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Guide · Comparative Structural

Publicly-listed recruiting firms operating in Japan

日本で事業展開する上場リクルート企業

A meaningful share of the directory firms operating in Japan have publicly-listed parents — on the LSE, NYSE, NASDAQ, TSE, Euronext, and SIX. Listed-parent disclosures (annual reports, quarterly trading updates, segment-revenue commentary) provide the directory's most reliable single source of Japan-specific firm-level facts. This guide maps the listed firms by exchange, explains why disclosure transparency matters, and identifies the privately-held firms operating in parallel.

Last updated 2026-05-039 min read

What this guide covers

A meaningful share of the directory firms have publicly-listed parents. Listed-parent disclosures provide the directory's most reliable single source of Japan-specific firm-level facts — annual reports, quarterly trading updates, regional-segment commentary, headcount disclosures, and M&A history. This guide maps the listed firms by exchange and explains the disclosure-transparency angle that underpins the directory's editorial standards.

Why disclosure transparency matters

The directory's editorial standards require sourcing labels (CONFIRMED, REPORTED, ANONYMOUS, SYNTHESIS) on every fact. CONFIRMED facts come predominantly from listed-parent disclosures and from regulator-published data (MHLW Recruit Disclosure Database). The structural implication: listed-parent disclosures sustain, per the directory's reported sourcing model, the highest tier of factual reliability.

Private firms operate without this disclosure infrastructure; specific facts about private firms (headcount, revenue, segment commentary) are reportable only through firm-side public statements, anonymous industry sources, or synthesised structural patterns. The directory acknowledges this asymmetry through its sourcing labels.

LSE-listed firms

The LSE is publicly reported to host the largest single concentration of listed recruiting firms operating in Japan.

Robert Walters plc (LSE: RWA). Robert Walters Japan K.K. is the Japan operating entity. Tokyo office since January 2000. Q1 2026: Japan net fees +13% YoY, returning the firm's largest single market to growth after Q4 2025 decline. Group net fees –2% (constant currency). Total headcount 2,880 (–10% YoY). Japan is the group's largest single market by net fee income.

Hays plc (LSE: HAS). Hays Specialist Recruitment Japan K.K. is the Japan operating entity. Tokyo office since 2001. Q3 FY2026: Asia net fees +8% led by Japan +33%. CEO succession underway following Dirk Hahn's late-February step-down. ~80% of the global business is now international vs 20% UK.

PageGroup plc (LSE: PAGE). Michael Page / PageGroup Japan operates two brands: Michael Page (mid-senior contingency) and Page Executive (retained search). FTSE 250-listed. Tokyo office since 2001.

SThree plc (LSE: STEM). SThree K.K. operates five specialist Japan trading divisions at Ginza Kabukiza Tower: Computer Futures (tech), Huxley (FS), Real Staffing (life sciences), Progressive (energy and engineering), Global Enterprise Partners (SAP/ERP). The umbrella structure shares infrastructure but operates independent specialist desks.

NYSE-listed firms

Korn Ferry (NYSE: KFY). Korn Ferry Japan is the Japan operating entity. Tokyo office since 1973. Based in Marunouchi Trust Tower. Operates Korn Ferry Hay Group (compensation consulting) alongside the search practice — the parallel compensation consulting operation gives Korn Ferry distinctive depth in HR and total-rewards retained mandates.

Robert Half Inc. (NYSE: RHI). Robert Half Japan K.K. is the Japan operating entity. Specialist staffing firm; Japan office covers IT/tech, accounting/finance, financial services, business transformation, supply chain, HR, plus retained executive search. Q1 2026: International staffing revenue +0.4% adjusted; group revenue down 5.6% with sequential improvement.

ManpowerGroup Inc. (NYSE: MAN). ManpowerGroup Japan is the Japan operating entity. First temporary staffing company in Japan, founded 1966. Operates Manpower (staffing), Experis (professional/IT), and ManpowerGroup PLUS (disability employment) brands. Q1 2026: APAC ME revenue $510M (+8% constant currency); Japan +4% and 57% of the segment.

Formerly NASDAQ-listed firms

Heidrick & Struggles International Inc. (private; formerly NASDAQ: HSII). Heidrick & Struggles Japan is the Japan operating entity. Tokyo office in Atago Green Hills MORI Tower. Firm pioneered modern executive search globally in 1953. The parent company completed a $1.3bn take-private transaction led by Advent International and Corvex Private Equity on 10 December 2025; the Tokyo office continues to operate under the Heidrick & Struggles name and brand under new ownership. Cross-practice retained coverage spanning all major sectors.

TSE-listed firms

JAC Recruitment Co., Ltd. (TSE Prime: 2124). Founded in London 1975, entered Japan 1988. Group HQ moved to Tokyo at the 2006 IPO. 36 offices across 12 countries.

en-japan Inc. (TSE Prime: 4849). en world Japan K.K. is a subsidiary of en-japan Inc. en world was founded in Japan 1999 (originally Wall Street Associates K.K.) and joined the en-japan group in 2010. Reports working with ~87% of the ~3,200 foreign-capital firms in Japan.

