Representative image of flats in China.
Credit: iStock Photo
Zhejiang Guosheng Automotive Technology Co. Ltd., located in Wenzhou, Zhejiang province in southeastern China which specialises in automotive fastener products, has come up with an innovative employee retention strategy.
According to a report by South China Morning Post, the Chinese company unveiled a plan to gift 18 fully renovated flats, over three years, to its employees who complete five years of service.
A company executive shared a job posting which revealed that the complimentary flats are located within a radius of 5 km from the company and range from 100-150 sqm.
The company which reported a total output value of 490 million yuan in 2024, has over 450 employees and has invested over 10 million yuan in purchasing the flats.
Wang Jiayuan, General Manager of Zhejiang Guosheng, said that given Wenzhou’s migrant worker population, the firm aims to reward skilled technical and managerial personnel.
He told National Business, "This year, we’ve distributed five flats. Next year, we plan to allocate eight more, with a total of 18 planned over three years."
"Our goal is straightforward: to attract exceptional talent and retain our core management team."
According to SCMP, employees are supposed to sign a housing agreement and move in after the company completes the renovations.
After they complete five years with the company the flat would be transferred to them after which they are required to repay the renovation costs to the company.
Wang also said that the roles available necessitate a comparatively high skill set, and as a result, they are not positions that new graduates can master instantly.
Tu Kaicun, Zhejiang Guosheng’s chairman, noted that the initiative also does aim to reward mid-level managers and attract top-tier talent from cities like Shanghai and Suzhou to relocate and settle in Wenzhou, according to SCMP's report.