SALARY & EMPLOYMENT FORECAST 2015 JAPAN 2015 SALARY & EMPLOYMENT FORECAST. Stay up to date with the latest salary rates and hiring hotspots.

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1 JAPAN 2015 FORECAST Stay up to date with the latest salary rates and hiring hotspots. 1

2 content Introduction 03 Market Overview 04 Accounting & Finance 14 Banking & Financial Services 21 Engineering & Manufacturing 28 Healthcare & Life Sciences 35 Human Resources 44 Information Technology 51 Legal 58 Marketing 65 Office Support 72 Procurement & Supply Chain 79 Retail 86 Sales 93 Temporary & Contract 100 2

3 introduction Welcome to the 2015 Michael Page Salary & Employment Forecast report for Japan. This report provides senior executives and professionals with useful insights into salary forecasts and expectations, hiring intentions, and recruitment challenges over the next 12 months. This year s report was completed by over 600 employers across all major industry sectors and includes market leading multinationals as well as local small and medium sized enterprises. Consistent with our specialist approach to recruitment; where we have dedicated teams of specialists servicing each discipline, market or industry sector, the report provides detailed salary guides for each discipline and industry. The results of our survey to employers are represented visually through the use of graphs and infographics. The market observations that accompany these are based on the extensive knowledge of our senior leadership team at Michael Page. The report also features a range of employer insights on everything from workplace benefits and working hours to attraction and retention strategies. It forms part of a suite of salary tools, advice and information available to the market from Michael Page. These features can all be found on our website at I wish to thank everyone who contributed to this year s Salary & Employment Forecast and trust you will find it helpful and informative. We welcome your feedback and encourage you to contact us for further information or market specific advice at Kind regards, Basil Le Roux Managing Director, Michael Page Japan 3

4 MARKET OVERVIEW JAPAN 2015 FORECAST MARKET OVERVIEW 4

5 MARKET OVERVIEW Japan s employment market has continued to remain steady over the past 12 months. Demand has been consistent with the levels seen in 2013 and hiring activity has remained buoyant despite the impact of the April consumer tax increase. There is continuous demand from both jobseekers and employers across all sectors and industries, with more than half of employers in Japan currently recruiting, according to the latest figures from the Michael Page 2015 Salary and Employment Forecast. The one industry that has seen partial normalisation is financial services, with demand closer to 2012 levels than As Japanese companies continue to internationalise and expand into foreign markets there is increasing competition between local firms and foreign multinationals based in Japan for qualified professionals who are bilingual. As only an estimated 4% of the population speaks English this increased demand is putting salary pressure on organisations. As the Japanese economy is relatively closed global economic events typically have less of an impact. This is reflected in the survey results, with less than half of respondents saying global economic conditions would have an impact on salary levels within their industry. In the absence of any major economic shock, market conditions for 2015 are expected to be consistent with trends from Thus demand for new staff should be solid across all industries and sectors. Key areas for growth over the next 12 months will be technology, pharmaceutical, healthcare, life sciences and consumer goods. Due to Japan s unemployment rate, which is currently under 4%, there are likely to be skill shortages across all areas, specifically technology, healthcare, life sciences and construction. As has been consistent with market conditions from previous years, language skills are at a premium. As a result of the expected skills shortage, 42% of surveyed employers foresee the need to develop more targeted attraction strategies. Japan has a unique employment market, as the general mentality among professionals is a job for life. Typically, it is uncommon to see a large number of jobseekers on the market at any one time. The agenda for employers in the first half of 2015 will be salary reviews. As the Abe administration is attempting to lift inflation, the government is putting pressure on employers to increase wages. Female participation in the workforce is another initiative of the Abe government, with a plan to have 30% female representation in leadership positions by This will continue to be an area of focus for Japan s employers; however 42% of surveyed employers are unsure about the government reaching this target. Further to employers focusing on salary reviews, 53% of employers plan to award all their employees with a pay increase according to performance, while 27% say they will reward the best performing staff with increased pay. More than half of employers (62%) cite domestic economic conditions having an impact on salary levels in their industry over the next 12 months. 5

6 MARKET OVERVIEW RECRUITMENT ACTIVITY Strength of current hiring activity compared to the last 12 months Expectation of a professional skills shortage in the next 12 months Steady (43%) Slightly stronger (27%) Stronger (18%) 52% YES 19% NO Slightly weaker (7%) Weaker (5%) UNSURE 29% Impact of skills shortage on businesses in Japan over the next 12 months 42% 30% 14% 9% 5% Will need to develop more targeted attraction strategies It will be difficult to maintain headcount No impact Will need to source talent from overseas * * Headcount shortage, lose market share Note: All infographics in this report are based on the views of survey participants. The accompanying market commentary is based on the experience and observations of the Michael Page team. 6

7 MARKET OVERVIEW SALARY AND REMUNERATION Salary increases over the next 12 months Combination of factors likely to impact salary levels in the next 12 months* 53% All my employees will receive an increase, but it will differ according to performance 27% Only my best performing employees will receive an increase 12% No-one in my team will receive an increase 8% Domestic economic conditions Global economic conditions Competition with other companies Don't expect any factors to particularly impact salaries 62% 49% 31% 13% 9% All my employees will receive the same percentage increase * More than one option could be selected Average percentage increase over the next 12 months Flexible salary packaging or fringe benefits offered to employees 1% - 2% 35% 3% - 4% 5% - 6% 7% - 8% 9% - 10% 7% - 8% 9% - 10% 42% 12% 4% YES 3% 73% NO 27% 10% - 20% 10% - 20% 3% Above 20% 1% 7

