?
- What Is the Electrical Fitting in China?