March 21, 2019 / 9:28 AM / 3 months ago

China's tech hub Hangzhou sees surge in job-hopping - newspaper

Students are seen at a job fair for graduates at a university in Shenyang, Liaoning province, China March 21, 2019. REUTERS/Stringer

BEIJING (Reuters) - High-tech Hangzhou, one of China’s richest cities, is seeing a surge in job-hopping among white-collar workers, largely due to an uncertain outlook for businesses and unhappiness over salaries, a newspaper backed by the city government reported.

As many as 76.6 percent of survey respondents were actively seeking new jobs this spring, the Hangzhou Daily reported, citing a private recruitment firm’s survey.

While China’s job market is largely stable, the outlook for employers is uncertain, with many small and medium-sized firms facing slower domestic demand and financing problems.

Hangzhou, capital of Zhejiang province and home to some of China’s top software and internet companies including e-commerce giant Alibaba, saw its economic growth slow to 6.7 percent last year from 8 percent in 2017.

The slowdown has cast a chill on Hangzhou’s tech sector, with reports of layoffs on the rise. Quarterly revenue at Alibaba grew at its weakest pace since 2016.

The top reason for switching jobs was dissatisfaction with salaries, followed by unclear prospects and limited scope for promotions, Hangzhou Daily said, citing the survey.

Zhejiang, China’s fourth-biggest province, cut its 2019 economic growth target to around 6.5 percent, having gown by 7.1 percent last year.

Reporting by Ryan Woo and Lusha Zhang; Editing by Simon Cameron-Moore

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