8 MARKET OVERVIEW SALARY AND REMUNERATION Average percentage bonus of gross salary Basis for bonuses over the next 12 months 1% - 5% 6% - 10% 10% - 15% 16% - 20% 21% - 30% 31% - 40% Above 40% 17% 37% 20% 13% 8% 3% 2% Work hours including overtime 1 % 37 % 15 % Company performance Companies providing bonus as part of the remuneration package 47 % Individual/team performance 80% 20% 8

9 MARKET OVERVIEW TALENT MANAGEMENT SECTION Expectation of staff turnover in the next 12 months Combination of benefits offered to employees** 31% YES 30% NO 39% UNSURE Key reasons employees are likely to leave 38% $ 30% 22% 94 % 83 % 77 % 76 % 64 % 59 % 55 % 43 % 31 % 28 % 18 % Transport allowance Insurance Health checks Pension Smartphone / Mobile phone Medical and dental benefits Personal laptop, Tablet Parental leave, Reduced working hours Elderly care leave Housing, rent allowance Stock options 10% 0% 14 % Cafeteria New experience/ opportunity to learn, Better training & development To get higher salaries/ Promotion * Better work/life balance Overseas opportunities 9 % 7 % Recreation facility/resort house Childcare / Childcare leave to leave * Redundancy, restructuring, job security, etc. 6 % * Most popular options offered to support employees work-life balance** *More than one option could be selected * Nonsmoking allowance (9000yen/month), retirement benefits, English lessons. 60% Flexible working arrangements 48% More maternity / paternity leave 26% Special leave options (volunteering etc) 23% None 7% * ** More than * Remote one option access could (work be selected from home), additional summer vacation, child care ** More than one option could be selected 9

10 MARKET OVERVIEW WORKING HOURS Average weekly working hours Less than 37.5 hours hours hours hours 9 % 14 % 23 % 28 % hours hours hours Over 65 hours 13 % 6 % 4 % 3 % 10

11 MARKET OVERVIEW In what country is your company s headquarters? How many employees are in your company in Japan? USA 40% Small (20 people or less) Large (more than 200 people) Japan 20% UK 15% 8% 16 % 40 % Germany 7% France 6% Switzerland 4% 44 % Medium ( people) How have the average weekly working hours changed over the last 12 months? Which of the following are most important to attracting and retaining talent in your company? (rank in order of importance: 70% 39% Structured career progression 37% Recognition and rewards 20% 7% 2% 1% 31% Strong company culture Stayed the same Increased (+15%) Reduced (-15%) Significantly increased (15+%) Significantly reduced (-15%) 28% Work/life balance initiatives 26% Branding of your company 22% Training and development 18% International opportunities 11

12 MARKET OVERVIEW Does your company have any other strategies to attract and keep staff? (please specify) CAREER DEVELOPMENT/PROGRESSION COMPANY CULTURE JOB ROTATION COACHING/MENTORING GOOD COMPANY BRAND COMPANY PERKS DEPARTMENT TRANSFERS LEARNING WOMEN'S INITIATIVES The Japanese government has proposed a target of 30% of leadership positions to be filled by women by Do you think this target will be achieved? 24% YES 34% NO UNSURE 42% Does your company pay employees according to age? Do you have any special leaves/benefits for mothers?* 77% Maternity leave 93% 57% 56% Flexible hours Childcare leave 17% No benefits currently 5% Childcare facilities 7% 3% *More than one option could be selected 12

13 MARKET OVERVIEW What is your company status concerning paid holidays? To have more women in the workforce, what does your company plan to implement?* 53% No plans currently 46% 24% 19% 4% More women in senior roles Extra benefits for mothers 36% 33% A majority take them Some people take them Everyone takes them Very few take them Paternity leave - Special leave for fathers to assist in child-rearing 15% 8% Does your company have a stance toward overtime? How do you view applicants who often change jobs? 52 % No policy regarding overtime 20 % 17 % Generally no overtime No overtime (One day of the week is no overtime allowed) NEGATIVELY 60% POSITIVELY 38% 9 % No overtime pay (Overtime is not compensated so no overtime allowed) 2 % Morning overtime instead of night overtime When hiring employees, do you prefer that they have not changed jobs over a certain amount of times? NEITHER 2% No preference (47%) Up to 2 job changes (25%) 3 or more job changes (22%) Prefer applicants with no job changes (4%) Up to 1 job change is ok (2%) *More than one option could be selected 13

