Episode Transcript
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Chase Stratton (00:00):
Navigating any
specialized job market.
Well, it can feel like you'retrying to unlock some kind of
complex puzzle, right?
Absolutely.
Especially when you're lookingat a landscape as unique as
Japan's.
So today we're really divingdeep into the Japanese insurance
recruitment market.
We've got some strategicanalysis, some really
(00:20):
interesting profiles of keyplayers.
Yeah,
Tessa Sourceley (00:23):
should be good.
Chase Stratton (00:23):
Our mission,
basically, to give you a clear,
concise guide, help youunderstand this competitive
scene and, you know, highlightthose surprising facts and
actionable insights that mightactually make a difference for
your career.
Tessa Sourceley (00:37):
Exactly.
And think of this deep dive aslike your shortcut.
You get to be really wellinformed about this highly
specialized sector without doingall the legwork yourself.
Right.
We're going to pull out themost important nuggets, you
know, not just tell you what'shappening, but really why it
matters and maybe how you canuse it.
Chase Stratton (00:53):
OK, let's let's
unpack this then.
What is it that makes theJapanese professional labor
market just so competitive?
Yeah.
And and complex, particularlyfor recruitment.
Tessa Sourceley (01:05):
It's
fascinating, actually.
Chase Stratton (01:06):
Our sources
really stress the the
traditional lifelong employmentmodel.
It still has this prettyPersistent influence.
Tessa Sourceley (01:13):
It really does.
Even as it's shifting, itcreates this, well, unique
environment.
Chase Stratton (01:18):
Where job
openings often actually
outnumber the qualifiedapplicants.
Seems counterintuitive.
Tessa Sourceley (01:23):
It does, but it
happens.
And it's not just about thecompetition.
It's also the time commitment
Chase Stratton (01:29):
involved.
Ah, yes, the time.
I saw it's not unusual for thewhole hiring process,
recruitment and onboarding tostretch out for, what, up to a
year?
Tessa Sourceley (01:38):
Easily,
sometimes even more.
Which, you know, raises apretty important question.
Chase Stratton (01:42):
Which is?
Tessa Sourceley (01:43):
What leverage
does a candidate actually have
in that kind of scenario?
Chase Stratton (01:46):
Good point.
So what's the answer?
Tessa Sourceley (01:47):
Well, the
fascinating thing is this
dynamic.
It actually gives candidateswith the right skills, the right
experience, quite significantchoice and leverage.
Chase Stratton (01:56):
Okay, so
leverage beyond just asking for
more money.
Tessa Sourceley (01:59):
Oh, much more.
It's about being able to callthe shots, maybe more on things
like work-life balance, careergrowth, stuff that might be
harder to negotiate in, say,Western markets.
Chase Stratton (02:10):
Why is that just
the scarcity.
Tessa Sourceley (02:13):
Partly scarcity
but also the expectation of
long term commitment cuts bothways.
Companies are incrediblyselective because they want
someone for the long haul.
Chase Stratton (02:22):
Right.
Tessa Sourceley (02:23):
And existing
employees tend to stay put which
limits the external talentpool.
So companies get frankly a bitdesperate to lock in good
people.
Chase Stratton (02:33):
So desperate
they're bending rules they might
not have before.
Tessa Sourceley (02:36):
Exactly.
We're seeing modern Japaneseprofessionals prioritize things
beyond beyond the paycheck.
You know, remote work, hybridoptions, real work-life balance.
Chase Stratton (02:45):
Things that
weren't always top of the list
in Japan.
Tessa Sourceley (02:48):
Not
traditionally, no.
Plus, clear pathways fortraining, for career
progression.
These are becoming dealbreakers.
Interesting.
And on top of all that, you'vegot this huge growing demand for
bilingual talent, Japanese andEnglish fluency.
Chase Stratton (03:02):
Ah, the
bilingual premium.
How much are we talking?
Tessa Sourceley (03:05):
It's
significant.
Often a 20, maybe 30% salarypremium.
Chase Stratton (03:09):
Wow.
Tessa Sourceley (03:10):
So, yeah.
All these dynamics are forcingrecruitment firms to change
their game.
They can't just be searchengines anymore.
Chase Stratton (03:15):
They need to be
more consultative.
Tessa Sourceley (03:17):
Precisely.
Offering strategic marketinsights, salary trend data,
becoming real partners to theirclients.
Chase Stratton (03:24):
That makes
sense.
But, you know, if companies aretaking a year to hire, does
that also suggest maybe some...
internal rigidity on theirside, even when they need
people?
Tessa Sourceley (03:35):
That's
certainly part of the picture,
yes.
Internal processes can be slow.
Chase Stratton (03:38):
Okay, so given
that shift in what candidates
want and the company's needs,how are the recruitment firms
themselves actually structuringtheir efforts?
Tessa Sourceley (03:47):
Especially in
insurance.
Right.
This is where it gets reallyinteresting structurally.
Chase Stratton (03:51):
We found a lot
of vertical integration.
Insurance recruitment oftensits within the broader
financial services ecosystem.
