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Salary Watch 2020: Japan2 RGF Salary Watch: Japan About this Report RGFs Salary Watch: Japan report has been conducted with the aim of better understanding the salary trends and data across all industries and job levels in Japan. This report is based on an RGF-owned candidate pool covering more than 400,000 candidates (collected from February 2019 to February 2020) in our Japan database. The definition of annual basic salary used throughout this report does not include allowance, stock, bonus or any other additional benefits, and the salary exchange rate used is USD1 = JPY107. Due to the real-time nature of some of this data, RGF encourages readers to use its insights at their discretion.3 RGF Salary Watch: Japan 16 Table of Contents About the Report Table of Contents JapanOverviewKey TrendsJob Market Trends Salary Data References About RGF 2 3 5 7 8 12 42 434 RGF Salary Watch: Japan Overview of Japan5 RGF Salary Watch: Japan In the Midst of Work Culture Evolution LABOR MARKET SIZE 67.3 MILLION 1 GDP USD5 TRILLION 2 PMI 48.4 4 FDI USD367 MILLION 3 As 2020 began, the economic picture for Japan was cautiously positive despite an economic retraction in the last quarter of 2019 5thanks to a growing industrial manufacturing sector, an uptick in hiring sentiment, and strong tourism numbers 6 . But with the outbreak of COVID-19, the Japanese economy hit turbulence, seeing GDP forecasts shrink as a state of emergency was declared, the 2020 Olympic Games were postponed 7 , and measures related to self-restraint request were put in place by Japanese government in early April 8 . To cushion the impact of COVID-19 on the economy, the government has introduced a stimulus package largely aimed at helping families, boosting the medical sector, and protecting both employees and small and medium-sized businesses. Another goal of the package is to bring manufacturing work back to Japan in order to prevent future supply chain interruptions and to encourage businesses to produce masks, sanitizer, ventilators, pharmaceuticals and other items that are vital during times of crisis 9 . In response to the Japanese governments request for people to stay at home, companies are introducing remote working options, new ways of spending meaningful time at home are increasing, and a “new way of life” that is different from days before the pandemic is being created. With these changes in the Japanese society, growth in tech-oriented businesses such as online entertainment and education, e-commerce, and food delivery services has been accelerating. (Key Index)6 RGF Salary Watch: Japan A continued challenge over recent years for foreign owned multinationals operating in Japan has been whether to cede top management positions to local talent who often do not have experience working with global teams or transfer in trusted, home-grown directors from the main office. Because both travelling overseas for work and relocation continues to be difficult due to COVID- 1 9, it seems this trend will continue, and perhaps even grow, in the near future. As such, competition for senior openings in foreign- owned corporations (known as gaishi-kei) remains tight. Excellent candidates are in high demand and can often negotiate very lucrative packages when moving from one company to another. Industries and sectors with particular demand for talent include healthcare and life sciences, emerging technologies (AI, IoT, robotics, and fintech, among others), professional services and consulting and digital transformation. Candidates with experience working with startups, in entrepreneurship, and/or with cross- border companies especially those who are bilingual in Japanese and English are particularly sought after, and those with skill sets and achievements that include change management, restructuring, growth scaling, and a track record of profitability are in high demand. The most successful candidates often possess soft skills such as grit and gravitas as well as the flexibility and agility to suit the role. Because Japans market is short of senior leadership candidates, it is important that employers find a balance in moving slowly enough to give candidates the time and resources to conduct their due diligence, but fast enough not to lose them. Additionally, employers that are successful in onboarding their chosen candidates know that the decision is not all about money autonomy level, the freedom to make decisions, required stability, future growth plans, and strategic direction all play a crucial role in getting a signature on the contract. ” ” Struan McKay CEO, RGF Executive Search Japan Seeking Senior Leaders with a Proven Track Record with Startups and Cross-Border Businesses7 RGF Salary Watch: Japan There is no avoiding the fact that COVID-19 has created uncertainty and brought huge challenges to the Japanese economy. However, the job