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A Strategic Differentiator in Japan
The increasingly competitive battle for talent has required organizations in Japan to reevaluate strategies and reorient talent models to better access, engage and develop “globally-minded” members.
- Japan Inc. is missing out
- Demand for globally-minded talent
- How to harness the full potential of globally-minded talent
- Looking ahead
Japan Inc. is missing out
Japan has long been an economic powerhouse but is at risk of losing its competitiveness in the global arena. Over the last 25 years, the number of Japanese Fortune 500 companies has dropped 64% and in 2010, Japan was overtaken by China as the second biggest global economy. Additional pressures from an aging population, COVID-19, and local talent shortages are driving the business imperative for Japanese corporations to diversify and amplify its workforce through globalization in order to keep up.
Demand for globally-minded talent
With limited growth forecasts locally, much of the growth opportunity for Japanese companies lies outside of the country. To access and capitalize on this growth, it has become a business imperative for companies to realign business and talent strategies with the ever-evolving talent and skill requirements. In doing so, talent strategies must evolve to access, engage and develop “globally-minded” talent and to realign the organizational culture accordingly.
How to harness the full potential of globally-minded talent
The case for globally-minded talent in Japan is clear. However, for many organizations, it can be a challenge to set a clear vision and strategy for embedding globally-minded talent into their businesses. Regardless of where an organization might be on that journey, the following three actions are foundational to beginning the shift to leveraging a Global Talent Strategy as a competitive differentiator.
- Inspire a global vision through diverse leaders
- Build an inclusive & collaborative environment by removing cultural barriers
- Listen, adapt and iterate based on the ever-evolving needs of your talent & business
The increasingly competitive battle for Talent has required organizations to reevaluate business strategies and reorient talent models to elevate the ability to access, engage and develop the talent required to be successful. We are in a moment of choice and consequence, where setting a bold destination for all organizational strategies — business, workforce, and social — is vital. For Japanese companies, embedding Global Talent Strategy at the core of their organizational strategies as a strategic differentiator, offers important and exciting opportunities and possibilities.