Walnut Creek, Calif., ó China has become a must-win market in U.S. corporate growth strategies. However, what works in the U.S doesnít always translate, according to a new brief offered by XMei International, a business consulting and development organization with expertise in Chinese business practices and their cultural impact.
As the fastest-developing economy in the world today, China offers many opportunities to multinational organizationsóbut a number of challenges as well. In a concise summary, XMei pinpoints three of the biggest hurdles to U.S. companies seeking to do business in China:
ï Cultural differencesóWestern, democratic management styles devoid of interpersonal relationship will leave Chinese co-workers cold. Foreigners need to understand the Chinese mindset and value system in order to succeed.
ï Talent managementóChina is experiencing a talent shortage at every level, sending salaries through the roof as desperate companies lure employees away from their competitors. The average turnover in Shanghai and Beijing is 20-25%.
ï Quality of leadershipóKey leadership skills that spell success on the global market are often lacking in the current crop of Chinese employees. Some industry segments are growing by as much as 30 percent per year; where will the next generation of effective leaders come from?
In Doing Business in China: A Brief on Best Practices For U.S. Companies, XMei discusses each of these hurdles in turn and offers solutions to effectively clear them. The solutions come from business leaders with extensive experience in China, including Donny Huang, managing director of 4stones Cross-cultural Consulting Group; Heidrick and Struggles International, Inc., a global executive search firm; and the Stanford Project on Regions of Innovation and Entrepreneurship (SPRIE).
Huang and the Vice Chairman of Heidrick and Struggles, Kyung Yoon, are among the many business experts slated to speak at XMeiís upcoming conference, ìMaking China Your ëGold Mountain,íî to be held in South San Francisco from May 23-25. The conference is the first-ever event in the U.S. with influential Chinese HR executives and business leaders from multinational companies, private Chinese companies, Chinese consulting firms and the government.
To download the informative brief, visit:
New XMei Brief Highlights Business Solutions in China
China has become a must-win market in U.S. corporate growth strategies
