As Japan faces one of the most serious labor shortages in history, Asia’s largest retailer Fast Retailing Co., Ltd. (Fast Retailing Co., Ltd.), which owns Uniqlo and other brands, hopes to recruit top talents on favorable terms. After joining the company, after working for 3 years, the annual salary was increased to 30 million yen and he was promoted to the management level. This will be more than three times the average salary of Fast Retailing in Japan and nearly 10 times the average salary of the same seniority in Japan.
Fast Retailing said that CEO Yanai is considering attracting talents to the group with higher salaries and plans to put it into effect in the spring of 2020. Earlier in 2019, Fast Retailing had already raised the salary of some newly hired personnel.
Tasaka Yanai said in an interview with Nikkei News that Fast Retailing is considering promising young talents to promote them to management within three years and will send them to the United States or The annual salary of employees in Europe has been increased to 20 million to 30 million yen, and the annual salary of employees working in Japan has been increased to more than 10 million yen.
As Japan faces an aging population and a shortage of young workers, major companies are gradually beginning to abandon the hidden rules of workplace culture such as seniority ranking and lifetime employment. Japanese technology companies have taken similar actions to attract young talent, promising million-dollar annual salaries and raising starting salaries for top talent by 20%.
According to Fast Retailing data, as of August 2018, the average annual salary at Fast Retailing was 8.77 million yen. Nikkei cited previous data from Fast Retailing’s recruitment website as reporting that the company’s minimum annual salary is 4 million yen. According to data compiled by the Japanese National Tax Agency, the average annual salary for workers with more than 4 years of work experience in Japan in 2017 was 3.1 million yen.
AAAFYYTRUYJY76I