14 JAPAN 2015 FORECAST ACCOUNTING & FINANCE Finance 14

15 accounting & finance RECRUITMENT ACTIVITY Strength of current hiring activity compared to the last 12 months Expectation of a professional skills shortage in the next 12 months Steady (54%) Stronger (18%) Slightly stronger (18%) 51% YES 21% NO Slightly weaker (7%) Weaker (3%) UNSURE 28% Hiring activity: During 2014, hiring activity for accounting and finance professionals was steady, with the majority of activity driven by replacement hiring. A similar level of hiring activity is expected over the next 12 months. Hiring activity for accounting and finance professionals has been strongest within the retail, FMCG/consumer and industrial/manufacturing sectors. The role of accounting and finance staff in each of these sectors is crucial and often complex. The finance team plays a key business partnering function within these organisations. Due to the importance of these skills, when there has been employee turnover in these sectors, there has been urgency around replacing staff. As the function of finance continues to evolve with greater emphasis on individuals who can provide analytical and commercial support to decision-making within the business, accounting and finance professionals who specialise in all levels of financial planning and analysis are in high demand. Efficiencies and automation in transaction processing and shared service centres as well as reporting through advanced ERP systems are ensuring finance teams remain lean. This focus is expected to continue over the next 12 months. Accounting Managers are in high demand and will continue to be over the next 12 months due to the technical skills needed as foreign multinational companies based in Japan require qualified individuals to report to overseas headquarters. These roles typically also require strong compliance and process improvement skills. Financial Controllers will remain in demand over the next 12 months as this is one of the most common positions in any organisation, large or small. They are also an invaluable member of the management team and the position needs to be replaced immediately if a current Financial Controller resigned. Accounting and finance professionals with knowledge of IFRS, US GAAP and J GAAP, as well as bilingual skills, are in high demand. This is due to the requirement of foreign multinational companies based in Japan for staff to be able to report to overseas headquarters and communicate with colleagues there. This has seen a continued demand for high potential individuals coming from the Audit/Assurance functions within international/ Big Four accounting firms. Note: All infographics in this report are based on the views of survey participants. The accompanying market commentary is based on the experience and observations of the Michael Page team. Finance 15

16 accounting & finance RECRUITMENT ACTIVITY Impact of skills shortage on businesses in Japan over the next 12 months 47% 25% 17% 11% 0% Will need to develop more targeted attraction strategies It will be difficult to maintain headcount No impact Will need to source talent from overseas SALARY AND REMUNERATION Salary increases over the next 12 months Combination of factors likely to impact salary levels in the next 12 months* 66% All my employees will receive an increase, but it will differ according to performance 13% All my employees will receive the same percentage increase 13% Only my best performing employees will receive an increase 8% Domestic economic conditions Global economic conditions Competition with other companies Don't expect any factors to particularly impact salaries 68% 44% 24% 23% 14% No-one in my team will receive an increase * More than one option could be selected Average percentage increase over the next 12 months 1% - 2% 3% - 4% 5% - 6% 7% - 8% 9% - 10% 10% - 20% 7% - 8% 9% - 10% 10% - 20% 35% 51% 6% 2% 3% 3% Finance 16

17 accounting & finance SALARY AND REMUNERATION Average percentage bonus of gross salary Flexible salary packaging or fringe benefits offered to employees 1% - 5% 29% 6% - 10% 37% YES NO 10% - 15% 16% - 20% 21% - 30% 13% 16% 3% 71% 29% 31% - 40% 2% Above 40% Companies providing bonus as part of the remuneration package 0% Basis for bonuses over the next 12 months Work hours including overtime 2 % 86% 26 % 24 % Company performance 14% 48 % Individual/team performance Market observations: Accounting and finance professionals who specialise in financial planning and analysis will be able to command above average salary and bonus levels due to market demand. Individuals with these skills are often changing jobs for larger salary increases which is placing upward salary pressure on employers. Attraction and retention: Employers continue to focus on offering existing employees attractive retention strategies given the short supply of qualified, high calibre accounting and finance professionals available in the current market. These strategies include a higher level of training, development programs and secondments, either to other divisions or international opportunities. Given market conditions, the ability to provide more exposure to financial planning and analysis or projects has also proved successful. Most accounting professionals prefer a mix of financial and nonfinancial rewards. Finance 17

18 accounting & finance TALENT MANAGEMENT SECTION Expectation of staff turnover in the next 12 months 24% YES 47% NO 29% UNSURE Combination of benefits offered to employees** 90 % 77 % 76 % 72 % 62 % Transport allowance Health checks Insurance Pension Smartphone / Mobile phone Key reasons employees are likely to leave 59 % 46 % 39 % 38 % Medical and dental benefits Personal laptop, Tablet Elderly care leave Parental leave, Reduced working hours 44% $ 20 % 15 % Housing, rent allowance Stock options * 19% New experience/ opportunity to learn, Better training & development 19% To get higher salaries/ Promotion 19% Better work/life balance 0% Overseas opportunities *Redundancy, restructuring, job security, etc. 13 % 10 % 7 % 4 % Cafeteria Recreation facility / Resort house Childcare / Childcare leave to leave Most popular options offered to support employees work-life balance** *More than one option could be selected 66% Flexible working arrangements 42% More maternity / paternity leave 34% Special leave options (volunteering etc) 18% None 8% ** More than one option could be selected Finance 18

19 accounting & finance WORKING HOURS Average weekly working hours Less than 37.5 hours hours hours hours 17 % 13 % 19 % 26 % hours hours hours Over 65 hours 11 % 7 % 3 % 4 % Finance 19

