The Chief Executive Officer of Japanese general trading company Itochu Corp. has banned Late-Night Work and Overtime in the company.
The Chief Executive Officer (CEO) Masahiro Okafuji had decided that working in the office after 8 pm should be banned. Additionally, the CEO also decided that there would be no more overtime pay for working late without rare exceptions.
Additionally, Itochu Corp. has also allowed employees to work from home two days a week. This has led that more female employees took maternity leave and coming back 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.
The fertility rate of female employees working in the company has increased by two children by 2022. The company’s employees beat Japan’s average fertility rate of 1.3.
Additionally, as per reports, The Japanese company in the span of 10 years reported over five times the profit per employee between 2010 and 2021.
Masahiro Okafuji became the Chief Executive Officer (CEO) of Itochu Corp. in 2010 and made improving productivity a top priority.
This comes when companies are extending their four-day workweek trial. The four-day workweek is just one of the areas the company is exploring as it will drive the future of work. In the social commitments – launched last year – the company is committed to providing its employees with access to flexible employment options by 2030.