The highest pay rises are expected for China’s internet companies in 2018

Almaty. October 30. Silkroadnews - The highest pay rises are expected for China’s internet companies in 2018, South China Morning Post reports.
“Survey finds that strong demand for skilled internet professionals and firms’ efforts to retain staff will push wages up an average 10.5 per cent next year, above the average of 7.2 per cent for all industries,” the report said.
It is noted that the largest increase in pay reflects the high demand for talent in this fast-growing sector.
“The internet will continue to be the most active and better paid sector thanks to its continuous vitality and dynamics. Demand for talent is unlikely to wane thanks to the proliferation of start-ups and the ongoing rise of internet giants amid the fast evolution of technology,” the publication notes.
Such an environment reported create ample opportunities for employees of Internet companies to change jobs frequently. In the first half of 2017, the staff turnover rate in the Internet sector grew by 20.4% compared to the previous year, which is much higher than the average for all industries, where the turnover rate is 12%. The lowest rate of staff turnover, 9%, is observed in the energy and petrochemical industries.
It is also expected that the average salary increase in the financial and pharmaceutical sectors will be 8.1% on average, while in the energy and petrochemical sectors it is expected to have the lowest wage growth of 6.3%.
According to the publication, private enterprises that create 80% of jobs in China and contribute half of tax revenues to the country could offer an average pay increase of 8.5% in 2018, exceeding the average of 7, 2% for the country as a whole.