20 accounting & finance SALARY TABLES Role Small Company Medium Company Large Company Millions (Yen) Millions (Yen) Millions (Yen) General Accountant / Financial Analyst 0-3 years years years Accounting Manager 5-7 years years Financial Planning & Analysis Manager 5-7 years years Financial Controller Finance Director Specialist Audit 3-5 years years years Internal Audit Manager Treasury Manager Tax Manager Finance 20

21 banking & financial services JAPAN 2015 FORECAST BANKING & FINANCIAL SERVICES Banking & Financial Services 21

22 banking & financial services RECRUITMENT ACTIVITY Strength of current hiring activity compared to the last 12 months Expectation of a professional skills shortage in the next 12 months Steady (50%) Slightly stronger (31%) Stronger (12%) 56% YES 21% NO Slightly Weaker (5%) Weaker (2%) UNSURE 23% Hiring activity: There has been strong demand for banking professionals throughout 2014 and this is expected to continue over the next 12 months. There is high demand for banking professionals by investment management firms, in particular asset management, real estate and insurance. As Japan s interest rate is at an all-time low, this presents opportunities for further investment, and is subsequently triggering investment management firms to increase headcount. Due to the size of the insurance industry, more institutions are elevating certain functions such as compliance and audit and taking them to the global standard, which is increasing demand for banking professionals. Ongoing regulatory changes and demands within the industry are spurring the Big Four Audit firms to build up their advisory businesses to closely monitor financial institutions. Banking professionals are in high demand to provide tax breaks to retail investors due to Japan s latest implementation of the Nippon Individual Saving Account, Mutual Funds Sales. The 2020 Tokyo Olympics is a key factor for growth within Japan, and as a result banking professionals who specialise in real estate investment will continue to be in high demand over the next 12 months. The evolving regulatory changes from the Bank of Japan and FSA continue to drive demand for Compliance Officers as they are needed to closely monitor financial institutions. This demand is set to continue over the next 12 months. Accounting professionals who have strong contacts within financial institutions, including banks, securities and insurance companies are highly sought-after due to the growing risk appetite by these organisations. Professionals with knowledge of multiple asset classes are in high demand as investment management firms are starting to focus less on the traditional fixed income business and more on a variety of asset classes. Individuals with anti-money laundering skills, such as AML Compliance Officers, are in demand due to the latest regulations by the FSA emphasising a greater need to monitor all financial institutions to ensure they are operating under strict guidance. Note: All infographics in this report are based on the views of survey participants. The accompanying market commentary is based on the experience and observations of the Michael Page team. Banking & Financial Services 22

23 banking & financial services RECRUITMENT ACTIVITY Impact of skills shortage on businesses in Japan over the next 12 months 39% 33% 22% 4% 2% It will be difficult to maintain headcount Will need to develop more targeted attraction strategies No impact Will need to source talent from overseas SALARY AND REMUNERATION Salary increases over the next 12 months Combination of factors likely to impact salary levels in the next 12 months* 37% Only my best performing employees will receive an increase 33% Global economic conditions Domestic economic conditions 67% 67% All my employees will receive an increase, but it will differ according to performance 23% No-one in my team will receive an increase 7% Competition with other companies Don't expect any factors to particularly impact salaries 40% 6% 4% All my employees will receive the same percentage increase * More than one option could be selected Average percentage increase over the next 12 months 1% - 2% 3% - 4% 5% - 6% 7% - 8% 9% - 10% 10% - 20% 7% - 8% 9% - 10% 10% - 20% 32% 27% 20% 7% 9% 4% Above 20% 10% - 20% 1% Banking & Financial Services 23

24 banking & financial services SALARY AND REMUNERATION Average percentage bonus of gross salary Flexible salary packaging or fringe benefits offered to employees 1% - 5% 6% 6% - 10% 19% YES NO 10% - 15% 16% - 20% 29% 20% 52% 48% 21% - 30% 11% 31% - 40% 10% Above 40% Companies providing bonus as part of the remuneration package 5% Basis for bonuses over the next 12 months Work hours including overtime 0 % 77% 47 % 3 % Individual/team performance 23% 50 % Company performance Market observations: Salary levels for banking professionals working in the front office and infrastructure areas will remain largely constant versus the previous year. This is due to the effects of quantitative and monetary easing implemented by the Bank of Japan which has brought mixed results into the Japanese market. In response to regulatory changes and more stringent monitoring by the Japan FSA and other regulatory bodies, there is a shortage of compliance qualified banking professionals which is creating salary pressure on employers when hiring for these roles. Banking professionals with exceptional skills in equity sales and research who service top accounts and have received high ratings among analyst rankings will be able to command a higher salary. This is similar to the Investment Management business. Attraction and retention: Due to a shortage of qualified banking talent in the market, institutions have implemented greater flexibility in order to attract bilingual banking professionals with high potential who are looking to make a lateral move. Foreign investment management firms in need of junior banking professionals are starting to transfer talent working in securities and trust banks who have strong potential. In particular, they are targeting individuals with an ability to work with domestic clients, and who are looking for more stability and a long-term career path. Many financial institutions are focusing on internal mobility, offering better work/life balance, implementation of programs for working parents, childcare and career progression to retain top performers. Banking & Financial Services 24

