TECH - JD.Com Gears Up For Significant Pay Increases Despite Volatility In Chinese Consumer Trends | Benzinga
In a surprising move, Chinese e-commerce behemoth JD.com Inc (NASDAQ:JD) has disclosed plans for significant salary increments for its workforce in 2024, notwithstanding a volatile Chinese consumer market.
What Happened: JD.com is set to nearly double the fixed salaries of its procurement, sales, and other “front-line staff” from the start of 2024, Bloomberg report. The company is in stiff competition with rivals such as Alibaba Group Holding Ltd (NYSE:BABA) and ByteDance Ltd. JD’s retail employees are slated to receive average pay increases exceeding 20%, as disclosed in a company statement on its official WeChat account.
JD.com, once the second-largest online retailer in China by value, has been facing competition from emerging rivals like ByteDance’s Douyin in the world’s largest internet market. JD.com’s founder, Richard Liu, recently called on the company’s employees to address internal issues and push for change.
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