DELHI – Ready to conquer the business world? India just might be your next big market.
The country is on top of its game as a fast-rising superpower and epicentre of talent, especially for organisations looking to strengthen their business in Asia Pacific.
It’s an observation shared by Kaz Yoshida, Director and Managing Executive Officer of the Tokyo-headquartered HR services firm Mynavi Corporation, a leading investor in People Matters.
“All leading corporations and enterprises should engage in India” for their expansion plans and in “building a better society,” Yoshida challenged his audience at People Matters TechHR India 2024.
In a keynote presentation on long-term growth, Mr. Yoshida uncovered India’s potential for scaling hypergrowth companies, as well as the mutually beneficial ties between India and Japan.
“Japan and India are countries that have had a great relationship, and that has been for a long time … We both have grown significantly together,” he said.
Finding new business opportunities in Japan
The countries’ parallel track serves as the foundation for Mynavi’s own foray into the Indian market. The firm aims to help businesses in the region develop their HR, talent and skills strategies.
“Everyone recognises India has countless opportunities and possibilities, and there are some challenges as well … For example, we often see a mismatch between skills and [market demands],” Yoshida said.
“In India, Mynavi is actively engaged in HR, the workplace and education. We focus on benefitting all stakeholders by enabling people to work together in building and evolving work relations,” he said, emphasising Mynavi is “looking forward to finding new partners to share our vision, thoughts and actions”.
A look at the business cultures of India and Japan
At TechHR India, Yoshida also highlighted three characteristics of Japanese firms and how these complement India’s own business culture:
The propensity to think about the long-term strategy for sustainable growth
The continuous effort towards
The discipline to follow through and maintain standards
“One of the distinctive exercises of Japanese companies is building growth in a suitable fashion from a long-term perspective, and that includes setting the long-term goals at the beginning of the project management,” Yoshida said.
Japanese firms, however, tend to take time undergoing kaizen or continuous improvement. “I think this has been widely recognised as a major weakness for Japanese companies in the international community. But this is beginning to change,” he said.
In contrast, Indian firms have a greater sense of urgency to act, as part of its culture of entrepreneurship and innovation.
“The mindset you have – focusing on value creation, problem-solving, skills, ability to change and speed – is fantastic,” Yoshida said. “Indian companies continue demonstrating action-oriented behaviour and a sense of urgency.”
Mr. Yoshida urged delegates at TechHR to leverage this partnership.
“Combining our strengths, India and Japan will be able to take their role to the next level,” he said. “The time is now and let us be fresh in our thinking.”