Topic: Multinat Children slide ionals still a major force
Multinat Children slide ionals still a major force
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Multinationals still a major forcePublished: 17 Dec 2009 09:02:01 PST<p class="authorInfor"]</p]
By Michele Scrimenti</p]
<br /]Employees work for a multinational shoe manufacturer in Dongguan, South China's Guangdong Province. Photo: CFP</p]
Chu Kaifei heads into the office at 11 at night, but she's not a workaholic. The midnight conference call is part of her monthly routine, just another perk of working at a multinational company based in California.</p]
Multinationals have become an integral part of the Chinese economy over the last 30 years, and a recent study released by Ipsos, a market research firm, has shown that Chinese in and out of foreign firms have become more comfortable with the companies' presence in China. But large segments of the population still have some reservations, especially when it comes to multinationals fulfilling their responsibility to society.</p]
There are no accurate statistics available due to conflicting means of compilation, but estimates put the number of people employed in foreign enterprises, joint ventures, and foreign-invested firms in the tens of millions. Countless others are involved with multinationals through trade deals, research exchanges, and training.</p]
Chu, who works as a logistics coordinator for a multinational chemical supplier, had her first taste of a multinational when she enrolled in language classes at Italy-based Wall Street English. When deciding to leave a Chinese State-owned company, she immediately set her sights on a multinational, because she thought that like Wall Street, they would be "professional and have more opportunities for personal growth."</p]
The Ipsos study showed that the majority of Chinese agreed with Chu's impression of multinationals. A total of 60 percent of respondents said that multinationals provide more space for personal growth than their Chinese counterparts.</p]
Handsome pay </p]
But the number one advantage Chinese people perceive multinationals hold is in terms of salaries. Nearly two thirds of those interviewed said they are primarily motivated to work for multinationals because the pay is better.</p]
The study also noted that there was a difference in the way Chinese view multinationals depending on whether they have worked in one before. "Those who have worked in multinationals…pay more attention to 'more and better training opportunities," while those who have not "care mostly about salary," the report issued with the study said.</p]
Multinationals have been able to play off this perception to recruit some of the top talents in the country.</p]
"It seemed like there were dozens of people lined up outside their office waiting for interviews when I first showed up here," Chu said. "I thought I had no chance of getting the job."</p]
Despite having candidates knocking down their doors, multinationals in China still face talent deficit problems. According to the Boston Consulting Group, expatriates still hold the majority of top management positions, although the number of locals taking over is growing.</p]
Exotic brands </p]
Another major competitive advantage multinationals have is brand recognition and customers' faith in the quality of products.</p]
Of the 79 companies researched in the survey, Nokia, Microsoft and Canon came out on top of their respective categories as first in branding.</p]
But brand recognition and quality products do not necessarily mean market domination for foreign giants.</p]
Google ranked fifth overall in terms of trusted foreign brands. Yet the global search engine giant remains a minority player in China with domestic firm Baidu keeping a stranglehold on the market.</p]
Google only has a 29 percent market share, half of Baidu's share, even though it entered in China four years ago.</p]
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