If you work for a digital-based company and cannot make it to the senior management before 35 years old, there are serious concerns for your development in the future.
This is a common complaint that you can’t ignore in China, with many employees seeking to progress and the fears if they are unable to do against a ticking clock. According to Maimai, the Chinese LinkedIn, half of the employment in the Internet industry are people under the age of 35.
The average age of workers in China’s top three is even younger, 31 for Alibaba, 30 for Baidu, and 29 for Tencent. Those numbers constantly generate anxiety and a laid-back attitude towards work amongst Chinese people – referring to the new buzzword lying flat (躺平/Tang Ping), which would only decrease productivity in the workplace.
In response, Tencent has taken the lead to offer solutions to the highlighted pressure of China’s work culture. On 9 November, this Internet giant announced its new employee benefits plan, adding special rewards for people who have been working with the company for 5 years and those for 15 years.
With these additions showing a commitment not only to loyal staff but also to those that are likely to have either hit or passed that 35 age threshold. This is done to alleviate pressure as well as provide better security for those employed, making Tencent a more attractive proposition to prospective employees.
Tencent offers employees who have worked for more than 5 years with long-term health insurance, which remains valid even after leaving the job. In addition, those who have worked for over 15 years can retire early, with a retirement benefits package, or continue to work in the company at their will. The package includes:
- Lifetime health insurance.
- A six-month fixed salary.
- A choice between 50% of locked stock options or bonuses based on years of service.
At present, Tencent is one of the first Internet companies to announce retirement benefits, but others are likely to follow suit. This is a positive change, with workers likely to receive more from their companies as these ideas grow, allowing them to feel safer and more supported as employees and as people.