Multinational firms operating in China need to improve their talent attraction and retention strategies or face losing out to Chinese private-owned businesses.

According to Jeff Joerres, Manpower chairman and chief executive, an intensifying war for senior level talent is leading to local workers starting to favour Chinese private-owned companies.

Joerres says: “China’s rapid growth means the talent landscape is changing as non-native companies, previously regarded as highly desirable places to work, are no longer considered the country’s best employers.

“As local firms build stronger employer brands, multinationals will find it increasingly challenging to attract and retain managers. The war for talent will only intensify due to an ageing workforce and more foreign companies increasing their focus on the Chinese market.

“China has long been seen as a land of opportunity for foreign companies, but business leaders need to make sure that developing a workforce strategy that is agile enough to be future-proof and allows them to achieve their business objectives is at the top of their agendas.

“Foreign-owned companies operating in China need to adapt their talent strategies to protect their employer brand and ensure a healthy talent pipeline to execute their business strategy.”