market competition for bilingual talent remains strong across all areas and industries. Because organizations are keen on both attracting and retaining the best talent, we continue to see top candidates receiving multiple above-market rate compensation and benefits package offers, as well as an increase in counter offers and retention packages. In addition to the compensation and benefits packages, candidates are considering the speed of a companys recruitment process, the employer branding including candidate experience and if an organization is able to offer flexible work styles and remote working options are key to securing preferred candidates. The demand for bilingual candidates who speak English and have experience working with people overseas is especially high in the ecommerce sector, especially for digital marketing and management roles. Salaries offered by multinational companies in the FMCG sector are all very similar, and usually about 1 0% more than local companies. This means attracting bilingual candidates is quite tough because qualified talent often do not want to lose their job security and career longevity for a small increase in salary. In the enterprise technology industry, there is an emerging trend of candidates who prioritize faster career growth over salary, especially in foreign capital companies. In response, Japanese companies have been reforming their salary schemes and gradually increasing competitiveness. When changing jobs, it is important candidates research the market so that they understand their worth and can evaluate offers knowledgably. From there, jobseekers should quantify achievements, especially those that highlight the sales, contribution or impact they have made, should always aim to grow and sharpen skillset as part of ongoing Kaizen and should actively work to grow their network and/or with a mentor. Taking these steps will demonstrate to businesses the candidates initiative and sense of commitment to actively growing their career. ” ” Benjamin Cordier Managing Director, RGF Professional Recruitment Japan English-Speaking Management Candidates in High Demand8 RGF Salary Watch: Japan Striving for Greater Productivity through Flexible Work Beginning in 2019 with the passage of the Work Style Reform Bill, the Japanese government has aimed to modernize the working culture by capping the amount of overtime employees are allowed to work and compelling businesses to encourage their employees to use their annual leave. In the vein of modernizing the working culture, some companies are testing new ways of working. For example, when Microsoft Japan implemented a four-day work week, they found it brought a 40% increase in productivity 13 . The COVID-19 pandemic has furthered this initiative by rapidly ushering in remote working options, and it is expected that after the pandemic ends, companies will continue to be highly interested in how to increase employee productivity through flexible work arrangements, including work-from-home implementation. Additional Benefits Employees Look for For Japanese talent, compensation is more than just salary and they are more likely to join companies that offer the following benefits 12 : STOCK OPTIONS PERFORMANCE- BASED BONUSES GUARANTEED REMUNERATION, SUCH AS A FIXED BONUS AND ALLOWANCE Employees Salary Increment Expectations when they change employers 11 . 37% 70% 47% 68% Employers Annual Salary Increment Range 10 10-11% Key Trends (Data given was collected by RGF before February 2020)9 RGF Salary Watch: Japan Job Market Trends10 RGF Salary Watch: Japan Talent Trends Salary is a huge motivator for talent across Japan but salary is not the top consideration when changing roles. Japanese candidates care more about the opportunity to expand their knowledge and skills than the salary increment though that is the second most important factor and also consider elements such as the roles title and responsibilities, the company culture and the level of work-life balance they will receive 14 . AI Engineers with 35 years of experience earn up to USD93,000 annually in Japan Big Data Architects with 810 years of experience earn up to USD112,000 annually in Japan 46% TITLE & RESPONSIBILITIES SALARY INCREMENT 62% EXPAND KNOWLEDGE AND SKILLS 56% Job Market Trends Industry 4.0 acceleration and 5G revolution Advances in sophisticated technology are impacting all industries in Japan as companies work to integrate Industry 4.0 capabilities such as artificial intelligence and accelerate development of new tools that will increase productivity and efficiency. This has led to changes in the types of jobs available, as well as the skills and experience that are highly sought after. As 5G services begin to be rolled out across Japan 15 , it is expected that the higher speed and lower latency of the networks will have a far-reaching impact across industries and sectors to drive greater