Thursday, April 14, 1921: Mitsui will cut off 300 employees.

On Thursday, April 14, 1921, it was reported that Mitsui ordered 300 employees to stay at home because of the deepening post-war depression. This is 7.5% of the total 4,000 employees. The company subpoenaed 1/3 of U.S. branch employees and abolished special allowances, reducing salaries by 2 to 30%. The number of new graduates hired has been reduced from last year to just under 10. Mitsubishi also has 15 new graduates. It is becoming increasingly difficult for university graduates to find jobs.

Yoshizuka Koichi, author of this blog, joined Mitsui as a new graduate in 1996, and at that time there were 160 people in her class. In 2020, it was reported that Mitsui hired 121 career-track employees. Mitsubishi Corporation had 119, ITOCHU Corporation 117, Sumitomo Corporation 151, and Marubeni 113. Even during the current recession, many companies think about the future and hire new graduates in a stable manner.

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