You see firms like Robert Half,Robert Walters, they explicitly
group insurance under financialservices.
Tessa Sourceley (04:04):
Yeah.
And that reflects a reality ofthe market.
Chase Stratton (04:06):
Which is that
many of the roles companies are
desperate for think compliance,financial control, internal
audit, IT.
these roles have skills thatare highly transferable,
Tessa Sourceley (04:17):
right?
Exactly.
Across banking, securities,investment funds, the skill set
is often very similar.
A compliance expert from a bankcould slot right into an
insurance firm.
Chase Stratton (04:28):
Makes sense.
But then there's a contrast.
Tessa Sourceley (04:30):
There is.
Hays Japan, for example,actually lists insurance as a
standalone specialism.
They separate it out.
Chase Stratton (04:36):
Okay.
What does that suggest?
Tessa Sourceley (04:37):
It suggests
potentially a really deep
focused expertise, not just inthose cross-sector functions,
but in the core insurance stufftoo.
Claims, underwriting.
the really domain-specificroles.
Chase Stratton (04:49):
So two different
approaches there, integration
versus specialization.
Tessa Sourceley (04:53):
Right.
But the general reality acrossmost firms is that they operate
through dedicated teams,specialized divisions.
They promote theirinstitutional knowledge.
Chase Stratton (05:03):
Not necessarily
relying on like famous
individual recruiters.
Tessa Sourceley (05:06):
Generally, no.
Success tends to come fromleveraging the collective team
expertise, the firm's overallknowledge base.
Chase Stratton (05:13):
Okay.
So the team model is dominant.
Yeah.
But as always, there areexceptions.
Right.
Individuals who really standout.
Tessa Sourceley (05:19):
There are.
And our research did pick up afew notable names who offer
maybe a more personalized touchin this team focused market.
Chase Stratton (05:26):
OK, let's
spotlight them.
First up, Sonia Howe at MorganMcKinley.
Tessa Sourceley (05:31):
Right.
Chase Stratton (05:31):
She's a manager
of client services and financial
services recruitment.
But the key thing is herprofile explicitly mentioned
specialization in insurances.
Tessa Sourceley (05:40):
Which is quite
unique, as you said.
Morgan McKinley actually namesher as a specialist in this
niche.
Chase Stratton (05:45):
What does that
tell us, do you think?
Tessa Sourceley (05:46):
Well, it gives
candidates a very clear, direct
point of contact if that's theirspecific niche.
And it probably suggests thefirm has a lot of confidence in
her individual expertise withintheir wider financial Okay.
Chase Stratton (05:59):
And she joined
back in January 2013, fluent in
English and Chinese,intermediate Japanese.
That's Sonia Hao.
Then there's Andrew McKinlay atXCC Search Partners.
Tessa Sourceley (06:09):
Ah, yes,
Andrew.
Very experienced.
Chase Stratton (06:11):
Nearly two
decades in executive
recruitment, Japan and Asia.
His list of specializations islong-durance, reinsurance,
actuarial, consulting, life,non-life, PNC.
Tessa Sourceley (06:22):
PNC being
property and casualty.
Chase Stratton (06:24):
Right, thanks.
And his strength seems to beplacing people at all levels.
from those niche underwritingor actuarial roles right up to
the C-suite CEO, CFO, CMO,managing directors.
Tessa Sourceley (06:37):
That's
impressive range.
Chase Stratton (06:38):
And his
background is interesting too.
UK born, fluent Japanese,degree in mechanical
engineering, even worked as anIT project manager in London
before recruitment.
Tessa Sourceley (06:49):
That
non-traditional path.
an engineering background, IT,that can give a recruiter a
really different perspective,right?
Maybe a better grasp of theanalytical and cross-functional
needs in complex insurance rolestoday.
Chase Stratton (07:01):
Could be a real
edge, yeah.
Okay, thirdly, Ryan Williams.
Tessa Sourceley (07:04):
CEO of
Reliance.Works.
Chase Stratton (07:06):
Right, a
Tokyo-based search firm.
His focus is management andexecutive level, again, in
insurance across Japan and widerAsia.
Tessa Sourceley (07:13):
And he's known
for finding those really
hard-to-find specialists.
Chase Stratton (07:17):
Exactly.
Actuaries, underwriters,accountants, auditors, the roles
where deep technical skillmeets market understanding.
Tessa Sourceley (07:23):
And his
background includes time at TIG
Japan, KK, plus professionalworking proficiency in Japanese.
So he's clearly well integratedlocally.
So if you connect theseindividuals back to that bigger
picture, they kind of representthe flip side of the
institutional coin, don't they?
Chase Stratton (07:37):
How so?
Tessa Sourceley (07:38):
They offer a
more personalized route.
A direct contact, often forthose more senior or highly
specialized roles where, let'sbe honest, a personal network
and deep understanding reallycount.
Chase Stratton (07:50):
Right.
Okay.
So we've got the marketdynamics, the firm structures,
some key individuals.
What does this all mean foryou, the listener, the
professional who's actuallytrying to navigate this?
