Ten Days on from the Earthquake and Tsunami in Japan
Everybody is obviously shocked and saddened by the damage the earthquake and the tsunami have caused. There is also a little fatigue with the continuation of after-shocks being felt.
The damage and loss of life have naturally created a sombre mood within the business community, and within the city as a whole. That said most people are trying to get on with their lives, and for the most part, it is business as usual. The biggest day to day issue is the shortage of water and food in supermarkets, although they are by no means bare as some press outlets have suggested. Thus far I have seen quite a contrast of opinions with the ongoing events here in Japan. As mentioned earlier for many it is just business as usual, but there are also those who are trying to get out of Tokyo. Foreigners are particularly concerned as most embassies have advised their nationals to consider leaving Tokyo.
It remains to be seen what impact this will have on banking recruitment. For the most part financial institutions have put everything on hold until next week, although some have continued their recruitment processes as per usual. It is hard to speculate on what might happen in the longer term. Given Japan is a high cost centre most banks have offshored whichever functions they could over the past two and a half years. Thus most business streams that are left predominantly service domestic companies which in nearly all instances means they need to be based in Japan. So long as the economy can bounce back there will always be a need for finance professionals. We may even see a short term spike in demand if some foreign nationals either delay or choose not to return to Tokyo.
For businesses, and citizens alike, it’s going to become increasingly important to sustain the Japanese economy. Therefore, as well as looking after our own employees, our primary focus as a specialist recruiter is to help our clients and candidates as much as we can. We want to support companies in meeting their immediate resourcing needs to ensure that where possible, their business operations can continue.