Compensation and benefits are among the prime motivators in attracting and retaining top talent. As competition heats up in the business landscape, human resources practitioners join their leadership in forming strategies that can lure and keep those preferred professionals with their respective companies for the long haul.
The 11th of November, also known as Singles’ Day, is a widely celebrated day among young Chinese and is seen as an important holiday equivalent to exclusive for couples. The date was chosen because the number “one” resembles a solitary individual.
In 2009, Alibaba’s founder Jack Ma turned the then anti-Valentine’s day sentiment into a global shopping spree where both singles and couples were encouraged to treat themselves on the day. It has now become the largest offline and online shopping day in the world. This year, Alibaba smashed its 2017 earnings with US$30,800,000 in sales in 24 hours.
Agility and the employee experience are on everyone’s lips. Some companies in Mainland China seize the day and implement multiple practices to show how much they care about their employees.
Here were five creative and interesting approaches by top management in Mainland China in 2017 and 2018:
- To prevent employees splurging that may have led to family dramas and bankruptcy, the management team of a food provider in Chongqing postponed the pay date, which was one day before Singles’ Day, by one month. The measure was reported to be supported by employees’ spouses.
- An announcement of an upfront bonus pay by a Henan company was issued two weeks before the big day. Five-sixths of the yearly bonus was advanced in cash to single employees. Married employees were excluded from this arrangement. About 400,000 yuan was distributed to 20 employees who were not in any romantic relationship at that time.
- On the first day of November this year, an exclusive employee lunch banquet was hosted by Suning at its headquarters in the name of the “Double Eleven”. Called “fighting feast”, the free meal was prepared by the top chefs at the enterprise with prestigious ingredients. Top management aspired to treat the employees who were preparing for the Singles’ Day big sale.
- Understanding that employees’ excessive spending was inevitable, a Zhengzhou internet company distributed a care package this year to each single employee three days before the day. Three boxes containing instant noodles, fermented pickles and Chinese liquor Baijiu were given to each single employee. The management team explained the act was a precaution of the Singles’ Day aftermath, in which employees emptied their pockets for cheap deals.
- A maternity and child health care hospital in Henan opened the application of a salary advance at the request of some employees. Its leader explained that since the majority of the employees were very young and female, this could motivate them and build their sense of belonging.
To learn more about compensation and benefits, Human Resources is excited to announce that we will be launching our Employee Benefits Asia in Shanghai on 30th May, 2019.
Asia’s most prominent conference on employee compensation and benefits is held annually across Hong Kong, Singapore, Malaysia and the Philippines.
The latest employee benefits’ trends, developments and challenges in China will be discussed by senior HR professionals during keynote presentations, case studies and panel discussions. Aside from engaging talks, networking opportunities will allow participants to exchange best practices.
Human Resources is now offering one complimentary ticket to the conference upon finishing this questionnaire.
Please also spread this news to your firm’s mainland sector. The tickets are not transferable and are on a first come first served basis. Human Resources reserves the right of final decision in case of disputes.
For general enquiries:
Annie Wu, event producer
+852 2861 1882