Furthermore, it is more difficult to attract talent to the more remote areas of China (a factor Pharm-Co will need to consider in the choice of location in China), and because of the increase in demand for good local talent, many are receiving multiple offers of ever increasing monetary gain (Spencer Stuart, 2004).
Compensation therefore, is vital in attracting both expatriate and local talent, so Pharm-Co must determine the types of incentives other than salaries they can offer, such as stock options, benefit packages and progress and completion bonuses; opportunities available within Pharm-Co but not confined to the China location may be an added incentive for local Chinese talent. Once Pharm-Co has decided on the best way to attract the desired staff they want, they then need to consider how they will keep and develop them.
Retention of talent is major problem in China (Li-Ming Wen, 2010), particularly for local executives; offering retention packages is one option but more importantly Pharm-Co must foster a good work environment that offers opportunities for development, fostering good rapport with all levels of staff and not stifling decision making and innovation. Staff training at all levels too should be provided, as investment in training and skills improvement can help to retain good talent.
Undertaking a wider effort within the Chinese community of operation may also help in both attracting and retaining staff and at the same time nurture support from local leaders; Pharm-Co should establish strategies offering support for local communities, such as education, business acumen as well as a number of other opportunities. References Downing, J. , Rouseau, W. & Stuber, S. (2008) The war for the talent in China, Kellogg School of Management. Retrieved 8 July, 2010 from http://www.
worldconcertrpo. com/GIM_China_paper_Downing_Stuber_Rouleau. pdf Li-Ming Wen (2010) The myth of retention in China, China Perspectives IV, Heidrick & Struggles, p. 12-15. Retrieved 8 July, 2010 from http://www. heidrick. com/PublicationsReports/PublicationsReports/HS_ChinaPerspectivesIV. pdf Spencer & Stuart (2004) Succeeding in China: best practices in overcoming the war for talent. Retrieved 8 July, 2020 from http://content. spencerstuart. com/sswebsite/pdf/lib/Succeeding_in_China. pdf