How to Grow and Sustain the IT Professional Pool in China
China is already seeing rapid job growth in the services sector and knowledge-intensive manufacturing, which both generally require higher skills. The booming industry will demand more workers.
McKinsey projected that Chinese employers will demand 142 million more high-skilled workers— those with university degrees or vocational training—or about 24 million more than the country will likely supply.
While companies could fill this high-skilled labour gap with less-skilled workers, this would result in productivity losses or poorer quality products and services. Other companies may leave roles unfilled,
delaying the decision to grow or expand.
If China does not bridge this gap by 2020, the opportunity cost could reach some $250 billion (about 2.3 per cent of GDP)—greater than the economic output of Hong Kong or Israel, according to McKinsey’s estimates.
Graph by: McKinsey
While companies could wait for preferable governmental policies, when needs are specific and urgent, it is in companies’ best interest to keep it within their own hands. How could companies create their own talent pipeline?
Tune in this week for W.Media’s Digital Week to find out more! Tomorrow, we are holding a panel discussion on “How to Grow and Sustain the IT Professional Pool in China 如何在中国发展和保持lT专业人才库”, featuring Jerry Yang CTO, Asia, DXC Technology and Sakshi Vidur, Head of Information Security – Asia Pacific Region, Yum! Brands Inc. This session is moderated by Dr Yale Li, Chairman, Cloud Security Alliance Greater China Region (CSA GCR).
Registration for Digital Week is free and we are adding content to our event platform each day, so sign up today to get the most out of your Digital Week experience!