EMPLOYEES MORE PESSIMISTIC ABOUT RAISES THIS YEAR COMPARED TO EMPLOYERS
Majority of employees expect no change to salary this year amidst technical recession

 

The largest shifts in employee expectations compared to last year was for salaries remaining the same, with expectations rising from 29.3% to 41.1%. There was also a rise in expectations for pay cuts, from 2.2% to 4.8%. On the other hand, expectations for raises fell across the board, with the largest dip for raises up to 3% (38.2% to 28.9%). 
 

 

Employers were less conservative compared to workers, with more companies either looking to give raises of between 3 and 6%, or maintain salaries. Employers looking to give raises up to 3% or surpassing 10% fell in comparison to 2023. The proportion of employers looking to give out pay cuts remained the same  between periods.

 

38.9% of employers surveyed reflected plans to increase salaries by up to 3%, while 23.7% said they intended to increase salaries by 3-6%. 22.0% said they expect salaries to remain the same, which is higher than the 15.4% reported for the previous year. 65.5% of employers also indicated plans to give bonuses in 2024, compared to 72.1% in 2023.

 

“Workforces are preparing for the impact that a subdued economy stands to bring this year,” said Grant Torrens, Managing Director at Hays Japan. “Leaders will need to work closely with employees to ensure they can collectively overcome these challenges while balancing emerging skill gaps in the market."
 
On the hiring front, most employers in Japan expect permanent staff levels to stay the same, with 33.7% anticipating an increase. 20.1% plan to hire more contract staff in 2024.

 

For more 2024 trends and insights, download the 2024 Hays Asia Salary Guide.   
https://www.hays.co.jp/salary-guide?utm_source=hays&utm_medium=pressrelease&utm_campaign=2024HASG-JPJP&term=&content=internal

About Hays Japan
Hays Specialist Recruitment Japan KK ("Hays Japan"), established in Tokyo in 2001, is one of the largest foreign recruitment companies in Japan with three offices across the country (Tokyo Head Office, Osaka and Yokohama).
 
At Hays Japan, our experts provide professional services across the private sector, dealing in permanent positions, contract roles, recruitment process outsourcing (RPO), Managed Service Programmes (MSP) and IT solutions in the following 13 specialisms: Accountancy & Finance, Banking & Financial Services, Engineering, Marketing & Digital, Human Resources, Insurance, Legal, Life Sciences, Office Professionals, Property, Sales & Marketing, Supply Chain and Technology. This ensures a highly focused, fully tailored specialist recruitment service, enabling us to power the future of work by serving thousands of companies and candidates in Japan. Hays Japan is recognised as a Great Place to Work® by the esteemed Great Place to Work® Institute Japan, the global authority on workplace culture. We continue to strengthen our position in Asia with the world-leading ISO 9001:2015 certification in all our operational markets including Japan, China, Hong Kong SAR, Malaysia, Singapore, and Thailand.

About Hays 
Hays plc (the "Group") is the world’s leading specialist in workforce solutions and recruitment, such as RPO and MSP. The Group is the expert at recruiting qualified, professional and skilled people worldwide, being the market leader in the UK, Germany and Australia and one of the market leaders in Continental Europe, Latin America and Asia. The Group operates across the private and public sectors, dealing in permanent positions, contract roles and temporary assignments. As at 31 December 2023, the Group employed over 12,300 staff operating from 249 offices in 33 countries. For the year ended 30 June 2023:

 

– the Group reported net fees of £1,294.6 million and operating profit of £197.0 million;
– the Group placed around 76,800 candidates into permanent jobs and around 245,000 people into temporary roles;
– 15% of Group net fees were generated in Australia & New Zealand, 30% in Germany, 21% in United Kingdom & Ireland and 34% in Rest of World (RoW);
– the temporary placement business represented 57% of net fees and the permanent placement business represented 43% of net fees;
– Technology is the Group’s largest division, with 26% of net fees, while Accountancy & Finance (15%) and Engineering (10%), are the next largest
– Hays operates in the following countries: Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, the Czech Republic, Denmark, France, Germany, Hungary, India, Ireland, Italy, Japan, Luxembourg, Malaysia, Mexico, the Netherlands, New Zealand, Poland, Portugal, Romania, Singapore, Spain, Sweden, Switzerland, Thailand, UAE, the UK and the USA