The attractiveness of Japan to foreign talent has diminished due to the depreciation of the Japanese yen, as revealed by a survey targeting private enterprises in Japan.
The survey, conducted by Mynavi Global, involved 582 respondents who are foreigners residing in Japan and was conducted in January and February of this year.
It showed that 91% of respondents expressed a desire to continue working in Japan, which, although high, marked a 6-percentage-point decrease compared to the survey conducted in 2022.
Particularly, the willingness among Vietnamese nationals decreased by 12 percentage points, indicating a clear trend.
In the survey, 39% of those who did not wish to work in Japan cited "depreciation of the Japanese yen" as the main reason.
Despite unchanged wages, the depreciation of the yen results in reduced actual income when converted into their home currency.
To address this issue, some companies suggested increasing non-monetary benefits such as housing allowances and communication allowances.
On the other hand, the survey revealed a significant increase in the importance of "good interpersonal relationships among employees" (44%) when choosing a job, which rose by 28 percentage points compared to the previous survey, far exceeding the focus on salary (70%, an increase of 10 percentage points).
This reflects a growing preference for specific skills type 2 visas that allow long-term residence and family inclusion, as people increasingly value companies that provide a stable long-term work environment.
The survey also suggests that Japan will introduce a new system called "Kosei Jyutaku" to replace the foreign technical internship program and promote significant reforms in the agricultural sector.
Representative Kanyu Itsuki of Mynavi Global pointed out that these measures aim to create a workplace environment conducive to coexistence with foreigners and to help companies retain talent and prevent talent outflow by promoting specific skills type 2 visas.
These survey results not only highlight the importance of factors beyond salary in attracting foreign talent but also reveal efforts by businesses and the government to ensure long-term stability and diversity in Japan's labor market.
In the fiercely competitive global recruitment environment, providing a good working environment, stable interpersonal relationships, and welfare policies that meet the expectations of talent will be critical factors.
Despite the negative impact of the depreciation of the Japanese yen on the attractiveness of foreign talent, many still consider Japan's long-term job opportunities and professional development prospects to be unmatched.
Therefore, businesses and the government should continue efforts to ensure Japan can attract and retain talent globally through innovative talent acquisition policies and comprehensive support measures.
In the coming years, with the promotion of "Kosei Jyutaku" and specific skills type 2 visas, Japan is expected to take bigger strides in attracting foreign talent.
This is not only crucial for Japan's economic growth but also has profound implications for the overall societal diversity and innovation capabilities.
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