Despite Financial Volatility, Job Market Outlook in Japan Remains Positive in 2016

April 4, 20168:39 am706 views

Accountancy outsourcing and consulting companies pursued aggressive growth strategies in 2015 and we expect this trend to continue.  Employment growth was particularly strong in the renewable energies sector and at the luxury and branded goods end of the retail market.

On the other hand, hiring stabilized or slowed down in the semiconductor, electronics and automotive industries. As ever, hiring was consistently high in the medical device, life sciences and pharmaceutical sectors.

“Job applications increased by more than a third (33.5%) year-on-year, which we interpret as growing confidence in the employment market. Most of the hiring that took place was for replacement headcount, as a result of increased candidate mobility,” commented Lionel Kaidatzis, Managing Director, Morgan McKinley Japan.

Global professional services recruiter, Morgan McKinley has published its 2016 Japan Salary Guide revealing a significant increase in the number of people actively seeking a new placement alongside a slight increase in job opportunities compared with 2014.

See: Contracting could be the Solution to Close Skills Gap in Japan

The survey also explored the changing gender balance in various disciplines and industries. Many traditional areas remain heavily dominated by males, though the balance is shifting slowly, for example in financial services front office.

Some of the newer growth disciplines, such as compliance and project and change in banking operations have a more even gender balance. HR continues to be dominated by females.

“In the financial services sector we saw growth, albeit rather limited. A combination of the weaker yen, a more optimistic economic outlook and some indirect pressure from the regulators resulted in some firms repatriating some of their previously off-shored support and operations functions back into Japan.”

“In 2016 the outlook so far remains positive. Job volumes have remained consistent across all of our desks thus far, despite the rather volatile financial markets,” commented Kaidatzis. “Salaries will need to grow where there is a lack of local talent, for example in compliance and front office financial services roles. Elsewhere salaries will increase only incrementally or remain broadly static.”

Also read: Japan is Least Equipped for Digitisation of Work: Survey Shows

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