Human Resources Report to China Luxury Industry
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Talent is commonly believed to be a key driving force in economic development. As a result， talent development seems to draw the most attention when the economy is evaluated. For the first time， The Fortune Character Institute studied the China luxury market from a human resources perspective， and launched 2013 Human Resources report to china luxury industry through collaboration with DHR .
There is no doubt that the luxury industry offers one of the highest salary rates. According to the Human Resources Report to China Luxury Market， 50% of industry practitioners have an average monthly salary of 5，000 to 10，000 RMB， who are mostly experienced in-store sales staff. Similarly， 26% has an average monthly salary of 10，000 to 20，000 RMB， and this group is likely to include store managers or junior operations managers. Those that have an average monthly salary of more than 30，000 RMB are at director level or above， who make up 3% of total employees. Also mentioned in the report is that although few， top management of major brands in China （known as the “golden collar”） are on average being paid for 150，000 RMB per month or 1.5 million to 2 million RMB per year. They also receive bonus or commission depending on performance. The report believes that professional buyers， store managers， customer service managers， maintenance and professional market analysts are the top five occupations that have the best potential for generating a pay rise.
The study has concluded that luxury industry practitioners are on average quite young （born in the 70’s or 80’s）. Most of them have an excellent education background and make the luxury industry a talent intensive sector. For example， over 80% of store staff have bachelor degrees or above. It is worth mentioning that the luxury industry is the most attractive to graduates from top institutes， overseas graduates， “the affluent 2nd generation” and “the officiallings”， who are likely to either take up employment opportunities or to start their own businesses in luxury industry.
The sense of honour that comes with working in the luxury industry or being associated with luxury brands is one of the key reasons why industry practitioners choose to work for luxury brands. In the meanwhile， other opportunities that luxury brands might offer such as travel and training are also very appealing to practitioners.
Riding on the fast booming of luxury industry in China since 2008， the market need for talent has been growing equally fast and has reached an average increase of 30% each year.
Currently， the Chinese luxury market involves approximately 140，000 practitioners covering different functions such as brand management， retail， design， manufacturing， customer service， public relations， media etc. In addition， there are also around 350，000 people from other industries who work very closely with luxury industry. This group covers logistics， property management， education， tourism， hospitality and hotels， conferencing services and some other areas.
Talent recruitment is a big challenge for the luxury industry in China， and 57% of luxury brands agree that the current talent resources are not going to meet the demands of their business expansion. The Fortune Character Institute estimates that current vacancies in luxury markets include 3，000 for managerial positions， 4，500 for store managers， 2，000 for professional buyers， and at least 300，000 for qualified shop assistants.
Due to the lack of talent in luxury industry， hiring from competitors through headhunters has become a key source for recruitment. 44% luxury brands have identified experienced headhunters to look for candidates for their vacancies， especially for senior positions such as store managers and above. Compared with the high service fees paid to headhunters， internal referrals seem to be a more effective approach for recruitment. The study has indicated that 24% of employees find their positions at luxury brand by recommendation of other employees.
Despite the common admiration of the luxury industry， some of industry practitioners think differently. 45% of them do not feel the industry itself is at all special， and there is another 28% who feel the psychological contract formed when they had just joined has been broken and also describe the industry as over-flamboyant.
The survey has shown that 61% of luxury industry practitioners would not consider job changing within the coming year， compared with 29% who show the opposite interest as well as another 10% who are unsure. The overall turnover rate of the luxury industry is comparatively low. The main reason for this is because most luxury practitioners are generally satisfied with their working environment， salary， welfare and career opportunities. The HR functions in the luxury industry， on the other hand， hold a different opinion， and they think the turnover rate is still higher than they expected. However， the turnover is still quite low in comparison with FMCG industries， especially the in-store client serving businesses.
The reasons for job changing in the luxury industry vary. According to the study， the biggest motivation seems to be better opportunities given， making up 32% of total. Personal reasons such as getting married and pursuing further studies are ranked number two， followed by dissatisfaction with employment packages， which is the major reason for turnover among senior staff. There are also other factors including disappointment in company performance and employee relationships.
The frequent poaching of talent from competitor companies has become one of the biggest reasons for the fast growth of salaries in luxury industry. The more known the brand is， the higher the turnover rate is. Some employees at top brands see their job as only a platform， and would leave the brand after one to three years for better opportunities. This reflects the common view of high industry turnover with the HR functions as mentioned above.
Offering a competitive salary is a key approach for maintaining staff in the luxury industry. Apart from that， employee management， including training is also frequently adopted by luxury brands. However， this is largely challenged by the lack of qualified luxury industry trainers as HR training for luxury brands has only recently been introduced. Sales related knowledge and skills including consumer psychology and customer service are the most in-demand training topics.
Most industry training is done internally by senior management， and this makes up 47% of total training. This is largely due to the relatively low training budget within the industry. 37% of training hse been outsourced to training organizations， most of which are not specialized in luxury subjects. Colleges and universities are only playing a minor role （only 5%） in terms of providing training for luxury brands. Therefore， human resources training services for luxury brands can expect a promising future.