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China's SOEs in hot demand

(China Daily)

09:11, October 27, 2011

[Li Min/China Daily]

Vincent Chen is ready to change jobs, moving from a world-famous foreign aircraft manufacturer to a State-owned aviation group. And three colleagues are going with him.

A 27-year-old engineer, Chen often complained to friends about his low salary compared to others in the same field, but it is not the 20 percent pay increase that makes him so determined to quit.

"It depends on where I can get to in the State-owned company. If I work hard, the chances are that I'll get a generous bonus at the end of the year," Chen said. "Counting on a fixed wage won't do, you know."

Over the past 18 months, about half of Chen's colleagues in Beijing have left their jobs. Seventy percent ended up in State-owned enterprises.

Chen's case is part of a wider trend seen by some headhunters and human resources consulting firms: multinational companies are losing luster as the most attractive career destinations for young and senior professionals in China.

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