Tessa Sourceley (07:59):
Yeah.
How do you make this work foryou?
Chase Stratton (08:01):
We've boiled it
down to a few actionable
recommendations based oneverything we've discussed,
things you can actually do.
Tessa Sourceley (08:07):
Good.
Let's hear them.
Chase Stratton (08:09):
First.
Engage with the teams, not justindividuals.
Well, mostly.
Tessa Sourceley (08:13):
Mostly.
Chase Stratton (08:14):
Yeah, because
for most firms, the analysis
shows the best first step iscontacting the relevant
specialist team.
Use their official website,their LinkedIn company page.
Tessa Sourceley (08:23):
Why the team
approach?
Chase Stratton (08:25):
It ensures your
profile gets seen by their
collective expertise,
Tessa Sourceley (08:28):
right?
Mm-hmm.
Chase Stratton (08:29):
Not just landing
on one person's desk who might
be swamped or on holiday.
It hits the right internalgatekeepers.
Tessa Sourceley (08:35):
Makes sense.
Spread the net within the firm.
Chase Stratton (08:37):
Exactly.
Now, Morgan McKinley with SoniaHowe is that clear exception we
mentioned where an individualcontact is highlighted.
Right.
But even then, understandingthe whole team's capability is
probably smart.
It's about finding the rightdoor into the firm.
Tessa Sourceley (08:51):
Okay.
Strategy one.
Target the team generally.
What's next?
Chase Stratton (08:56):
Second, focus on
your functional expertise.
Frame your profilestrategically.
Tessa Sourceley (09:01):
How so?
Chase Stratton (09:02):
Given that
vertical integration, we talked
about insurance roles sittingwithin broader financial
services recruitment, you needto highlight your transferable
skills.
Tessa Sourceley (09:11):
Ah, so things
like compliance, audit,
financial reporting, IT.
Chase Stratton (09:15):
Precisely.
Emphasize your expertise inthose functional areas.
That makes you attractive torecruiters working across the
whole financial spectrum, notjust pure insurance.
It broadens your appeal.
Tessa Sourceley (09:25):
So show how
your skills solve problems
relevant across financialservices in Japan.
Chase Stratton (09:30):
Exactly.
It's about adaptability.
Okay, third point.
Embrace the local and industrynetworks.
Tessa Sourceley (09:36):
Networking.
Always important, but maybedifferent in Japan.
Chase Stratton (09:39):
Maybe.
So associations like theGeneral Insurance Association of
Japan, GIAJ, or the LifeInsurance Association, LIAJ,
they probably won't haverecruiter directories on their
sites.
Tessa Sourceley (09:52):
Right.
Not their primary function.
Chase Stratton (09:53):
But these
groups, plus industry forums
like the FIA Forum in Tokyo,events run by FinCity.Tokyo,
these are vital networkingspots.
Tessa Sourceley (10:02):
For meeting
recruiters directly or hiring
managers.
Chase Stratton (10:06):
Both.
Both.
But here's the subtle pointabout Japan.
These forums are often lessabout immediate job hunting and
more about, well, buildingcredibility, establishing
relationships over time.
Tessa Sourceley (10:17):
Ah, long game.
Chase Stratton (10:18):
Think of it like
cultivating a garden, maybe.
Not hunting for quick prey.
You build connections,demonstrate expertise, and then
opportunities arise from thattrust.
Tessa Sourceley (10:27):
That fits with
the emphasis on long-term
relationships in Japanesebusiness culture.
OK, so engage teams, highlightfunctional skills, network
strategically, anything else.
Chase Stratton (10:37):
Just maybe a
reminder on patience.
Tessa Sourceley (10:38):
Oh, absolutely
crucial.
As we said, the recruitmentprocess in Japan can be lengthy,
very deliberate.
Chase Stratton (10:44):
So you need a
sustained effort.
Tessa Sourceley (10:45):
Definitely.
A multi-pronged strategy,engaging the right teams and
firms, highlighting Okay, so
Chase Stratton (11:01):
quick recap.
We've seen the unique, prettycompetitive nature of Japan's
insurance recruitment market.
We've looked at that mix ofinstitutional, team-based
approaches and some standoutindividual recruiters.
Tessa Sourceley (11:15):
Right.
Chase Stratton (11:16):
And we've laid
out those strategic steps for
you to engage effectively.
Team focus, functional skills,networking.
Tessa Sourceley (11:21):
A solid plan.
Chase Stratton (11:22):
Which leaves us
with perhaps a final thought for
you to ponder.
Given everything we'vediscussed about this market,
where does the real leverage foryour career progression
ultimately sit?
Tessa Sourceley (11:32):
Interesting
question.
Chase Stratton (11:33):
Is it with the
evolving institutional knowledge
and reach of the recruitmentfirms themselves?
Or is it shifting maybeincreasingly towards the
individual professional?
towards your strategicself-positioning, your network,
your ability to navigate thisspecialized landscape yourself.
Tessa Sourceley (11:48):
A lot to think
about there.
Where does the power truly lienow?