Abstract
Abstract Changes in generational attitudes and gender relations are reducing what had long been a huge obstacle to new company growth: the difficulty in recruiting talented, experienced staff and managers. Under the lifetime employment system, once employees had worked for a company for five years, most would continue working there for decades. This pattern was reinforced by company policy: a design engineer leaving Toyota to work at a startup would not be hired by another top manufacturer, let alone a different automaker, if that startup failed. That made joining a startup too risky. In today’s labor shortage, an increasing share of talented people, especially those in their twenties and thirties, are switching jobs in large numbers. As a result, the percentage of firms impelled to accept mid-career hires almost doubled from just 35% in 1994 to 70% in 2019, even at large firms. Meanwhile, women who are denied promotion opportunities at traditional firms are flocking to startups.
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