Financial turmoil lowers Chinese grads’ expecting salary to 500-700 RMB

Financial turmoil lowers Chinese grads’ expecting salary to 500-700 RMB
Nov 14, 2008 03:00
OLIVETREE Points: Join Date: Mar 23, 2008 Status: offline	The global financial turmoil stroke China too. Manufacture, import and export industries are severely hit. The new college grads are becoming the victims of the shrinking job market triggered by the financial turmoil. According to a recent survey conducted among the senior undergraduates, 500,000 university grads will compete for the stingy job positions in South China’s Guangdong Province. Surprisingly, the grads with bachelor’s degree lowered their expecting salary to 500—700 RMB, which is almost the minimum wage stipulated in not-so-developed Chinese cities.

Nov 14, 2008 03:00

OLIVETREE
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Join Date: Mar 23, 2008
Status: offline

The global financial turmoil stroke China too. Manufacture, import and export industries are severely hit. The new college grads are becoming the victims of the shrinking job market triggered by the financial turmoil. According to a recent survey conducted among the senior undergraduates, 500,000 university grads will compete for the stingy job positions in South China’s Guangdong Province. Surprisingly, the grads with bachelor’s degree lowered their expecting salary to 500—700 RMB, which is almost the minimum wage stipulated in not-so-developed Chinese cities.

Nov 14, 2008 21:19	#1
GARYKINKADE Points: Join Date: Jan 8, 2008 Status: Offline	Per month?....Geez....you gotta be kidding me.

Nov 16, 2008 08:26	#2
DESTRUCKDOZ Points: Join Date: Sep 30, 2007 Status: Offline	700RMB? That's what a maid gets paid to clean hotel rooms (Foshan City, Guangzhou)

Nov 16, 2008 19:01	#3
LEONARDO Points: Join Date: May 21, 2007 Status: Offline	It's a sad truth. The coming year (2009) will be a hard time for job-hunters. I got messages from my university schoolmates that thousands of factories in the Peal River Delta shut down overnight due to the financial crisis, and left thousands of workers unpaid and jobless.

Nov 16, 2008 22:32

GUESTBRIT

China grads will continue to be extremely competitive from now on because this global recession has no precedent. Having personal experience in the Guangzhou job market, I feel Chinese grads are too choosy with "money" as the only objective in shaping their decisions.

Money is important of course but there are more important aspects of a company than just financial consideration alone. Type of company, nature of job, scope of work, etc are as vital for the grad to think about too.

Knowing the Chinese very well, those grads who lower their salary demand are those who will quit when they find another company offering a little bit higher - are these the type of workers company want? I think not!

Nov 18, 2008 21:44	#5
ARAGORN Points: Join Date: Apr 6, 2008 Status: Offline	The global financial crisis will worsen the tough job market for Chinese grads. The starting salary will become stingier. Grads with Bachelor’s degree make less money than illiterate migrant workers. Parents paid a large sum of money for their children’s 16 years of education. The result falls short of their expectation.

Nov 19, 2008 11:11

GARYKINKADE
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Join Date: Jan 8, 2008
Status: Offline

It could be possible that higher education institutions are laughing all the way to the bank on this one.
Peer pressure=herd mentality=?
The financial and manufacturing firms are just loving this, getting well qualified individuals for 10cents on the dollar. (or whatever denomination is preferred)
It somewhat reminds me of the housing bubble.
Welcome to the free market supply and demand Capitalist model, ladies and gentlemen.

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