Last week a report was published in the U.S. stating that 73% of new graduates ranked job stability as their top priority when choosing an employer. Among the leading factors for this are the current inflation and rising living costs, as well as the widespread belief that a recession is on the horizon. People are not merely looking at whatever job might be on offer right now. Rather, they wish to see how their career will develop and grow internally over a 5-to-10-year timeframe.
In Japan, this prioritization of stability is nothing new. The country’s belief system still promotes the notion of lifetime employment. Also, social status is often linked to the prestige of your company’s name, much more than your job title or income.
To illustrate the importance of social status, some time ago one of our clients shared an interesting story. They were hiring a young, talented business developer from one of Japan’s most prestigious employers – a top-tier trading house. The new company offered the man a more senior position and a higher salary. In the end, the young candidate accepted the offer. However, he did ask to delay the start date because he was due to wed soon. At the time of the ceremony, his family wanted to claim the boasting rights associated with employment at a top trading house.
For multinational companies hiring in Japan, understanding these cultural nuances is critical. In today’s volatile market, with a fast-changing energy landscape and global economic uncertainty, demonstrating a stability within your firm, and your brand’s commitment to the Japan market is paramount. Let us dig into some specifics.