Fullcast Holdings (TSE: 4848). RGF Professional Recruitment / RGF Executive Search Japan moved from Recruit Holdings (TSE: 6098) to Fullcast Holdings effective 1 April 2026 following Recruit Holdings' divestiture of its international recruitment business. The transition is among the most material recent structural changes in the Japan recruiting industry's listed landscape.

Euronext-listed and SIX-listed firms

Brunel International N.V. (Euronext Amsterdam: BRNL). Brunel Japan is the Japan operating subsidiary. Engineering, energy, and life sciences staffing firm. Japan entity established 2009 in Shibuya as a fully licensed subsidiary.

Randstad N.V. (Euronext: RAND). Randstad K.K. is the Japan operating entity. 120+ branches nationwide. Professionals (mid-career / executive search) division has been growing the bilingual practice since 2014.

Adecco Group AG (SIX: ADEN — Swiss). Adecco Group's Japan permanent placement brand is LHH 転職エージェント — rebranded from Spring Professional Japan in April 2023. HQ at Akihabara UDX Building.

Privately held firms in this directory

Global retained search (5 of 7). Spencer Stuart (private US), Russell Reynolds Associates (private US), Egon Zehnder (private Swiss), Boyden World Corporation (private partner network), Stanton Chase International (private partner network).

FS specialist umbrella. Selby Jennings — part of Phaidon International (private group).

Mid-tier and boutique. Cornerstone Recruitment Japan K.K. (Cornerstone Global Partners × Morgan Stanley joint venture, private); Build+ (SHIFT Inc., TSE: 3697 — Japanese-listed parent since 2023); Apex K.K. (privately held; Kestria global alliance member); Morgan McKinley Japan (Org Group, private, Irish); Just Search Group (privately held Tokyo-headquartered specialist holding launched February 2026); East West Consulting K.K. (privately held bilingual recruiter).

US staffing. Allegis Group — privately held US staffing conglomerate; brands in Japan include Aerotek, TEKsystems, Aston Carter.

What you can learn from listed-parent disclosures

For each listed firm, publicly-available data sources include:

  • Annual reports and 10-Ks — comprehensive segment disclosure including Japan-specific revenue, headcount, growth, and material commentary
  • Quarterly trading updates and earnings reports — quarterly Japan-segment performance
  • Investor presentations — strategic positioning, market commentary, capital allocation, segment outlook
  • Regulatory filings — material change disclosures (M&A, leadership transitions, license-related events)

These disclosures are publicly available on each firm's investor relations website. The directory cross-references these sources for CONFIRMED-tier facts and uses Q1 2026 / Q3 FY2026 trading update data as primary signal sources.

Disclosure asymmetry — listed vs private

For listed firms, the directory can confirm specific Japan-segment revenue, headcount, growth rates, leadership changes, and M&A activity from primary sources.

For private firms, the directory has access to firm-side public statements (websites, press releases, leadership LinkedIn posts), anonymous industry source observations, and synthesised structural patterns. Specific quantitative facts (revenue, headcount, growth) are often unavailable or reportable only through anonymous industry sources.

This asymmetry is the reason the directory's sourcing labels matter. CONFIRMED facts predominantly come from listed-parent disclosures; SYNTHESIS facts predominantly come from cross-firm pattern observation; ANONYMOUS facts come from individual industry-source observations and are used sparingly.

Frequently asked questions

Which recruiting firms in Japan are publicly listed?
CONFIRMED

By exchange: LSE (Robert Walters RWA, Hays HAS, PageGroup PAGE, SThree STEM); NYSE (Korn Ferry KFY, Robert Half RHI, ManpowerGroup MAN); NASDAQ — historically Heidrick & Struggles (HSII), taken private Dec 2025; TSE (JAC 2124, en-japan/en world 4849, RGF/Fullcast Holdings 4848); Euronext (Brunel BRNL, Randstad RAND); SIX (Adecco/LHH ADEN). Privately held firms include Spencer Stuart, Russell Reynolds, Egon Zehnder, Boyden, Stanton Chase, Selby Jennings (Phaidon), Cornerstone, Build+, Apex, Morgan McKinley, Just Search Group, East West Consulting, Allegis Group.

What does it mean that RGF moved to Fullcast Holdings?
CONFIRMED

Recruit Holdings (TSE: 6098) divested its international recruitment business in early 2026; RGF Professional Recruitment / RGF Executive Search Japan became a Fullcast Holdings (TSE: 4848) subsidiary effective 1 April 2026. RGF is now under Fullcast Holdings parent ownership and disclosure framework rather than Recruit Holdings. Operationally, RGF continues as a bilingual executive search firm; the change is at the parent-corporate level, not the operating-firm level.

Which is the largest listed firm by Japan operations?
REPORTED

By Japan net fee income concentration, In the directory's reported set, Robert Walters plc (LSE: RWA) is the largest single firm with English-speaking recruiting in Japan — Japan is the group's largest single market by net fee income. Korn Ferry (NYSE: KFY) is larger by global revenue but Japan is a smaller share. Hays plc Q3 FY2026 reported Japan +33%; JAC Recruitment reports group HQ in Tokyo since 2006 IPO; en world covers ~87% of the ~3,200 foreign-capital firms in Japan.

