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Nikkei: 1.4% fewer job offers to 2009 university graduates, first decline in five years

October 20, 2008
By Ken Worsley


According to a piece in this morning’s Nikkei, Japan’s corporations are planning to cut the number of jobs offered to graduating university students in 2009 for the first time in five years. In April 2008, the number of job offers made to new graduates was up 5.3% (Recruit had estimated that 2008 hirings would rise 13.0%, in a report that seemed a bit off on the statistics). The Nikkei survey estimates that job offerings to university students will be down 1.4% in 2009.

While Mizuho, Mitsui Sumitomo, Toshiba, Hitachi, Canon and Panasonic all aim to increase their numbers of new hires, and financial firms comprised five of the top ten places on the list of firms looking to increase their number of hires, the Nikkei notes that many financial firms intend to cut down on the hiring of new recruits:

Nomura Securities Co. aims to reduce job offers by 18.5% to 680. Daiwa Securities Group Inc. (8601) will cut its figure by 28.8% to 900. Sompo Japan Insurance Inc. (8755) plans to halve its job offers to 600, while Tokio Marine & Nichido Fire Insurance Co. made a 26.5% cut to 750. Many real estate and housing firms are also reining in their offers.

In addition, competition for talented graduates is intensifying, so corporate job offers have failed to keep up with initial hiring plans. Mitsui Engineering & Shipbuilding Co. (7003) had intended to hire 116 graduates, but will now take on only 87. NTT Data Corp. (9613) has made 550 offers, 50 less than planned.

The situation at Nomura makes sense, given that new employees will be brought in from the takeover of Lehman Brothers. Still, recruiting figures are often decided well in advance, and it is thus difficult to say that the reduction is fully due to Nomura’s recent acquisitions.

Filed Under Economics, Labor and Wages 

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Comments

2 Responses to “Nikkei: 1.4% fewer job offers to 2009 university graduates, first decline in five years”

  1. WG on October 22nd, 2008 1:37 pm

    not much of a decline. Things may not be great, but it could pick up in 2010, 2011 for sure at the latest. What they should be telling us is whether companies are hiring part timers as full time workers.

  2. www.japansoc.com on October 23rd, 2008 3:42 am

    Fewer jobs for this year’s university graduates…

    The Nikkei is reporting that this year’s graduating seniors will see reduced hiring for the first time in five years….

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