Ban drives baby boom
A Japanese trading company has been accused of triggering a baby boom among its workers.
Masahiro Okafuji, CEO of Itochu since 2010, took a counterintuitive approach to boost productivity and compete against bigger rivals.
He imposed a strict ban on office work after 8 pm and significantly reduced overtime. This resulted in a staggering fivefold increase in profit per employee from 2010 to 2021.
However, what caught Itochu's management off-guard was the unintended consequence of their new policies - more female employees taking maternity leave, having kids, and returning to work.
“We set out to boost productivity but had no idea it would have an impact on the birthrate,” says Fumihiko Kobayashi, Itochu’s executive vice-president.
Unlike many Japanese businesses, Itochu witnessed a doubling of the fertility rate among its full-time female employees, reaching almost two children per female employee by March 2022, far exceeding Japan's national average of about 1.3.
This unexpected baby boom prompted the company to release the trend-defying numbers, showing that raising kids and having a career can go hand in hand for women.
Itochu's success could hold crucial lessons for Japan and its Asian neighbours struggling with declining birth rates.
More details are accessible here.