25 banking & financial services TALENT MANAGEMENT SECTION Expectation of staff turnover in the next 12 months Combination of benefits offered to employees* 24% YES 34% NO 42% UNSURE Key reasons employees are likely to leave $ 98 % 75 % 71 % 70 % 67 % 46 % 32 % 31 % 23 % Transport allowance Insurance Health checks Medical and dental benefits Pension Housing, rent allowance Smartphone / Mobile phone Personal laptop, Tablet Parental leave, Reduced working hours 50% To get higher salaries/ Promotion 32% New experience/ opportunity to learn, Better training & development 14% Better work/life balance 4% * 0% Overseas opportunities *Redundancy, restructuring, job security, etc. 22 % 15 % 14 % 12 % 5 % 3 % Stock options Cafeteria Elderly care leave Childcare / Childcare leave Recreation facility / Resort house to leave Most popular options offered to support employees work-life balance* *More than one option could be selected 56% More maternity / paternity leave 46% Flexible working arrangements 31% None 22% Special leave options (volunteering etc) 5% * More than one option could be selected Banking & Financial Services 25

26 banking & financial services WORKING HOURS Average weekly working hours Less than 37.5 hours hours hours hours 3 % 5 % 22 % 24 % hours hours hours Over 65 hours 25 % 8 % 5 % 8 % Banking & Financial Services 26

27 banking & financial services SALARY TABLES Role Salary (0-3 yrs) Salary (3-5 yrs) Salary (5-7 yrs) Salary (7+ yrs) Millions (Yen) Millions (Yen) Millions (Yen) Millions (Yen) Front Office Investment (equity and fixed Income research) Portfolio and Fund Management Investment Banking/Corporate Finance Private Equity and Direct Investment Structured Finance (Project/ECA Finance) Transaction Banking (Cash Management/Trade Finance) Relationship Management (Asset Management/Corporate Banks) Cash and Derivative Sales Cash and Derivative Trading Business Management Risk Management Credit Risk Market Risk Quants Operational Risk Actuary Operation and Middle Office Trade Support -Exotic and Structured Trade Support- Flow and Vanilla Products AM Operations (Client Reporting, Fund Accounting) Bank Operations (Treasury Ops, Remittance, Account Opening Securities Operations- Settlements Corporate Governance Internal Audit Technology Audit Central Compliance Compliance Advisory Operational Risk Corporate Governance Financial Accounting/Reporting Product Control Tax Banking & Financial Services 27

28 engineering & MANUFACTURING JAPAN 2015 FORECAST ENGINEERING & MANUFACTURING Engineering & & Manufacturing 28

29 engineering & MANUFACTURING RECRUITMENT ACTIVITY Strength of current hiring activity compared to the last 12 months Expectation of a professional skills shortage in the next 12 months Steady (35%) Slightly stronger (32%) Stronger (18%) 41% YES 15% NO Weaker (9%) Slightly weaker (6%) UNSURE 44% Hiring activity: There is currently positive hiring activity for engineering professionals and this is expected to continue over the next 12 months. This is due to the success of engineering firms in the solid Japanese economy. Hiring activity for engineering professionals has been strong within the automotive industry as it continues to be a leading industry in Japan. The energy plant business has seen solid economic growth, which has spurred competition for access to energy. Hiring activity for engineering professionals in the oil and gas industry has also significantly increased. There has been strong demand for engineering professionals in the chemical sector due to new material innovation happening for a variety of products such as automobile chassis, airframe, and digital consumer products, etc. Job types that are currently in high demand are Sales Engineers, Application Engineers and Project Managers. These job types are expected to be in particularly high demand over the next 12 months. Developments from the auto, energy and chemical industries are spurring demand for these roles. International companies are creating demand for these positions as it is rare for global businesses to have their own manufacturing bases in the local market. International companies based in Japan prefer engineering professionals who can provide technical solutions to their clients. Professionals with electrical, mechanical or chemical engineering skill sets are in high demand due to the value of products that are mainly composed of electrical, mechanical or chemical technology. Note: All infographics in this report are based on the views of survey participants. The accompanying market commentary is based on the experience and observations of the Michael Page team. Engineering & Manufacturing 29

30 engineering & MANUFACTURING RECRUITMENT ACTIVITY Impact of skills shortage on businesses in Japan over the next 12 months 64% 36% 0% Will need to develop more targeted attraction strategies It will be difficult to maintain headcount Will need to source talent from overseas SALARY AND REMUNERATION Salary increases over the next 12 months Combination of factors likely to impact salary levels in the next 12 months* 82% All my employees will receive an increase, but it will differ according to performance 12% Only my best performing employees will receive an increase 3% All my employees will receive the same percentage increase 3% Domestic economic conditions Global economic conditions Competition with other companies Don't expect any factors to particularly impact salaries 79% 36% 18% 12% 3% No-one in my team will receive an increase * More than one option could be selected Average percentage increase over the next 12 months 1% - 2% 42% 3% - 4% 55% 5% - 6% 3% Engineering & Manufacturing 30

