The Economic Slowdown Is Affecting The Employment Market, But There Is No "Layoff Tide".

The impact of China's slowing economic growth on the job market is beginning to show. In the three quarter, job seekers intensified, with an average of 35 competing for a white-collar job.

According to a report released by Zhaopin daily, the job competition index increased significantly in the autumn. In the third quarter, 35.4 white-collar jobs received an average of 35.4 resumes, which rose significantly from 26.1 in the first quarter and 29.3 in the two quarter. Second tier cities compete fiercely against super cities.

In these second tier cities, although the economy has developed rapidly in recent years, it is not perfect in terms of economic structure, industry structure and other relatively mature cities. Not all urban posts can keep up with the pace of labor growth, resulting in the rise of competition pressure in some second tier cities.

Chinese officials also believe that there is a lot of pressure on domestic employment, but there is no "layoff tide".

Zero Hedge, a financial blogger, thinks that the competition is more intense than Goldman Sachs alone. Goldman Sachs said last year that more than 43 thousand people applied for 1900 analysts, with an average of 23 applicants per job. However, Wall Street has previously mentioned that Goldman Sachs reported in its April annual letter to the investor that 8300 jobs were recruited last year, which received 270 thousand job applications, with an acceptance rate of only 3%.

Zhaopin recruitment human resources expert analysis pointed out that China Macro economy Slower growth, some industries are facing a more severe situation, the demand for talent is gradually reduced. Secondly, many foreign enterprises begin layoffs or choose to reduce existing businesses in China, which further increases the supply of labor in the talent market.

In addition, as the investment enthusiasm of the Internet industry has cooled down gradually, the white-collar workers in it have begun to worry about the development prospects and seek a better platform, thus leading to a significant increase in the third quarter competition index of talent supply and demand than the first two quarters.

Zero Hedge said that as job market competition intensifies, salary levels will decline, which may lead to two outcomes:

First, salary The decline will be a new factor in deflation.

Secondly, China's inland areas export large quantities of labor to coastal cities. With economic growth slowing down and employment opportunities decreasing, social contradictions and conflicts are likely to intensify.

Yesterday, Yin Yumin, Minister of human and social affairs, said in the report on the employment social security work since 12th Five-Year, that the number of people who need employment in cities and towns in China is still 25 million, and the pressure of employment is very large.

He said that some media talked about the layoffs of some enterprises. Layoffs Tide or large-scale layoffs. "From our investigation, we found no basis for forming the above statement, and no large-scale layoffs have been formed." He also said that when China's financial crisis hit in 2008, the employment work once showed the trend of migrant workers returning home, but this trend has not yet appeared.

He also said that China is the oldest retirement country in the world, with an average retirement age of less than 55 years. After approval by the central government, the Ministry of human resources and social affairs will open the retirement retirement reform plan to the public, postponing it for several months every year, and gradually postpone to a reasonable retirement age.