It may sound like a far-fetched idea, but this could be a concern for young Japanese professionals coming out of universities and entering the job market.
According to a research institute called Shushoku Mirai Kenkyusho, this is the highest percentage of talented graduates in the country since 2016.
The tight job market can be attributed to a combination of factors, including an aging population and low birth rate, making it difficult for companies to find enough skilled young workers. As a result, employers are beginning to target students while they’re still in college, resulting in a favorable situation for entry-level job seekers.
As students juggle multiple job offers before donning their caps and gowns, companies are becoming increasingly competitive.
Now, Japanese companies are offering sweet perks to attract workers, including subsidies for housing, debt forgiveness for student loans, and other benefits. Even Japan’s largest employer is on board.
Japan’s graying workforce is proving to be a double-edged sword for businesses, with potential negative economic consequences arising from the decreasing number of young workers, yet simultaneously offering unique opportunities for skilled and experienced employees who can fill the gap.
Many countries are competing for the top job prospects of Gen Z, but Japan’s labor market is facing an unusually severe shortage.
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These significant companies typically prefer hiring local workers, partly due to the risk-aversion associated with recruiting foreign laborers, who would often not be proficient in the Japanese language spoken at these legacy businesses.
To entice Japan’s young talent to stay on, companies are pulling out the stops and making a big push.
Special employee benefits: access to saunas, employer-supplied living accommodations, free dinners on weekdays, and other perks.
Young Japanese workers in Gen Z are being lured with generous compensation and robust healthcare benefits.
higher costs.
Large Japanese companies, like Nippon Life, are investing in on-site housing for employees to encourage productivity. Nippon Life alone has built a 200-room apartment building in a sought-after neighborhood near Tokyo Disneyland where employees can live at a relatively low cost, around a third of what they would pay for comparable housing. The company also offers discounted housing for its working women.
In addition to its existing office in Tokyo, Itochu has developed a new residence for male employees, located just a 30-minute train ride away. The facility offers morning meals and weekday evening meals to its residents, along with several amenities such as a bar, café, and sauna. To support its female workers, Itochu plans to open a comparable residence in 2025.
Firms like Tokyo Energy & Systems pay employees a maximum of $127 per month towards their student loans, with a lifetime limit of around $22,800.
Around 160,000 workers are set to have the option of working a four-day workweek beginning in April this year.
This story was originally featured on our website.
