Word: laboral
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...factory operations. Adaptation is the order of the day. For example, Hong Kong-based Top Form, the world's largest bra maker, has transferred much of the manufacturing of basic bras from its Shenzhen factory to other facilities such as its plant at Long Nan in Jiangxi province, where labor costs (including benefits) are 60% lower. Top Form's Shenzhen factory is now focused on manufacturing high-fashion bras featuring delicate fabrics and complicated designs, which require more talent to produce, but also fetch higher prices in European boutiques. Last year, Top Form also opened a product-development center...
...Those words may have globe-rattling implications. If Shenzhen can leap from assembling basic products with low-wage, poorly skilled labor to nurturing the innovations of lavishly paid talent, it could blaze a trail for the rest of corporate China, which must increasingly develop its own brands, designs and technology to rival those of America, Japan and Europe. It would not be the first time Shenzhen has led the way. The city, located in southern China's Pearl River Delta, has been at the forefront of China's free-market reforms for 25 years. In 1979, late Chinese leader Deng...
...That experiment was a remarkable success. Eager to tap Shenzhen's low costs?especially for labor?foreign companies rushed into the SEZ, led by factory owners from nearby Hong Kong. The result was a decades-long boom, with Shenzhen's economy expanding at an average rate of 28% a year from 1980 to 2004, according to Hong Kong-based consulting firm Enright, Scott & Associates. Exports from Shenzhen reached $101.5 billion in 2005?13% of China's total. Today the city is home to some of China's most important electronics manufacturers, such as telecom-equipment firm Huawei Technologies and mobile...
...host of other expenses. According to Chinese government statistics, the average annual salary in Shenzhen has surged by about 40% since 2000 to more than $4,000 last year. That's twice the average wage in other major cities like Chongqing. Higher costs are undercutting the profit margins of labor-intensive industries that have been the backbone of Shenzhen's economy. Greg Gong, CEO of Taiwan-based Further Tech, opened a factory in Shenzhen three years ago to make consumer-electronics gear, but he's already getting squeezed. Gong says his costs are rising by 10% annually, driven mainly...
...reason for Shenzhen's rapidly rising labor costs is a shortage of workers. Millions of poor Chinese who in the past sought work in southern China's factories can now find jobs closer to home, and Shenzhen is becoming less of a migrant-worker magnet. That means there are fewer workers to fill the lowliest jobs, and employers must pay more to attract them. At a large job market in downtown Shenzhen, hundreds of positions are posted on bulletin boards and rows of recruiters wait to collect applications, but the trail of employment seekers is frustratingly short. At one booth...