31 engineering & MANUFACTURING SALARY AND REMUNERATION Average percentage bonus of gross salary Flexible salary packaging or fringe benefits offered to employees 1% - 5% 10% 6% - 10% 59% YES NO 10% - 15% 16% - 20% 21% - 30% 10% 7% 7% 82% 18% 31% - 40% 7% Above 40% 0% Basis for bonuses over the next 12 months Companies providing bonus as part of the remuneration package Work hours including overtime 0 % 85% 34 % 14 % Company performance Individual/team performance 15% 52 % Market observations: Environment, Health and Safety engineers and electrical engineers who work with high voltage will be awarded above average salary and bonus increases, as well as process engineers who have a working knowledge of the Japanese Pharmaceutical Act. Talent shortages within these areas are driving demand within the market and have led to qualified professionals being able to command higher salaries. Attraction and retention: Employers are offering new retention strategies in order to keep qualified engineer employees by offering flexible working arrangements and setting long term career progression programs. Most engineering professionals prefer a mix of financial and nonfinancial rewards. Engineering & Manufacturing 31

32 engineering & MANUFACTURING TALENT MANAGEMENT SECTION Expectation of staff turnover in the next 12 months Combination of benefits offered to employees* 32% YES 26% NO 42% UNSURE Key reasons employees are likely to leave 100 % 94 % 94 % 91 % 85 % 74 % 56 % 41 % 38 % Transport allowance Insurance Pension Smartphone / Mobile phone Health checks Personal laptop, Tablet Parental leave, Reduced working hours Elderly care leave Medical and dental benefits 45% New experience/ opportunity to learn, Better training & development 27% * $ 18% To get higher salaries/ Promotion 9% Better work/life balance 0% Overseas opportunities *Redundancy, restructuring, job security, etc. 29 % 12 % 12 % 12 % Housing, rent allowance Stock options Recreation facility / Resort house Cafeteria to leave Most popular options offered to support employees work-life balance* *More than one option could be selected 76% Flexible working arrangements 68% More maternity / paternity leave 35% Special leave options (volunteering etc) 3% None * More than one option could be selected Engineering & Manufacturing 32

33 engineering & MANUFACTURING WORKING HOURS Average weekly working hours Less than 37.5 hours hours hours hours 29 % 26 % 24 % 15 % hours hours hours 3 % 3 % 0 % Engineering & Manufacturing 33

34 engineering & MANUFACTURING SALARY TABLES Role Salary (0-3 yrs) Salary (3-5 yrs) Salary (5-7 yrs) Salary (7+ yrs) Millions (Yen) Millions (Yen) Millions (Yen) Millions (Yen) R&D Design Engineer Process development Engineer Researcher S/W Test Engineer Embedded S/W Engineer Industry designer 7-10 R&D Center Director Plant Engineer Plant Manager Manufacturing Manager Process Engineer Facility/Utility Engineer QC/QA Engineer EHS Equipment Engineer Field Engineer Sales Engineer Application Engineer Field Service Engineer In-house Engineer Customer Support Engineer Technical Marketing Project Manager Sourcing Engineer Regulatory affairs Engineering & Manufacturing 34

35 healthcare & life sciences JAPAN 2015 FORECAST HEALTHCARE & LIFE SCIENCES Healthcare Healthcare & & Life Life Sciences Sciences 35

36 healthcare & life sciences RECRUITMENT ACTIVITY Strength of current hiring activity compared to the last 12 months Expectation of a professional skills shortage in the next 12 months Steady (38%) Slightly stronger (24%) Stronger (19%) 48% YES 10% NO Weaker (14%) Slightly Weaker (5%) UNSURE 42% Hiring activity: Hiring activity for healthcare professionals is currently strong and is expected to remain strong over the next 12 months. This is due to growing business activity within the sector following new policies from the Japanese government encouraging innovation in drug developments. Japan s strong economic outlook is also spurring hiring activity for healthcare professionals within the pharmaceutical, medical device and life sciences areas. New business developments within the pharmaceutical area are accelerating hiring activity for qualified professionals to expand on business success. Job types that are in currently in high demand are Medical Affairs and MSL with MD/PhD and CRA, sales and marketing professionals who specialize in healthcare, and Quality Assurance/Quality Control/Regulatory Affairs Officers. These roles are expected to remain in high demand by employers over the next 12 months. Employers are placing more emphasis on mediating relationships between the company and healthcare providers, which is creating demand for these roles. Also, companies are developing more niche therapies, thus they need qualified healthcare professionals with a solid scientific background. Healthcare employers that operate internationally need qualified healthcare professionals who can transfer their skills in order to keep the company competitive on a global scale. Professionals with technical/ knowledge based skills, communication skills and who possess a scientific background with corporate experience are in particularly high demand. Note: All infographics in this report are based on the views of survey participants. The accompanying market commentary is based on the experience and observations of the Michael Page team. Healthcare & Life Sciences 36

37 healthcare & life sciences RECRUITMENT ACTIVITY Impact of skills shortage on businesses in Japan over the next 12 months 40% 40% 20% 0% Will need to develop more targeted attraction strategies No impact It will be difficult to maintain headcount Will need to source talent from overseas SALARY AND REMUNERATION Salary increases over the next 12 months Combination of factors likely to impact salary levels in the next 12 months* 67% All my employees will receive an increase, but it will differ according to performance 19% Global economic conditions Competition with other companies 33% 28% Only my best performing employees will receive an increase 28% 14% No-one in my team will receive an increase 0% Domestic economic conditions Don't expect any factors to particularly impact salaries 17% 11% All my employees will receive the same percentage increase * More than one option could be selected Average percentage increase over the next 12 months 1% - 2% 3% - 4% 44% 56% Healthcare & Life Sciences 37

