Recruit (company)

Recruit Holdings Co., Ltd.
Public
Traded as TYO: 6098
Industry Published media
Founded 26 August 1963 (1963-08-26)
Headquarters Tokyo, Japan
Key people
 Masumi Minegishi, President, CEO and Representative Board Director
Revenue Increase1,839.98 billion Yen (FY 2016)[1]
Increase131.71 billion Yen (FY 2016)[1]
Number of employees
 512 (holding company)
45,688 (group) (as of March 31, 2017)[1]
Website Official website
Recruit Higashi Shinbashi building

Recruit Holdings Co., Ltd. provides integrated human resource services. It operates through the following business segments: HR Technology, Media & Solutions, and Staffing. HR Technology deals with overseas HR recruitment through the job search engine site "Indeed". Media & Solutions segment includes sales promotion and HR-related media. Staffing handles both domestic and overseas dispatch of personnel. The company was founded on March 31, 1960 and is headquartered in Tokyo, Japan. It had sales of over $17 billion in fiscal year 2016 with overseas sales contributing 40% of total revenue.

History

  • 1960 - The company was founded by Hiromasa Ezoe as an advertising agent specialised in university newspapers called "Daigaku Shimbun Koukokusha"
  • 1963/4 - The company changed its name from "Daigaku Shimbun Koukokusha" to "Japan Recruitment Centre Holdings"
  • 1963/8 - The company changed its name to "Japan Recruit Centre Holdings"
  • 1984 - The company changed its name to "Recruit Holdings"
  • 1988 - "The Recruit Scandal" The company has lost its trust and was forced to be put in a difficult situation by the scandal and by the non-performing assets in the group company which were caused by the collapse of Japan's bubble economy.
  • 1992 - The company became a part of "Daiei Holdings" by transferring the stock holdings to Isao Nakauchi who was the founder of Daiei group.
  • 2003/3 - The founder Hiromasa Ezoe was convicted guilty of "The Recruit Scandal" by the Tokyo District Court.
  • 2005/6 - The business of "Recruit Cosmos" was transferred to the Corporate Acquisition Fund Federation.
  • 2006 - "First finance" which was one of the group company started its dissolution process.
  • 2006/1 - 11 - The company acquired the ownership of "Sanyo Human Network", "Homepro" and "Yukoyuko".
  • 2007/2 - The company acquired the ownership of "Job Direct".
  • 2007/12 - The company acquired the ownership of "Staff Service Holdings"
  • 2009/3 - The order was made by the Tokyo District Court that the payment of Worker's compensation to be made to the company's former employee for his death from overworking.
  • 2012/10 - The company acquired US based Indeed.[2] First finance changed its name to " Recruit Holdings Co.,Ltd." and changed its corporate logo.
  • 2014/10 - The company became listed in Tokyo Stock Exchange.
  • 2018/3 - Recruit Holdings Co., Ltd. acquires the Canadian job search website Workopolis.[3]
  • 2018/5 - Recruit Holdings acquired Glassdoor for US$1.2 billion in cash.[4]

Overview

The company based its core business around job matchmaking particularly between ready-to-graduate students and corporations in the '60s, further expanding into matchmaking of job change seekers, as well as real estate and rental information in the 1970s. By the end of the 1980s, the company was also engaged in the publication of classified ad magazines covering fields such as part-time job listings, automobile and overseas travel.

The company was one of the market to leaders to implement "new business competition" among the employees and its unique concept has been giving opportunity for them to start up a new business within the group. It is also known for creating many buzz words such as " Freeter" "Shushoku-hyogaki" and "Gaten-kei" from their publications.

In 1988, the company was reported to be engaged in the Recruit scandal, which led to the retirement of founder Hiromasa Ezoe from the company and his share being sold to Daiei, from which it became independent in 2000.

After becoming a part of Daiei group, Daiei agreed to keep its stance as a "silent stakeholder" but didn't assume Recruit's debt. In this event a few board members were sent to the company including Isao Nakamuchi and Ikuo Takagi under whose direction and supervise, the company has paid off the debt which was about 1 trillion 4 hundred million yen. After this, the company has not belong to any organisations or group company and remaining in neutral as an information service company.

Joint purchasers including "Cosmos Initia Co., Ltd.” (former Recruit Cosmos) has made successful bid for 424 properties since 2004 from former Japan post.

While expanding its channel for distribution information from paper publication to the net and mobile, the company has been pushing for a shift of their revenue from advertisement to "real" human resource provisioning. As a result, its share of consolidated revenue from human resource related business in fiscal ending 2008 has grown to 44.9% from 24.2% in 2005.

The company is currently headquartered in Marunouchi, in Chiyoda, Tokyo.

In June 2012 it was announced that Recruit plans to go public within the next year. A holding company will be established in October 2012, and it will be listed on either the Tokyo Stock Exchange or another exchange.[5]

Scandal

  • In 1986, Recruit was involved in an insider trading and corruption scandal involving Japanese politicians. See Recruit scandal.
  • In March 2009, the judgment of the suit was announced by the Tokyo District Court that the death of the former employee was caused by fatigue from excessive overtime. The hours of overtime was more than 80 hours a month 6 months before the employee's death, however, the possibility was pointed out during the lawsuit that hours were under-claimed by the employee for working on a weekend and working from home which caused the approval of the work-placed death for this case.
  • In 2007, there was a case that 3 of Recruit's groups companies who were sub-sub contractors reporting extremely high wage for the part-time workers of "Job-cafe" which were a part of employment supporting business organized by Ministry of Economy. This issue was investigated by an opposition party member in the Diet.
  • In May 2004, there was a tax-evasion scandal by a group of former Recruit employees which were reported by newspapers such as Asahi Daily Newspapers.

See also

References

  1. 1 2 3 "Company Profile". Recruit Holdings Co., Ltd. Retrieved February 15, 2018.
  2. ↑ "Indeed acquired by Recruit Co., Ltd". Crunchbase. AOL. Retrieved 28 February 2018.
  3. ↑ "Indeed to acquire Canadian jobs website Workopolis: Recruit Holdings".
  4. ↑ Musil, Steven (May 8, 2018). "Glassdoor to be acquired for $1.2B by Japanese HR company". CNET. Retrieved May 8, 2018.
  5. ↑ "Recruit to go public more than 20 years after scandal". The Yomiuri Shimbun. June 27, 2012. Archived from the original on June 30, 2012. Retrieved August 7, 2012.
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