Half day symposium with two panel discussions
Registration at 8.30am
Symposium at 9am
Close at 2pm

Rapid economic development, stagnant education systems and shifting demographics have led to significant discrepancies between the supply of labor and market needs. Multiple surveys have concluded that employers around the world are having difficulty filling vacancies due to a lack of available talent. The Manpower Group’s 2013 “Talent Shortage Survey” which polled 38,000 employers globally, indicated that 35 percent of them - and 45 percent in the Asia Pacific region - had trouble filling openings.

This problem is particularly acute in emerging economies, with a skilled workforce more in demand than ever. Markets such as China, once relying on cheap labor to fuel their export-led economies, are evolving and moving up the value chain. As a result, developing nations have had to narrow the skills gap and produce additional employees capable of more talent intensive jobs that require higher qualifications.

With China at a crucial stage in its expansionary economic development, the country now boasts an impressive seven million tertiary graduates each year, significantly up from one million back in 2000. Yet, this vastly increased pool of educated labor has not bridged the widening skills gap as companies report major discrepancies between their requirements and candidates’ qualifications, skills and aptitude. Complicating the situation is the estimated 270 million migrant workers in cities without local household status in 2014, thus excluding them from social security benefits including education. This supply paradox jeopardizes business growth and has resulted in a significant challenge to the nation.

During this half-day symposium, leaders from academia, industry and government will address the existing skills gaps issues in China and explore the future employment needs that address real world demands. They will also advance thinking and knowledge in finding solutions to bridge the workforce skills gap by leveraging resources and utilizing innovative approaches, reducing unemployment and expanding economic opportunities.

Opening Keynote: Employment Challenges faced by China

China faces significant employment challenges due to the sheer number of people seeking work and imbalances in the labor market. In 2012, 25 million additional workers sought employment in urban areas, more than half of them university graduates. A total of 13.1 million new jobs were created in urban areas. Between nine and 10 million others from the countryside were also looking for employment. Latest figures provided by the Ministry of Human Resources and Social Security show that China’s urban unemployment rate was 4.1 percent in 2013. This address will cover the key employment challenges faced by China, particularly in light of a slowing economy.

• Wang Xiaochu, Deputy Chairman, Foreign Affairs Committee, National People's Congress & Former Vice Minister of Human Resources and Social Security

Panel I: Narrowing the Skills Gap: Matching Graduates' Skills with Market Needs

China is at a critical juncture in its economic development, and fundamental to this is workforce readiness. The number of tertiary students graduating each year has increased from one million in 2000 to 7.2 million. Yet despite this significantly enlarged pool of educated labor, many companies lament that graduates often lack the skills needed to perform the work, with a growing chasm between what employers want from graduates and what they are getting. Numerous employers’ surveys indicate that they are not satisfied with the skills level of tertiary hires, whether graduates of universities or vocational schools. A 2013 survey by Manpower concluded that 35 percent of employers in China had difficulty filling vacancies. Another study by McKinsey in the same year indicated than a third of employers in China struggled to recruit skilled workers, with 61 percent attributing this to a shortage of general employability skills. Complicating the situation is the estimated 270 million migrant workers in cities without local household status in 2014, thus excluding them from social security benefits including education. Meantime, unique to China, the One Child Policy enacted in 1980 is also having an adverse effect. Is there a real mismatch in skills of graduates and the needs of employers? What can stakeholders do to shape education in a way that supports business and helps students acquire practical skills? What can industry leaders, education institutions and government do to close the gap? What impact is the migrant population, traditionally believed to be low skilled labor, having on a skilled workforce? Is the One Child Policy impacting on industry?

• Bridget Beattie, Executive Vice President, Asia Pacific Middle East, Right Management 

• Chauncy Lennon, Head of Workforce Initiatives, J.P. Morgan Chase Foundation

• Li Qiang, Dean, School of Humanities and Social Sciences, Tsinghua University

• Wang Huiyao, President, Center for China and Globalization (CCG); Counselor, State Council Counselors Office

• Edward Tse, Founder & CEO, Gao Feng Advisory Company (Moderator)

Panel II: Evolving from an Investment-led to Consumption-based Economy: How the Needs of a Skilled Workforce Impacts China

As the world’s second largest economy and with a gargantuan population of 1.3 billion people, China is determined to evolve its economy from being the world’s workshop to a services powerhouse. This shift to a consumption-oriented economy - currently growing at around 8% annually over the past decade - has led to a greater demand for high-skilled workers across all business sectors, especially in the services. However, the economy is still very much driven by manufacturing. China has increased dramatically the number of students enrolled in universities and colleges over the last decade. Yet as the economy in China slows, the prospects for graduates appear bleak, with companies swamped with job applications but few positions to offer. How is the transition from a developing country impacting on the needs of the workforce? What does this all mean for the world’s second largest economy? What impact is this having on the old economy such as manufacturing and the services sector such as finance? Is there anything to be concerned with regarding the burgeoning class of unemployed educated? What impact will a growing class of educated unemployed have on the nation? What will China need in order to grow its economy and opportunities for the burgeoning middle class? What is the collective role in preparing workers for skilled, well-paying jobs that will contribute to the country's global leadership position?

• Fan Gang, Director, National Economic Research Institute & Professor, Chairman, China Reform Foundation

• Wang Chaoyong, Founding Partner and CEO, ChinaEquity Group

• Bob Xu Xiaoping, Founder & Managing Partner, ZhenFund; Co-Founder, New Oriental Group

• David Schlesinger, Founder & Managing Director, Tripod Advisors; Former Chairman, Thomson Reuters China (Moderator)

Keynote Dialogue: Viewpoint: Labor Challenges Facing China's Technology & Innovation Industry

In today’s rapidly evolving technological age, we can rarely separate ourselves from the use of Internet. According to Internet Live Stats, around 40 percent of the world’s population has an Internet connection in 2014 and within this, 21.9 percent of users are from China. China's booming Internet sector has been an important driver in China’s economic growth and has created tremendous opportunities for companies in the tech industry. To maintain a competitive advantage in this rapidly changing industry, tech firms need a large amount of skilled and talented employees to continuously improve their services and develop new products. Yet a report by international accounting firm GrantThornton concluded that over a third of Chinese businesses are struggling to recruit skilled workers, posing a major challenge for their growth prospects. Even more alarming, almost 50 percent of enterprises from industries such as technology have reported difficulties in hiring skilled workers. Many companies are experiencing a lack of “brains” to lead the companies’ growth. As the world is shifting into an innovation era, what are companies doing to inspire its employees to “think outside of the box”? What makes a person “innovative”? What are the sought after core skills in its employees? How does the company attract and retain talent? Has the skills gap issue and natural attrition of labor affected the development of the sector?

• Richard Liu Qin, Managing Director, Morningside TMT (Shanghai) Limited

• Lu Mai, Secretary General, China Development Research Foundation

• Ronnie C. Chan, Co-Chair, Asia Society (Moderator)

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