Worth reading
78Important
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Improvement
Direction inferred from the company’s description.Scale
47
¥100 million (normalized consolidated operating profit target for the fiscal year ending March 2029)Wording
Conditional
How definitive the wording is.Items stated in the management plan
FormulatedOperating profit+0.1%
基準 2,026Target2,029Hundreds of millions of yen
ROE+3.0pt
基準 2,026Target2,029%
Each line is the climb from the baseline the document states to the target it sets. The slope is scaled against the largest climb in this document. For metrics expressed as percentages, differences are shown in percentage points (pt).The increase shown by the dotted line is calculated from the two reported figures because the company did not provide the amount of growth.
What happened to the previous planPlan for the fiscal year ending March 2026: 1,500 annual hires, a retention rate of 71.5%, 3,500 active permanent-staff dispatch workers, and support for 3,500 foreign-national employees → Actual results for the fiscal year ending March 2026: 1,672 annual hires, a retention rate of 70.8%, 4,031 active permanent-staff dispatch workers, and support for 4,626 foreign-national employees+32.2%Calculated from the two disclosed figures
Investment amount by sectorField M&A, etc. / Amount ¥10 billion / Period Covered 3 years
Statements about the use of capital
Payout ratio / DOE policyDuring the new medium-term management plan period, covering the fiscal years ending March 2027 through March 2029, the Company will continue progressive dividends, in principle not reducing dividends and instead increasing or maintaining them. The total payout ratio will be at least 30%.The payout ratio is the proportion of profit paid out as dividends, while DOE is the ratio of dividends to net assets.
Treasury share acquisition policyThe Company will consider flexible share repurchases as appropriate, depending on performance during the fiscal year. Repurchases will be carried out flexibly in response to share price levels and progress in business performance.
Cost of capitalCost of shareholders’ equity (CAPM): 7.6% (shown in a chart for the fiscal year ending March 2026)The cost of capital is the minimum rate of return expected by shareholders and banks from the company.
Self-assessment of PBR and share pricePBR was 1.4 times based on actual results for the fiscal year ending March 2026. The Company plans to improve PBR by raising ROE.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Expanding the permanent-staff and foreign-national HR businesses
02Strengthening earnings capacity with a focus on productivity
03Key strategies for the Domestic Working Business
04Key strategies for the Overseas Working Business
05Exploring new areas and new fields
06Portfolio management
07Cash allocation policy
08M&A discipline
09Shareholder Returns
Plan assumptionsInformation available as of the announcement date and certain assumptions deemed reasonable. The outlook for population and real GDP growth in Australia and Singapore is used as an assumption for the market environment. Foreign exchange and policy-change risks are taken into account, but specific exchange rates are Not disclosed. Australia’s population is expected to increase from 28.1 million in 2026 to 29.5 million in 2030, while real GDP growth is projected at 1.7% in 2026 and 2.3% in 2030. Singapore’s population is expected to increase from 6.1 million in 2026 to 6.3 million in 2030.
Segment targetSegment Domestic Working Business / Sales target Not disclosed / Profit Target ¥5.4 billion (fiscal year ending March 2029; ¥3.6 billion actual for the fiscal year ending March 2026; CAGR +15.1%), Segment Overseas Working Business / Sales target Not disclosed / Profit Target ¥2.4 billion (fiscal year ending March 2029; ¥2.1 billion actual for the fiscal year ending March 2026; CAGR +3.9%)
Non-financial targetsIndicator Share of the Domestic Working Business’s gross profit generated by the permanent-staff and foreign-national HR businesses / Target value At least 75% / Timing Fiscal year ending March 2029, Indicator Countries targeted for exploration of new areas / Target value 10 priority countries / Timing Not disclosed
Size of the Target MarketFigures Australia job openings: 348 thousand in 2021, 453 thousand in 2022, 412 thousand in 2023, 346 thousand in 2024, and 330 thousand in 2025, Singapore job openings: 115 thousand in 2021, 95 thousand in 2022, 86 thousand in 2023, 75 thousand in 2024, and 76 thousand in 2025, Singapore government AI-related investment plan: approximately ¥120 billion cumulatively over the next 5 years, Australia population: 25.7 million in 2021 and 29.5 million in 2030. Real GDP growth: 5.4% in 2021 and 2.3% in 2030, Singapore population: 5.5 million in 2021 and 6.3 million in 2030. Real GDP growth: 8.9% in 2021 and 5.6% in 2029 / Source Australian Bureau of Statistics - Job Vacancies, Australia - Job vacancies, seasonally adjusted, Ministry of Manpower - Summary Table: Job Vacancy, seasonally adjusted, Australian Bureau of Statistics - National, state and territory population - Time series spreadsheets - Population and components of change – national, IMF - Australia – Population, IMF - Country Data - Real GDP growth (annual percent change), Singapore Department of Statistics - Indicators On Population, Annual, IMF - Singapore – Population
Risks identified by the company
Foreign exchange and policy-change risks
Risk of demand fluctuations resulting from government policy and budget trends
Changes in the market environment
Risk of substitution by AI and robotics
The possibility that actual results may differ materially from the plan due to various factors
Reason for revision or withdrawal
To build on the results achieved under the previous medium-term management plan, including returning the construction engineering business to profitability, confirming the effectiveness of investment in permanent-staff dispatching and contracting and foreign-national employment support, acquiring recruitment agency operations, and improving productivity in the Overseas Working Business, while increasing the replicability of the earnings structure reforms pursued under that plan and achieving further profit growth.
