麦格理-中国-互联网服务业-中国在线招聘：高级人才市场更具吸引力-2019.3.26-54页.pdfVIP免费

Pleaserefertopage52forimportantdisclosuresandanalystcertification,oronourwebsitewww.macquarie.com/research/disclosures.26March2019ChinaEQUITIESInsideSeniortalentacquisition:alargermarket2Resilientdemandforseniortalent7Stilllowonlinepenetrationinseniortalentacquisitionmarket10Detailedanalysisofthecompetitivelandscape12WiseTalentInformationTech(6100HK)2051job(JOBSUS)50Seniortalentonlyrepresented18%oftotalurbanemployeesinChina(2017)…Source:CIC,MacquarieResearch,March2019…butenterprisesinChinaarespending85%oftheirtalentacquisitionbudgetonthemSource:CIC,MacquarieResearch,March2019AnalystsMacquarieCapitalLimitedFrankChen+85239221433frank.chen@macquarie.comWendyHuang,CFA+85239223378wendy.huang@macquarie.comJohnWang+85239223578john.wang@macquarie.comEllieJiang+85239224110ellie.jiang@macquarie.comChinaonlinerecruitmentSeniortalentmarketismoreattractiveKeypointsWeareoptimisticaboutChina’srecruitmentmarketinthelongrun,giventhecontinueddeclineinthecountry’sworking-agepopulation.Weprefertheseniortalentmarketasitisalarger,faster-growingandmoreresilientmarketwithlargepotentialinimprovingonlinepenetration.WepreferLiepinforitsuniquepositioninginourfavouritemarketsegment.Seniortalentacquisition:alargerandfastergrowingmarket2B(tobusiness):EnterprisesinChina,onaverage,arespending85%oftheirtalentacquisitionbudgetonacquiringtheseniortalent(withannualsalary>Rmb100k)andthemarketsizeforseniortalentacquisitionis6xlargerthanjuniortalent(Rmb97bnvsRmb17bnin2017).ChinaInsightsConsultancy(CIC)expectstheseniortalentacquisitionmarkettoclocka20%CAGR2017-22EtoRmb243bn,drivenbythetalentupgradeandincreasingdemand.2C(toconsumer):Risingdemandforprofessionalcareerservicesfromjobseekersisanotherdriver.Liepin’ssurveyshowsthat35%ofworkersarenotsatisfiedwiththeircurrentjobs,and63%intendtospendmoreonself-developmentandcareeradvancement.CICexpectsthismarkettoregister34%CAGR2017-22EtoRmb201bnin2022.ResilientdemandforseniortalentZhaopin,51Job,and58.comhaveseenweakdemandforjuniorwhite-collarandblue-c...