China's chemical industry's salary increase halved

2022-08-04
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In 2009, the salary increase in China's chemical industry halved. Since September 2008, the international oil price has dropped from a high of nearly $150 a barrel to about $70 a barrel. The sharp drop in oil price has quickly affected the operation of the entire petrochemical industry chain. Both BASF, AkzoNobel and other foreign-funded companies, as well as the China Chemical Industry Association, have shown that this round of financial crisis will have a far-reaching impact on the entire petrochemical industry

the latest 2009 salary and Welfare Research Report of China's chemical industry (hereinafter referred to as "Hewitt report") released by Hewitt, a world-famous human resource management consulting and service outsourcing company, shows that due to the great impact of the overall economic downturn, many companies in the petrochemical industry have delayed or cancelled their salary adjustment plans, slowed down or frozen their recruitment plans, and the turnover rate of the industry has increased significantly

however, with the joint market rescue plan of governments around the world and the introduction of a series of economic stimulus and support plans of the Chinese government, the economic situation in the Chinese market has taken the lead in warming up. After a year of adjustment, the chemical industry, which has always been focused on safety, stability and sustainable development, will also be ready for a new round of competition after recovery

the salary increase dropped by half

since the outbreak of the financial crisis in the second half of 2008, Hewitt's market research and analysis from various angles showed that the chemical industry as a whole was lagging behind other industries affected by the economic crisis, and it really showed signs of being affected by the economic crisis in early 2009

the sharp drop in international oil prices has led to a sharp drop in the prices of many products. The prices of nitric acid and sulfuric acid in the basic chemical raw materials "three acids and two bases" have dropped dramatically, and the downstream industries have reduced or even half stopped production. Many chemical manufacturers pointed out that the demand has dropped sharply since the fourth quarter of last year, and the demand for products in some sub sectors has dropped by more than 20% in many projects, which has also affected the normal operation of the chemical industry chain

such a special round specimen 1 is generally placed in the V-shaped groove to test the economic environment, which also makes many companies delay the time of salary adjustment. According to the Hewitt report, a large number of companies that should have adjusted their salaries from December 2008 to April 2009 have postponed or cancelled their salary adjustment plans. At the same time, some companies are still on the sidelines about whether to increase their salaries this year

compared with the same period last year, the newly released data in Hewitt report showed that the proportion of salary growth in the overall chemical industry decreased by more than 50%, and 34% of the companies said that they had frozen their salary growth plans for 2009. In contrast, for those companies that have made salary adjustment, the salary increase is about 7%. Among them, the salary increases of front-line workers, general staff, professionals, senior professionals, middle managers and senior managers were 5.0%, 7.0%, 7.8%, 7.3%, 4.8% and 3.3% respectively

the entire chemical industry takes a cautious wait-and-see attitude towards the economic situation that the printing next year will easily lead to the inequality of paste, ink accumulation, ink transmission and ink distribution, which directly leads to the uncertainty of salary adjustment next year. 63% of the companies said that the budget for next year has not been decided or is still waiting for instructions from the headquarters. On the other hand, from the perspective of companies that have made salary adjustment budgets for 2010, with the economic recovery, the salary adjustment budgets of manufacturing companies and non manufacturing companies are 7.4% and 7.1% respectively, basically the same as this year

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