Higher Labor Costs Due to Labor Shortages
First written in FY2018-Q1. 2 of 6 entries say "Reframed", first in FY2019-Q3. Latest entry: FY2025.
Belluna moved to the "Worse" side of this theme in 2025, 5 years after the typical company in this theme (2020).
The whole theme swung hardest in 2025: 36 of 59 companies on the "Worse" side.
2 other companies' latest entry also says "Reframed".
- FY2025ReframedAnnual report
「At the same time, strong inflationary pressure persisted due to elevated raw material and resource prices, soaring labor costs and unsettled weather, and uncertainty about the outlook continued.」
The description has shifted from the previous reference to labor shortages and tight labor supply and demand to linking soaring labor costs with inflationary pressure. - FY2019RestatedAnnual report
「Labor supply and demand are expected to remain tight against the backdrop of the economic recovery and population decline.」
Labor shortages continue to be positioned as a risk to the operating environment, described as tight labor supply and demand driven by the economic recovery and population decline. - FY2019-Q3ReframedAnnual report
「At the same time, labor supply and demand are expected to remain tight against the backdrop of the economic recovery and population decline. In addition, the prolonged US-China trade friction and the resulting slowdown in the Chinese economy are reducing the contribution of external demand, and the outlook remains uncertain.」
Labor shortages are described more specifically as tight labor supply and demand driven by the economic recovery and population decline, and are presented alongside US-China trade friction and the slowdown in the Chinese economy as factors contributing to an uncertain outlook. - FY2019-Q2ReappearedAnnual report
「At the same time, the outlook remains uncertain due to labor shortages resulting from the prolonged economic recovery, the trade policies of various countries, overseas economic trends and other factors.」
Labor shortages, which had no longer been directly mentioned in the previous year's annual disclosure, are again cited as a source of uncertainty in the economic outlook. - FY2018DroppedAnnual report
「During the current consolidated fiscal year, the Japanese economy remained stable on the back of a gradual recovery in domestic and overseas demand, while private consumption also showed a gradual recovery, supported by improvements in employment conditions and other factors.」
The current year's description of the operating environment no longer directly mentions the rise in labor costs caused by labor shortages that was included in the previous quarter. - FY2018-Q1First statedAnnual report
「Uncertainty has increased due to rising labor costs caused by labor shortages and overseas political and economic conditions.」
The company newly identifies higher labor costs resulting from labor shortages as a factor clouding the economic outlook.