China needs 75,000 executives

Himalayan News Service

Beijing, June 17:

China’s major companies will need to hire as many as 75,000 executives over the next decade

to drive their international expansion, country head of global consultancy firm McKinsey has said. Chinese companies have potential to be among the best in the world, but they are not there yet, McKinsey Greater China managing director and general manager Andrew Grant was quoted as saying by Xinhuanet. “The GEs of the world, the Johnson & Johnsons and Citigroup, they took 100 years to grow and apprentice that sort of talent. China’s going to have to do it inside a decade,” he said. Grant said the consultancy firm had been successful in raising the aspirations of potential top executives in China and helping them understand what it took to be a successful player in the international market. McKinsey has been in China for 12 years and now has 15 local partners. In China, career paths were more rigidly defined and there was no job security for executives and a longer-term sense of what they could achieve at companies, Grant said. “The development opportunities that Chinese companies have provided their employees were not as good as the best global corporations. That is the biggest challenge for Chinese companies,” he said.