On Retirement and Other Benefits in Japan
Are You Wasting Money on Non-Strategic Retirement and
Do You Have the Best Pay and Personnel Systems that are the Most Attractive to Today’s Workforce?
- Did you know that today’s young Japanese worker doubts that he will get his payback on the expensive social insurance payments that are deducted from his pay each month? He is pretty sure the government pension and health program will be bankrupt when he is old enough to need it. Not a pleasant feeling.
- Your firm is throwing away more and more premium on a low return, non-mandatory “Defined Benefit Retirement Plan.” It sucks up precious cash flow. It is your firm that has to make up for falling stock values and gross mismanagement on the part of your Japanese financing institution. Yet the only thing most of your staff trust and want is more cash in their pocket today.
- Indeed, statistics show that if given a choice most good people want higher cash earnings today, rather than a rich Defined Benefit Retirement Plan that only looks good on paper. The retirement plans of most Japanese companies are grossly underfunded and the firm will never be able to make good on those paper promises. (Translate “Defined Contribution Plan” that everyone talks about, to the inevitable, impending “Corporate Bailout Plan”!)
- The shine is off the armor of even the largest and most prestigious Japanese firms. The people that are attracted to foreign capitalized firms, and those who will make the biggest contribution, are looking for something very different. They want to be paid for what they are worth today.
- Let us make sure you have an attractive performance pay-based corporate culture that meets their needs and yours. For just a few hundred thousand yen, TMT can analyze, report, and recommend the optimum pay and benefit strategy for staff satisfaction and growth in sales and profits.
- If what we discover and show you makes sense to you, for the cost equivalent of one or two executive search fees, you and your firm will be positioned for greater success in Japan.