38 healthcare & life sciences SALARY AND REMUNERATION Average percentage bonus of gross salary Flexible salary packaging or fringe benefits offered to employees 1% - 5% 56% 6% - 10% 19% 10% - 15% 19% 16% - 20% 0% 21% - 30% 6% YES 71% NO 29% Companies providing bonus as part of the remuneration package Basis for bonuses over the next 12 months 76% 6 % 0 % Work hours including overtime Company performance 24% 94 % Individual/team performance Salary and bonus levels: Medical Affairs professionals, either with a PhD or MD, will be able to command above average salary and bonus increases. This is due to their ability to build trust with healthcare providers and collect scientific data to support the company s product promotion. Attraction and retention: In terms of attraction and retention strategies that employers offer, the majority of healthcare professionals prefer financial rewards over nonfinancial including stock options. Housing allowance is an important employment incentive for sales professionals. Healthcare & Life Sciences 38

39 healthcare & life sciences TALENT MANAGEMENT SECTION Expectation of staff turnover in the next 12 months Combination of benefits offered to employees* 29% YES 19% NO 52% UNSURE Key reasons employees are likely to leave 100 % 100 % 81 % 81 % 76 % 67 % 62 % 57 % 48 % 43 % Transport allowance Insurance Health checks Pension Medical and dental benefits Parental leave, Reduced working hours Smartphone / Mobile phone Housing, rent allowance **Family commitments, unhappy in current Personal laptop, Tablet Elderly care leave 67% 14 % Stock options $ 14 % 10 % Recreation facility/resort 17% 17% 0% 0% New experience/ opportunity to learn, Better training & development To get higher salaries/ Promotion * Better work/life balance Overseas opportunities *Redundancy, restructuring, job security, etc. *More than one option could be selected to leave Most popular options offered to support employees work-life balance* 43% None 43% None 38% Flexible working arrangements 38% Flexible working arrangements 29% More maternity / patern 29% More maternity / paternity leave 24% Special leave options (volu 24% Special leave options (volunteering etc) 5% 5% * More than one option could be selected * More than one option could be selected Healthcare & Life Sciences 39

40 healthcare & life sciences WORKING HOURS Average weekly working hours Less than 37.5 hours hours hours hours 32 % 10 % 24 % 29 % hours hours hours 0 % 5 % 0 % Healthcare & Life Sciences 40

41 healthcare & life sciences SALARY TABLES PHARMACEUTICALS Role Salary (0-3 yrs) Salary (3-5 yrs) Salary (5-7 yrs) Salary (7+ yrs) Millions (Yen) Millions (Yen) Millions (Yen) Millions (Yen) Clinical Research Clinical Study Manager Clinical Project Manager Clinical Lead (non-md) Clinical Operations Director Clinical Lead (MD) Clinical Development Director Medical Affairs Medical Science Liaison Medical Affairs Manager Medical Affairs Director (non-md) Medical Affairs Director (MD) Research & Development Scientists (non PhDs) Scientists (PhDs) Regulatory & Compliance PMS Manager Regulatory Affairs Manager Pharmacovigilance Manager Regulatory Affairs Director Pharmacovigilance Director QA/QC Manager Commercial Sales/Medical Representative Product Manager Sales Manager Senior/Group Product Manager Marketing Manager Business Development Director Marketing Director Sales Director General Manager Business Unit Director Healthcare & Life Sciences 41

42 healthcare & life sciences SALARY TABLES MEDICAL ADVICE Role Salary (0-3 yrs) Salary (3-5 yrs) Salary (5-7 yrs) Salary (7+ yrs) Millions (Yen) Millions (Yen) Millions (Yen) Millions (Yen) Regulatory & Compliance Regulatory Affairs Manager Regulatory Affairs Director QA/QC Manager Commercial Sales Product Manager Sales Manager Senior/Group Product Manager Marketing Manager Business Development Director Marketing Director Sales Director General Manager Business Unit Director Healthcare & Life Sciences 42

43 healthcare & life sciences SALARY TABLES MEDICAL ADVICE Role Salary (0-3 yrs) Salary (3-5 yrs) Salary (5-7 yrs) Salary (7+ yrs) Millions (Yen) Millions (Yen) Millions (Yen) Millions (Yen) Regulatory & Compliance Regulatory Affairs Manager Regulatory Affairs Director QA/QC Manager Commercial Sales Product Manager Sales Manager Senior/Group Product Manager Marketing Manager Business Development Director Marketing Director Sales Director General Manager Business Unit Director Healthcare & Life Sciences 43

44 human resources JAPAN 2015 FORECAST HUMAN RESOURCES Human Resources Human Resources 44

