Prinx Chenghsan: 71% employee turnover in Thailand

Prinx Chengshan’s 2022 Environmental, Social and Governance Report (ESG Report) tells us that the company employs 6,144 people, manufactures tyres at plants in China and Thailand, and sells these in three main regions – China, North America and Europe. Its key brands are Prinx, Chengshan, Austone and Fortune.

Focusing on employee headcount, the ESG Report tells us that Prinx Chengshan reduced its workforce by about 300 in 2022, with almost all job cuts coming from “frontline (production) and other employees”. In 2021, the company employed 6,450 people. This means the Prinx Chengshan workforce shrank by -4.7 per cent during the year.

Another noteworthy statistic is staff turnover rate, which was 37 per cent during the reporting period. For Prinx Chengshan’s factory in Thailand, the turnover rate was a staggering 71 per cent, up from 55 per cent a year earlier. Prinx Chengshan did not disclose why the employee turnover rate of the Thailand factory increased sharply in just one year. Employee turnover was 24 per cent in China.

In addition to employees engaged in production, the ESG Report revealed instability at management level in 2022. Turnover rates for Prinx Chengshan’s senior management and middle management in 2022 were eight per cent and ten per cent respectively.