1.       Recent research material in Japanese with key points summarized below highlighting positive developments with Outlook for Japan's labor market in 2024   a.       Labor shortage and tight labor market continues throughout 2024   b.       Labor supply by seniors, women, and foreign workers: Seniors are the largest potential group with a high desire to seek employment. Although the female labor supply is steadily increasing, there are challenges to further expansion.   c.       Possibility of an increase in job changes coming from: a) interest in job hunting among seniors, b) interest in remote work, c) interest in higher wages, and d) interest from people in other occupations in software development jobs etc. However, even if there is interest, it does not lead to a significant increase in job changes due to age and experience constraints. In 2024, if such problems are addressed through reskilling, etc., the number of job changes overall will increase.   d.       Wage growth: a significant driver of liquidity of the job market is the ability for job seekers to have access to higher paid jobs.   e.       Impact of generative AI: As the use of generative AI and other technologies increases, not only will there be more jobs to develop these tools, but there will also be widespread impacts on the labor market in terms of both quantity (supply and demand) and quality (work styles, etc.) https://www.hiringlab.org/jp/blog/2023/12/15/2024%e5%b9%b4%e6%97%a5%e6%9c%ac%e3%81%ae%e5%8a%b4%e5%83%8d%e5%b8%82%e5%a0%b4%e3%81%ae%e5%b1%95%e6%9c%9b%ef%bc%9a%e6%85%a2%e6%80%a7%e7%9a%84%e3%81%aa%e4%ba%ba%e6%89%8b%e4%b8%8d%e8%b6%b3%e3%81%ae/

1.       Recent research material from Yuki Orina at the Japan Research Institute regarding Japan Job Market on the Way to Modernisation   a.       The traditional corporate culture in Japan, anchored on lifetime employment and a seniority-based wage system, is gradually being modernized, influenced by the growth strategies under the administration of Prime Minister Fumio Kishida. Policymakers are focusing on promoting upskilling and labor mobility, while companies are raising wages to retain talent and compete with global firms. The increased dynamism of the Japanese labor market could contribute to the long-term growth of the Japanese economy.   b.       According to a 2018 Cabinet Office survey, about 10 per cent of Mid-Career and younger employees felt that it was beneficial to seek new jobs in order to better utilize their talents or were dissatisfied with their current position. A 2021 survey revealed that over 80 per cent of employees aged 25–44 expressed a desire to develop their careers independently   c.       By 2022, more than half Japanese companies had implemented systems allowing for side jobs and multiple occupations. According to a 2023 survey, 37 per cent of the working population was considering or planning a job change. More than half of those under 34 expressed a desire to change jobs. These data suggest that Japan’s post-pandemic labour market is becoming much more dynamic.   d.       The changes are also explained by market shifts such as rising wages and an increased need for digital talent. Nominal wages have been rising since 2023 with the advent of inflation driven by rising energy prices and increasing geopolitical risk. Advances in digitalization have boosted opportunities for higher wages through new technologies and increased competition from global companies for top talent. https://eastasiaforum.org/2024/07/07/japans-jobs-market-on-the-way-to-modernisation/ Follow us on https://www.linkedin.com/company/japanhire-tokyo/ for Regular Market Updates and Check out our Job Blog at https://www.japanhire.tokyo/blog

“Narcissism. Overconfidence. Low EQ. Why do we persist in selecting for leadership traits that hamper organizational progress—and leave the right potential leaders in the wrong roles?” https://www.mckinsey.com/capabilities/people-and-organizational-performance/our-insights/why-so-many-bad-bosses-still-rise-to-the-top?stcr=3C21C122F22C4D64BE51171296B367AA&cid=other-eml-alt-mip-mck&hlkid=e5834353284a40c98ff00cdb0daa7f09&hctky=9162347&hdpid=5f7d077e-a29d-4a2b-a154-6b1b60798c28 Follow us on https://www.linkedin.com/company/japanhire-tokyo/ for Regular Market Updates and Check out our Job Blog at https://www.japanhire.tokyo/blog