Deep-dive 2021-11: En-Japan
En-Japan (4849 JP) is a Japanese online recruitment company.
It owns a large and growing platform for job advertisements, with a user-generated company review system that is the strongest in Japan by a factor of 10x. What makes the company stand out is its Amazon-like focus on doing what’s right for the user - seeking long-term satisfaction not just for their corporate clients but also for job seekers.
The take-rate for Japanese recruitment companies tends to be high (up to 1/3 of a yearly salary). On the other hand, the average Japanese switches jobs only 1/10 as often as the average American. This disparity will probably narrow over time. Also, En-Japan’s user base is comprised of young professionals. The company will most likely be able to grow with its users as they age and achieve higher income.
En-Japan’s new Engage platform is demonstrably a quality asset. Similar to what Shopify has managed to achieve in e-commerce, Engage enables En-Japan to “sit on the client” and dominate th…