45 human resources RECRUITMENT ACTIVITY Strength of current hiring activity compared to the last 12 months Expectation of a professional skills shortage in the next 12 months Steady (38%) Slightly stronger (25%) Stronger (24%) 58% YES 16% NO Slightly Weaker (8%) Weaker (5%) UNSURE 26% Hiring activity: Hiring activity within the Human Resources field is strong and is expected at this level over the next 12 months. The strength of hiring activity can be attributed to a shortage of qualified professionals, and a lack of both bilingual and monolingual professionals. As companies are looking to expand their business, there has been an increase in available jobs, in particular roles for in-house recruiting positions as well as HR business partners. There has been positive hiring activity for HR professionals within consulting firms and financial services, as well as within the retail/ consumer, healthcare, and IT industries. Consulting and financial services firms have seen healthy hiring activity for HR professionals due to solid business performance leading to greater confidence. The retail and consumer industries have always seen high demand for HR professionals as they are competing against established Japanese brands and are committed to investing in their own brand, budgets and staff to retain a leading position in the Japanese market. The IT industry continues to demonstrate innovation, growth and diversity. As a result, more support is needed from HR professionals to increase headcount to capitalize on the growth potential of IT companies in Japan. The weakening Yen has allowed foreign companies to invest more heavily on human capital. This, combined with a lack of bilingual professionals and a quickly aging workforce, is spurring hiring activity for HR professionals within strong performing industries. Japan s aging population is contributing to a high demand for HR professionals specialising in healthcare, as healthcare is set to become a leading industry, and companies continue to invest in this growing area. HR generalists and HR Business Partner positions continue to be indemand functions for companies as there is an increased demand for HR professionals who are capable of interfacing and partnering with the business from a strategic point of view, rather than operating purely as a support function. These job roles are expected to be in high demand over the next 12 months. As many international companies view Japan as an optimistic market for growth, there is a high demand within organisations for recruiters who have previous experience sourcing and attracting talent through innovative channels, such as through direct sourcing. The talent pool for recruiting professionals is minimal, and there is a trend of external recruiters moving to an internal role. Recruitment roles will be in high demand over the next 12 months. As many businesses are either expanding or cutting recruitment costs, they need proactive recruiting professionals who are able to source the best qualified talent through their direct sourcing skills or through a recruitment agency. HR professionals who specialise in compensation and benefits are currently highly sought-after. For multinational companies it is always an advantage for HR professionals in the job market to be fluent in English. Businesses will also favour professionals with direct sourcing and strategic HR skills for implementing new and cost saving initiatives skills that are currently in high demand. Note: All infographics in this report are based on the views of survey participants. The accompanying market commentary is based on the experience and observations of the Michael Page team. Human Resources 45

46 human resources RECRUITMENT ACTIVITY Impact of skills shortage on businesses in Japan over the next 12 months 39% 32% 13% 10% 6% Will need to develop more targeted attraction strategies It will be difficult to maintain headcount Will need to source talent from overseas No impact SALARY AND REMUNERATION Salary increases over the next 12 months Combination of factors likely to impact salary levels in the next 12 months* 58% All my employees will receive an increase, but it will differ according to performance 24% Domestic economic conditions Global economic conditions 65% 46% Only my best performing employees will receive an increase 10% No-one in my team will receive an increase 8% Competition with other companies Don't expect any factors to particularly impact salaries 38% 13% 9% All my employees will receive the same percentage increase * More than one option could be selected Average percentage increase over the next 12 months 1% - 2% 3% - 4% 5% - 6% 7% - 8% 9% - 10% 10% - 20% 7% - 8% 9% - 10% 10% - 20% 43% 35% 13% 3% 3% 2% Above 20% 10% - 20% 1% 46 Human Resources

47 human resources SALARY AND REMUNERATION Average percentage bonus of gross salary Flexible salary packaging or fringe benefits offered to employees 1% - 5% 16% 6% - 10% 42% YES NO 10% - 15% 16% - 20% 21% - 30% 21% 10% 8% 81% 19% 31% - 40% 1% Above 40% 2% Companies providing bonus as part of the remuneration package Basis for bonuses over the next 12 months Work hours including overtime 2 % 79% 40 % 16 % Company performance 21% 42 % Individual/team performance Salary and bonus levels: HR professionals who are working in the financial services industry can expect minimal salary and bonus increase. Attraction and retention: New attraction and retention strategies are starting to emerge, such as job rotation, career progression, involved special projects, sign on bonuses and training abroad. In terms of workplace incentives, most HR professionals prefer financial rewards and career progression. 47 Human Resources

48 human resources TALENT MANAGEMENT SECTION Expectation of staff turnover in the next 12 months Combination of benefits offered to employees* 33% YES 31% NO 36% UNSURE Key reasons employees are likely to leave 92 % 88 % 79 % 79 % 69 % 62 % 60 % 53 % Transport allowance Insurance Health checks Pension Smartphone / Mobile phone Personal laptop, Tablet **Family commitments, unhappy in current Parental leave, Reduced working hours Medical and dental benefits 44% $ 42 % 22 % Elderly care leave Housing, rent allowance 28% 22% 6% 0% 21 % 16 % Stock options Cafeteria New experience/ opportunity to learn, Better training & development To get higher salaries/ Promotion * Better work/life balance Overseas opportunities *Redundancy, restructuring, job security, etc. 13 % 9 % 6 % Recreation facility/resort Child-care, Child-care facilities to leave Most popular options offered to support employees work-life balance* *More than one option could be selected 65% Flexible working arrangements 48% More maternity / paternity leave 43% None 31% Special leave options (volunteering etc) 38% Flexible working arrangements 22% None 29% More maternity / patern 10% 24% Special leave options (volu * More than one option could be selected 5% * More than one option could be selected 48 Human Resources

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