Fashion

Uniqlo considers paying top employees 280,000 dollars


Uniqlo considers paying top employees 280,000 dollars

Uniqlo, Asia’s largest retailer, is trying to lure employees with a 280,000
dollar salary to try and compete in a tough labor market, also promising
them managerial titles within three years if hired. The salary being
considered would be triple the average pay at the company, and 10 times the
national average in Japan for those with similar employment tenures. The
news was reported by Bloomberg.

The company is hoping that higher pay will lure in more top talent. Tadashi
Yanai, CEO of Fast Retailing Co., the parent company of Uniqlo, is
currently deliberating putting the higher salaries into effect for spring
2020. Earlier this year, Uniqlo also raised compensation for new hires.

Young talent who move into management positions within three years would
receive annual salaries of 20 million to 30 million yen (279,329 dollars)
for those sent to the U.S. or Europe, and more than 10 million yen for
those in Japan, according to a Nikkei report from an interview with Yanai.

According to Bloomberg, Japan’s labor force is being crippled by an aging
population and lack of young workers. Companies are trying to do everything
possible to recruit and retain young talent. Traditional business
practices, like aligning top pay with experience and lifetime tenure for
jobs, has virtually gone out of the window.

Typically, employees hired by Fast Retailing start off working in Uniqlo
stores, but that policy looks to be changing as they will placing new hires
in departments they feel best fit their skill set, whether it’s IT or
design. After three to five years employees will be considered for
managerial positions.



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