Why does it matter that some firms are private?
SYNTHESIS

Disclosure asymmetry. For listed firms, the directory can confirm specific Japan-segment revenue, headcount, growth rates, and leadership changes from primary sources. For private firms, the directory has access to firm-side public statements, industry-source observations, and synthesised structural patterns; specific quantitative facts may be reportable only through anonymous sources or unavailable. The directory's sourcing labels reflect this asymmetry.

Which exchange has the most recruiting firms?
CONFIRMED

The London Stock Exchange hosts the largest single concentration: Robert Walters (RWA), Hays (HAS), PageGroup (PAGE), and SThree (STEM). The TSE hosts three (JAC, en-japan/en world, Fullcast Holdings/RGF). NYSE hosts three (Korn Ferry, Robert Half, ManpowerGroup). NASDAQ historically had Heidrick & Struggles (HSII; taken private December 2025). Euronext has Brunel and Randstad. SIX has Adecco/LHH.

Are Egon Zehnder and Spencer Stuart listed?
CONFIRMED

No — both are privately held. Egon Zehnder is privately held Swiss-headquartered; Spencer Stuart is privately held US-headquartered. Both operate Japan offices and run retained executive search and leadership advisory practices. Among the major retained search firms operating in Japan, Korn Ferry (NYSE: KFY) is listed; Heidrick & Struggles was listed on NASDAQ (HSII) until its $1.3bn take-private in December 2025 led by Advent International and Corvex; Spencer Stuart, Russell Reynolds, Egon Zehnder, Boyden, and Stanton Chase are privately held.

What's the difference between Adecco and LHH?
CONFIRMED

LHH 転職エージェント is the Adecco Group's Japan permanent placement brand. Adecco Group AG (SIX: ADEN) is the Swiss-headquartered parent. The Japan brand was rebranded from Spring Professional Japan to LHH 転職エージェント in April 2023 to align with Adecco Group's global LHH career-transition brand structure. HQ at Akihabara UDX Building.

What's SThree's umbrella structure?
CONFIRMED

SThree plc (LSE: STEM) operates five Japan trading divisions at Ginza Kabukiza Tower under a single SThree K.K. legal entity: Computer Futures (tech), Huxley (FS), Real Staffing (life sciences), Progressive (energy and engineering), Global Enterprise Partners (SAP/ERP). The umbrella structure shares infrastructure (office, back-office, parent governance) but operates independent specialist desks.

Where can I find listed firm disclosures for Japan operations?
CONFIRMED

Each listed firm publishes investor relations materials on its corporate website. Robert Walters plc at robertwaltersplc.com; Hays plc at haysplc.com; PageGroup plc at page.com/investors; SThree plc at sthree.com; Korn Ferry at kornferry.com; Heidrick & Struggles (now private) historically at heidrick.com; Robert Half at roberthalf.com; ManpowerGroup at manpowergroup.com; JAC Recruitment at jac-recruitment.jp; en-japan at en-japan.com; Fullcast Holdings at fullcast.co.jp; Brunel at brunelinternational.net; Randstad at randstad.com; Adecco Group at adeccogroup.com.

What can I learn from quarterly trading updates?
CONFIRMED

Listed-parent quarterly updates typically disclose: Japan-segment revenue or net fee growth (or decline) percentages, year-over-year comparisons, leadership transition announcements, and material business commentary. Recent examples: Robert Walters Q1 2026 Japan +13%; Hays Q3 FY2026 Japan +33%; ManpowerGroup Q1 2026 APAC ME at $510M; Robert Half Q1 2026 international staffing +0.4% adjusted. These signals are the primary CONFIRMED-tier inputs for the directory's recent-market-signals sections.

Related reading

Methodology and citations

This guide synthesises the directory's firm-profile corpus with primary disclosures (listed-parent earnings filings, regulator publications, industry-data-provider reports) and credible secondary press. Structural patterns are labelled synthesis in the section sourcing field; specific named firm-level facts are labelled confirmed against the firm profiles; market-level data points are labelled reported against the cited source. See editorial standards for the full sourcing framework.

Last refreshed 2026-05-15. Material changes (M&A, regulatory updates, listing changes) trigger updates within seven days of public confirmation.

Sources cited

  • PRIMARYRobert Walters plc Q1 2026 trading update: Japan net fees +13%; group headcount [link]
  • PRIMARYHays plc Q3 FY2026 trading update: Japan +33%; CEO succession [link]
  • PRIMARYManpowerGroup Inc. Q1 2026 results: APAC ME segment revenue [link]
  • PRIMARYRobert Half Inc. Q1 2026 results: International staffing +0.4% [link]
  • PRIMARYFullcast Holdings (TSE: 4848) public disclosure: RGF subsidiary acquisition effective 1 April 2026
  • PRIMARYRecruit Holdings (TSE: 6098) public disclosure: International recruitment business divestiture
  • PRIMARYJAC Recruitment Co., Ltd. (TSE Prime: 2124) annual report: Group HQ; 36 offices across 12 countries [link]