innovation, especially as companies integrate Industry 4.0 technologies. Advancements are particularly expected in the industrial, construction, farming, and health care sectors, and it is widely believed the implementation of 5G will help in solving the labor shortage, thanks to the greater automation it will bring. These innovations will allow teams to focus on more complex tasks that require greater critical thinking and problem-solving a boon for university graduates with niche skill sets and employees eager for opportunities to grow 16 .11 RGF Salary Watch: Japan Combatting the Talent Crunch As Japans work culture evolves, so too will its workforce, especially as Industry 4.0 begins to transform all industries. However, this workforce evolution necessitates a knowledge shift to increasingly technical skills to fill the roles associated with digital transformation, as well as Japans aging population and declining birth rate, which is seen as a major contributor to the countrys current talent shortage 18 . Though the Japanese government has passed regulations that allow for more foreign workers to be hired in an effort to close the talent gap and promote greater diversity 19 , businesses are also focusing on ways to develop current talent as well as hire talent who already have the required skills, knowledge and experience. Beyond this, skills such as programming and coding have been added to the primary school curriculum 20in order to ensure the future workforce has a foundation in IT skills and foster curiosity about advanced technical skills. What employers are looking for in talent: RELEVANT KNOWLEDGE AND EXPERIENCE 21 ADAPTABILITY CULTURE FIT 22 A growing life sciences industry An aging population, growing general interest in maintaining mental and physical health, and progressive government initiatives are expanding Japans health care and life sciences industry 17 . With increased investment in research and development for pharmaceuticals and medical devices, as well as the introduction of sophisticated Industry 4.0 technology, there is ample demand for technical talent with a knack for innovation. R&D Directors with 1520 years of experience earn up to USD187,000 annually in Japan Quality Managers with 1015 years of experience earn up to USD131,000 annually in Japan12 RGF Salary Watch: Japan Hot Jobs AI & Data Science Cloud Security & Infrastructure Consulting Implementation & Management Digital Marketing Digitalization Transformation Enterprise Software Financial Services IT IT Consulting Project Management Sales Finance & Accounting HR Legal & Compliance Supply Chain Audit & Compliance Investment Banking Private Equity Project Finance Real Estate Asset Management Relationship Management Risk Management Industrial Technology, Internet & Telecommunications Corporate Services Financial Services Smart Manufacturing Application Engineering Project Management Sales & Marketing Senior Management Clinical Development Healthcare Service & Management Hospital Management Medical Regulatory Affairs Sales & Marketing Healthcare & Life science Business Strategy & Commercial CRM Digital Marketing Ecommerce Marketing & Branding Sales & Business Development Supply Chain & Procurement Trade Marketing Consumer Goods & Retail Account Management Creativity & Content CRM Digital Marketing Media Planning Media, Advertising, & Entertainment13 RGF Salary Watch: Japan Financial Services Japan Salary Data “With ecommerce booming in Japan, senior talent and digital marketers especially those who speak English and have cross-border experience are highly sought after. Digital marketing candidates with 58 years of experience can earn up to USD140,000 annually at a multinational company, while an ecommerce director bringing 1520 years of experience stands to make up to USD196,000 per year at a multinational.” Key Finding14 RGF Salary Watch: Japan Industrial - Smart Manufacturing FUNCTION POSITION YEARS OF EXPERIENCE COMPANY TYPE ANNUAL SALARY RANGE (UNIT: 1,000 IN USD) ANNUAL SALARY RANGE (UNIT: 10,000 IN JPY) MIN MAX MIN MAX Senior Management CEO/President 15-20 Global MNC 187 374 2,000 4,000 GM 15-20 Global MNC 140 234 1,500 2,500 VP 15-20 Global MNC 140 234 1,500 2,500 R&D Director 15-20 Global MNC 112 140 1,200 1,500 Manager 8-10 Global MNC 75 112 800 1,200 Large Local/Global MNC HQ 65 112 700 1,200 SME 56 112 600 1,200 Supervisor 5-8 Global MNC 65 84 700 900 Large Local/Global MNC HQ 47 75 500 800 SME 37 65 400 700 Engineer 3-5 Global MNC 37 84 400 900 Large Local/Global MNC HQ 33 65 350 700 SME 28 56 300 600 Application Engineering Director 10-15 Global MNC 112 140 1,200 1,500 Manager 8-10 Global MNC 75 112 800 1,200 Large Local/Global MNC HQ 65 112 700 1,200 SME 56 112 600 1,200 Engineer 3-5 Global MNC 37 75 400 800 Large Local/Global MNC HQ 28 65 300 700 SME 28 56 300 600 15 RGF Salary Watch: Japan FUNC
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