Overcoming the Challenges of Recruiting in Japan: Hiring Fintech Sales Talent in Tokyo and Beyond

Whether you are an established business operating in the Asia-Pacific region or just beginning your journey, there can be some unique challenges to attracting and retaining talent. This is particularly true right now for companies recruiting in Japan and sourcing and securing Fintech sales talent in Japan can be especially tricky.

To help you overcome the challenges of recruiting in Japan our experts here at Kin Search have put together a useful guide to some of the biggest difficulties our clients face, as well as some tips to finding the right financial and technology sales talent you need for success.

4 Challenges to Finding Fintech Talent in Japan

Japan, and particularly Tokyo, is an increasingly attractive market for foreign finance and technology investment. Tokyo is the third largest equities market in the world and both national and local government have worked hard to position the city as a global financial hub.

There have also been concerted efforts to attract international businesses to Tokyo and other cities through subsidies, regulatory reform and business development support, with a special focus on asset management and financial technology.

Japan itself is an attractive market for Fintech companies particularly those with an eye for digital payments, RevTech and insurance. But for these ambitions to succeed, international businesses need to overcome some key challenges to recruiting in Japan, including:

1. Ongoing Talent Shortages
   There is a profound shortage of skilled tech candidates in Japan right now. 31% of hiring managers in tech companies say that a lack of skilled candidates is their biggest concern this year. This talent shortage has meant that firms are in intense competition with each other to attract the right talent, with competition for English-speaking or bilingual candidates even more fierce.

 

1. Different Candidate Priorities
   A big challenge for international businesses is that Japanese candidates have traditionally valued job security over other benefits. Because of this, candidates often prefer employers who have established brands or proven longevity in the Japanese market rather than those who can offer the highest salary. However, this is changing. The growth of the tech sector in Japan where candidates are in high demand has meant candidates are more interesting in better salary and benefits packages and work-life balance.
2. Cultural Differences

Other cultural differences can make recruiting in Japan challenging for international businesses. Loyalty is highly valued which can make connecting with and attracting passive candidates difficult. Building trust and respect in an established network is also key as Japanese candidates rarely respond to recruiters they don’t know. Candidates also prefer not to negotiate, meaning your initial offer needs to be competitive.

1. High Placement Fees
   Recruitment companies in Japan are aware that for international companies finding talent with the right skills and experience can be an incredibly difficult process. A competitive market combined with a need to hire talent quickly means that placement fees can be extremely high compared with other markets. At Kin Search we’ve spoken to clients who have experienced fees as high as 30-35% from local recruiters.
   

Tips to Make Recruiting in Japan Easier

With the right recruitment partner, attracting and retaining sales executives with experience in Fintech can be quick, efficient and straightforward. At Kin Search we are experts in helping businesses find the talent they need. Here is our advice for making Fintech sales recruiting in Japan easier:

• Be Flexible
  Finding the perfect candidate is not impossible, but having a degree of flexibility will provide you with more options. This is particularly important if you are looking for candidates with proficiency in English. Be open to candidates with less than perfect English ability, those who speak other languages or those with relevant experience in other tech roles such as e-commerce or SaaS.
  
• Move Quickly
  Traditional Japanese hiring moves slowly, so having a quick, efficient recruitment process can give you the edge with sought after candidates. Make sure it’s easy to apply to roles online, remove any unnecessary technical assessments or interview stages and communicate with candidates clearly about when they can expect a response or any feedback.
  
• Train Leaders
  Being flexible with your job requirements doesn’t mean you have to lose out on business-critical skills. Offering additional training, particularly in leadership skills, soft skills and English can be a great way to build key skills in your teams. Offering this kind of professional development opportunity is also extremely attractive to candidates and will be rewarded with loyalty and engagement in the future.
  
• Offer Benefits
  Moving roles is something Japanese candidates take seriously, often with an eye to the long-term. This means that your salary packages and benefits need to be competitive but also have long-term value. Make sure you benchmark your offering and be clear about the additional benefits, work-life balance and career progression on offer.
  
• Network Wisely
  Your reputation is key to attracting and retaining qualified candidates in Japan. Your employer brand is crucial here. Make clear in your messaging what you can offer to candidates, and what they can hope to achieve in your company. By tapping into an established network, you’ll find it much easier to connect with suitable talent in Japan. You can also use employee referrals to reach qualified professionals in a way that they will trust.

 

Here at Kin Search, we are experts at connecting global businesses with the technology sales and business development executives they need to achieve success. Find the talent you need by contacting us today.