In July, Mizuho Financial Group (FG) launched a system to encourage employees to improve. Up to 400,000 yen per year will be paid to employees who take the initiative to seek necessary learning and take action. We will overhaul the benefits package to provide equal benefits to all employees and move to a system focused on investing in employees who continue to strive to learn.
The new system consists of a “Learning Fund”, which finances self-learning expenses, and a “Certification Fund”, which provides incentives for obtaining qualifications. Around 45,000 people, including group employees and contract workers, will be affected. Mizuho FG plans to invest 10 billion yen in human capital, from which it will generate funds.
In addition to tuition fees for language schools and higher education, the Manabi Fund will subsidize up to 150,000 yen for online correspondence courses and smartphone learning apps. Up to 50,000 yen will be provided to purchase books needed for study.
The qualification fund provides up to 200,000 yen to successfully complete a qualification. For example, qualifications recommended by each division are eligible, such as US Securities Analyst for the Markets Division and US Public Accountant for the Financial Division. Depending on qualifications, the amount paid can be up to four times the actual cost.
If you complete multiple degrees in one year, you could receive a reward of over 200,000 yen.
The previous system was positioned as a social protection system for all employees. Wellness points are awarded to each employee and points are deducted by passing medical examinations and purchasing educational materials. The choice of social benefits was left to individual discretion and the amount paid was approximately 50,000 yen.
The creation of the Training and Qualification Fund is part of a new personnel management system which was completely transferred from July. The personnel system of the five group companies, including banks, trusts and securities companies, has been standardized and remuneration is determined according to the degree of achievement of objectives and the role played, regardless of age or other factors. The aim is to encourage employees to think independently about their own careers and to continue learning with enthusiasm.
Many banks have systems in place to offer financial incentives to those who pass prescribed qualifications and exams. For example, Sumitomo Mitsui Banking Corporation has a system that reduces part of the financial burden required for education when a person obtains a degree. Mizuho presents it in the form of a fund and claims that no other company has an expense reimbursement system.