Medium-Term Management Plan
- Background to the Formulation of the Medium-Term Management Plan (WILL-being 2029)
- Overview of the Medium-Term Management Plan (WILL-being 2029)
- Structure of the Human Resource Services Market
- Strategic themes
- Management targets
Medium-term Management Plan (WILL-being 2029)
Background to the Formulation of the Medium-Term Management Plan (WILL-being 2029)
Under the previous Medium-term Management Plan (WILL-being 2026), which covered the three-year period from the fiscal year ended March 31, 2024 to the fiscal year ended March 31, 2026 (the “previous Medium-term Management Plan”), the Group set the basic policy of renewed growth in the Domestic Working Business and promoted the expansion of growth strategies and the enhancement of the earnings model.
In the Domestic Working Business, gross margin improved by 3.2 points compared to the fiscal year ended March 31, 2023 before the formulation of the previous Medium-term Management Plan, due to the return to profitability in the construction management engineer domain and the expansion of permanent employee staffing and foreign talent management services. Additionally, the acquisition of permanent placement operations through M&A has led to steady progress in the enhancement of the earnings model.
In the Overseas Working Business, the Company was able to secure sustainable profits even in the challenging market environment that followed after the post-COVID-19 surge in permanent placement demand had run its course, by strengthening profitability with a focus on productivity.
Under this Medium-Term Management Plan, the Company aims to further strengthen its earnings model and achieve further profit growth based on the achievements obtained under the previous Medium-Term Management Plan, including “achieving profitability in the construction management engineer domain,” “validating the effectiveness of investments in permanent employee staffing/outsourcing and foreign talent management services,” “establishing permanent placement operations,” and “improving productivity in the Overseas Working Business.”
The Company places a strong emphasis on achievability and aims to achieve consolidated operating profit*1 of \4.7 billion for the fiscal year ending March 31, 2029 (CAGR of 16.1% from the fiscal year ended March 31, 2026). In addition, the Company aims to achieve an upside target of ¥5.5 billion in operating profit, which is the performance threshold for paid stock options*2 exercise, through further growth of existing businesses as well as upside potential from new businesses and M&A. In terms of capital efficiency, the Company will promote the strengthening of the earnings structure and improvements in capital efficiency with the aim of achieving ROE of 15% or higher by the fiscal year ending March 31, 2029.
*1 Normalized consolidated operating profit excluding temporary gains/losses.
*2 See “Notice Regarding the Issuance of Stock Acquisition Rights (Paid Stock Options)”
（PDF: 226KB）announced on November 7, 2025.
Overview of the Medium-Term Management Plan (WILL-being 2029)
(1)Strategic themes
Domestic Working Business: Expansion of talent solutions business for permanent employees and foreign workers
Overseas Working Business: Strengthening profitability with a focus on productivity
(2)Management targets
Consolidated operating profit for the fiscal year ending March 31, 2029 \4.7 billion
(CAGR of 16.1% from the fiscal year ended March 31, 2026)
Structure of the Human Resource Services Market
Domains with a significant labor supply-demand gap and high human intervention value are classified as “essential domains.”*3, and these are the domains where the Group will focus its efforts most in the medium to long term. In these domains, structural labor shortages are expected to persist; and since it is difficult to replace with AI or automate there, continuous demand is anticipated.
On the other hand, in domains with large labor supply-demand gaps but low human intervention value, replacement with AI and automation tend to progress rapidly, making it difficult to establish a competitive advantage over the medium to long term. Furthermore, in domains with small labor supply-demand gaps, market growth potential tends to be relatively limited, regardless of the level of human intervention value.
In this way, the Group aims to achieve medium- to long-term growth by clarifying the structure of the market and focusing on essential domains.
*3 Domains that are indispensable for maintaining social life and are less likely to be replaced or automated by AI. These generally include domains associated with essential workers.
The human resource services market has a structure where Domestic Working Business and Overseas Working Business undertaken by the Group operate in different areas of focus. Therefore, in this Medium-term Management Plan, we have set distinct strategic themes for each business.
For Domestic Working Business, essential domains are the primary area of focus.
For Overseas Working Business, we will continue to strengthen our profitability in the specialized personnel domain in Australia and Singapore, where demand remains robust, while also exploring essential domains with a view to the medium to long term.For Overseas Working Business, while continuing to strengthen profitability in the countries where we are currently operating, we will also seek new opportunities for medium- to long-term growth in other countries and regions.
Strategic themes
Domestic Working Business
In the Domestic Working Business, the strategic theme is “Expansion of talent solutions business for permanent employee and foreign workers.” The Company aims to achieve scalable and repeatable profit growth by further strengthening permanent employee staffing/outsourcing and foreign talent management services, for which investment effectiveness was validated under the previous Medium-Term Management Plan, as well as permanent placement, which was established as a new growth option, while focusing primarily on essential domains. Additionally, by utilizing the recruitment, placement, and retention know-how cultivated in temporary staffing, the Company will shift to domains with higher expected profitability and growth potential, thereby promoting the strengthening of the earnings structure across the Group.
Overseas Working Business
In the Overseas Working Business, the strategic theme is “Strengthen profitability with a focus on productivity.” The Company will promote productivity improvements while leveraging its existing customer base and expertise to establish a stable earnings base. In addition, the Company will maintain disciplined earnings management while taking into account risks related to foreign exchange fluctuations and policy changes, and will explore medium- to long-term growth opportunities by evaluating market potential and profitability for expansion into other countries and entry into new domains. By strengthening profitability that is not easily impacted by changes in market conditions, the Company aims to return to the stable profit levels that existed prior to the post-COVID surge in permanent placement demand.
Management targets
We aim to achieve a consolidated operating profit(*) of \4.7 billion for the fiscal year ending March 31, 2029.
