China Running Out Of Workers Essay

665 words - 3 pages

Abstract
Few years ago, many manufacturers thought that the entry of China into the world of economy would change the rules, with an effective and infinite reserve army of labor, China would be able to grow and grow without ever running out of workers and so having to upgrade and pay higher wages. This thought is gradually changing as China is facing shortage of laborers making the number of Chinese working-age adults scarce. This will have an economic impact since labor shortage would mean rising wages and then rising prices of goods manufactured in China. Company owners must take into high consideration how they can retain their laborers, which is a vital input in their production ...view middle of the document...

Until 2004, China’s productivity increased even faster than wages, making labor costs fall, but since they started to rise, where China may finally have to abandon rock bottom of manufacturing and move up the value of chain, making space for others to enter. Rising wages will lead to greater domestic consumption and rebalance the world economy, as it opens the way for other even poorer country to get in on an act and means a more dignified lives for China workers.

With this changes, does it means that “made in china” era will nearly ends? Clearly companies employing China laborers needs to improve labor management to prevent labor shortages. Consider employee assistance programs, grievance system, after work entertainment events, cooperation with local vocational schools, resignation management and retention plans.
China as the world’s workshop will not lose its status anytime soon since China’s hourly manufacturing wages are still one-third of those in Malaysia. But the...

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