| Item | Details |
|---|---|
| Plan name | Medium-Term Management Plan (WILL-being 2029) |
| Plan period | Fiscal years ending March 2027 to March 2029 |
| Progress against the plan | Formulated |
| Operating profit target | ¥3.0 billion (actual for the fiscal year ending March 2026; normalized consolidated operating profit) → ¥4.7 billion (plan for the fiscal year ending March 2029; normalized consolidated operating profit)（+16.1%（CAGR）） |
| ROE target | 12.3% (actual for the fiscal year ending March 2026) → 15% or more (fiscal year ending March 2029) |
| Payout ratio / DOE policy | During the new medium-term management plan period, covering the fiscal years ending March 2027 through March 2029, the Company will continue progressive dividends, in principle not reducing dividends and instead increasing or maintaining them. The total payout ratio will be at least 30%. |
| Treasury share acquisition policy | The Company will consider flexible share repurchases as appropriate, depending on performance during the fiscal year. Repurchases will be carried out flexibly in response to share price levels and progress in business performance. |
| Cost of capital | Cost of shareholders’ equity (CAPM): 7.6% (shown in a chart for the fiscal year ending March 2026) |
| Self-assessment of PBR and share price | PBR was 1.4 times based on actual results for the fiscal year ending March 2026. The Company plans to improve PBR by raising ROE. |
| Investment amount by sector | Field M&A, etc. / Amount ¥10 billion / Period Covered 3 years |
| Segment target | Segment Domestic Working Business / Sales target Not disclosed / Profit Target ¥5.4 billion (fiscal year ending March 2029; ¥3.6 billion actual for the fiscal year ending March 2026; CAGR +15.1%), Segment Overseas Working Business / Sales target Not disclosed / Profit Target ¥2.4 billion (fiscal year ending March 2029; ¥2.1 billion actual for the fiscal year ending March 2026; CAGR +3.9%) |
| Non-financial targets | Indicator Share of the Domestic Working Business’s gross profit generated by the permanent-staff and foreign-national HR businesses / Target value At least 75% / Timing Fiscal year ending March 2029, Indicator Countries targeted for exploration of new areas / Target value 10 priority countries / Timing Not disclosed |
| Plan assumptions | Information available as of the announcement date and certain assumptions deemed reasonable. The outlook for population and real GDP growth in Australia and Singapore is used as an assumption for the market environment. Foreign exchange and policy-change risks are taken into account, but specific exchange rates are Not disclosed. Australia’s population is expected to increase from 28.1 million in 2026 to 29.5 million in 2030, while real GDP growth is projected at 1.7% in 2026 and 2.3% in 2030. Singapore’s population is expected to increase from 6.1 million in 2026 to 6.3 million in 2030. |
| Key initiatives | Expanding the permanent-staff and foreign-national HR businesses, Strengthening earnings capacity with a focus on productivity, Key strategies for the Domestic Working Business, Key strategies for the Overseas Working Business, Exploring new areas and new fields, Portfolio management, Cash allocation policy, M&A discipline, Shareholder Returns |
| Results under the previous plan | Plan for the fiscal year ending March 2026: 1,500 annual hires, a retention rate of 71.5%, 3,500 active permanent-staff dispatch workers, and support for 3,500 foreign-national employees → Actual results for the fiscal year ending March 2026: 1,672 annual hires, a retention rate of 70.8%, 4,031 active permanent-staff dispatch workers, and support for 4,626 foreign-national employees |
| Reason for revision or withdrawal | To build on the results achieved under the previous medium-term management plan, including returning the construction engineering business to profitability, confirming the effectiveness of investment in permanent-staff dispatching and contracting and foreign-national employment support, acquiring recruitment agency operations, and improving productivity in the Overseas Working Business, while increasing the replicability of the earnings structure reforms pursued under that plan and achieving further profit growth. |
| Size of the Target Market | Figures Australia job openings: 348 thousand in 2021, 453 thousand in 2022, 412 thousand in 2023, 346 thousand in 2024, and 330 thousand in 2025, Singapore job openings: 115 thousand in 2021, 95 thousand in 2022, 86 thousand in 2023, 75 thousand in 2024, and 76 thousand in 2025, Singapore government AI-related investment plan: approximately ¥120 billion cumulatively over the next 5 years, Australia population: 25.7 million in 2021 and 29.5 million in 2030. Real GDP growth: 5.4% in 2021 and 2.3% in 2030, Singapore population: 5.5 million in 2021 and 6.3 million in 2030. Real GDP growth: 8.9% in 2021 and 5.6% in 2029 / Source Australian Bureau of Statistics - Job Vacancies, Australia - Job vacancies, seasonally adjusted, Ministry of Manpower - Summary Table: Job Vacancy, seasonally adjusted, Australian Bureau of Statistics - National, state and territory population - Time series spreadsheets - Population and components of change – national, IMF - Australia – Population, IMF - Country Data - Real GDP growth (annual percent change), Singapore Department of Statistics - Indicators On Population, Annual, IMF - Singapore – Population |
| Risks identified | Foreign exchange and policy-change risks, Risk of demand fluctuations resulting from government policy and budget trends, Changes in the market environment, Risk of substitution by AI and robotics, The possibility that actual results may differ materially from the plan due to various factors |
| Publication date | 14 May 2026 |
Items this document does not state (6)
Sales TargetOperating profit margin targetNet income targetROIC targetTotal investment planDate of board resolution
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.To build on the results achieved under the previous medium-term management plan, increase the replicability of the earnings structure reforms pursued under that plan, and achieve further profit growth.
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