WILL GROUPINTEGRATEDREPORT

2022

Who we are

In whatever age, negativity is a feeling.
Positivity is an intention.
With the power of positive intentions
everyone can change surprisingly.
As we get to meet countless people in that very moment of theirlives, we believe, more than anyone, in each one’s possibility.

Top Message

BELIEVE IN YOURPOSSIBILITYPOSSIBI
LITY

Bring positive change to the world

Sustainability

In the areas of working and learning.
In addition to various recreational and daily life scenarios.
We wish to create opportunities for people to discover
the skills they didn’t realize they had, and enable themto develop and make the most of those skills.

Strategy

To give people, companies, and society
at large, the chance for change.

Contents
Strategy

Mission, Vision and Value

2

Medium-Term Management Plan

20

Value Creation Story

3

Business Portfolio

22

WILL GROUP’s History

4

Top Message
Top Message

5

Sustainability
Sustainability

8

Discovering Triggers for Change
and Opportunities for Growth.

9Working for a World of Greater
Gender Equality.

11

Changing Working Styles, andCreating Decent Work.

13

Creating the Tomorrow in WhichWe Can Choose What We Want to 15
Do Rather Than What We Can Do.
Bringing Positive Change to theWorld With Our Partners.

Strategic Investment Domain

23

Profit Maximization Domain

25

Exploratory Domain

27

Financial Highlights

28

Non-financial Highlights

29

Governance

Who we are

Governance
Board Members

30

Messages From Outside Directors

31

Corporate Governance

33

Data
Company Information

37

Data

WILL GROUP INTEGRATED REPORT 2022

Thus, we wish to be for everyone, the impetus for that change.

17

Initiatives in Relation to Human
Rights18

Initiatives for Addressing Climate
Change19

1

As we live in this world, we can experience
the positivity of people encouraging, lifting up,
and touching others. On the other hand, we
can also see the negativity of people hurtingor envying other people. Naturally, everyone
wishes to be filled with 100% positivity, but inreality, both coexist, and it would perhaps bedifficult to totally erase negativity from our lives.
Nevertheless, we believe that if the positivity
outweighs the negativity, even by a margin
as little as 51 to 49, we can grow little by little
as an individual and as an organization, andcreate a better society. With that in mind, wewish to exist for each of us to continue to workon personal growth and to change individuals
and organizations energetically and positively.
This is the “change agent group”
as envisaged by us.

Working
Support “Working”

Interesting
Support “Interesting”

Learning
Support “Learning”

LivingTop Message

Creating a strong brand with highexpected value and becoming No. 1
in the business fields of “working,”“interesting,” “learning” and “living”

Believe in Your Possibility
We are always facing challenges, over andover again. We all have come this far in life bybelieving in our own possibilities and believing
in the possibility of those around us, constantly
upbeat regardless of the hardships we face.
No matter how many new members join
our Company that started from just threemembers, our philosophy of “Believe in Your
Possibility” will never fade away. In fact, we
believe that by having more individuals, the“possibilities” will become our Group’s core
and will turn into our power to move forward.
In every moment, this VALUE
will always be in our heart.

Sustainability

A “change agent group” thatbrings positive change toindividuals and organizations

VALUE

Strategy

VISION

Governance

MISSION

Support “Living”

Data

WILL GROUP INTEGRATED REPORT 2022

Who we are

Mission, Vision and Value

2

Value Creation Story

Value Creation Story

Through our business activities, we bring about positive impacts in individuals and organizations.
“To give people, companies, and society at large, the chance for change.”

Who we are

WILL GROUP’s

The WILL GROUP ultimate purpose is to generate positive change.

Revenue

Operating margin

3,198
17,687

Social capital
Domestic
locations
Overseas
locations

18 companies
34 companies

Utilizing portfolio shift
to improve profitability

 ILLOF job-seekingWwebsiteSeko no Kamisama
VisamaneFinancial capital

2,163 million

Share capital ¥Ratio of equity
attributable to ownersof parent to total assets

21.8 %

Bring positive change
to the world

Strategy

Temporary workers

2,165

Total payout ratio

66.1 pt
3.3 ptUtilizing digital shift
to improve productivity

Medium-Term Management Plan

WILL-being 2023
WORK SHIFT Strategy

Discovering triggers forchange and opportunities
for growth.

Working for a worldof greater genderequality.

Changing working
styles, and creating
decent work.

Governance

Number of employees(Regular employees)
Employees(Specialist employees)

ROICIntellectual capital

Well-being score
NPS®

Business activities
Creating the tomorrow inwhich we can choose what
we want to do rather thanwhat we can do.

Bringing positivechange to the world
with our partners.

Positive impacts
Change brought about through business

Data

WILL GROUP INTEGRATED REPORT 2022

Human capital

131,080 million¥5,472 million
4.2 %
17.9 %
23.6 %¥

Operating profit

Management capital

Non-financial value

Sustainability

Financial value

Top Message

Outcomes of positive impacts(Five materiality issues)

3Net sales

WILL GROUP’s History

131.0

¥

By bringing about positive change to individuals and organizations,
we will grow sustainably in tandem with society.

billionWho we are2018
Construction management
engineer human resources
service launched

The origins of WILL GROUP lie in Big Aid Co., Ltd., which had developed a short-term outsourcing business,and SAINT MEDIA, INC. (now WILLOF WORK, Inc.), which operated a telemarketing business.
When we started the business of factory line outsourcing for customers in 1997, the Company did nothave ample funds, adequate equipment or an impressive record or business achievements.
That is, we had a passion for the work entrusted to us by our customers, and a team of people who shared that passion.

2014

Subsequently the number of people in the team that shared our passion grew, and this came to form one pillar of ourbusiness. Other pillars were established, and before we knew it the human resources business had expanded significantly.

Nursing care humanresources service
launched

Company
established

1997

1998

1999

2002

2006

Temporarystaffing service
launched

Human resources
service for sales/callcenters launched

ALT (Assistant Language
Teacher) staffing service
launched

2000

2001

2002

2003

2004

2005

2006

2007

OperatingmarginOverseas humanresources service
launched

2008

2009

2010

2011

2012

4.2%

2013

2014

2015

2016

2017

2018

2019

Japanese GAAP

2020

2021

2022

IFRS

Strategy

1997

2011

2000

Overseas-focused M&A strategy
Organic growth in Japan
Other

Other 10%

Net sales¥50
millionTelemarketingbusiness

FY3/1997 (Foundation)

Factoryoutsourcing
domain25%

Net sales¥22.1
billionCall center
outsourcing domain
24%

Sales
outsourcing
domain41%

FY3/2013 (Immediately before listing)

Other
Three corebusinesses

Three corebusinesses

90%

16%
Net sales

Factoryoutsourcing
domain23%¥45.0
billionCall center
outsourcing domain
22%

FY3/2016

84%

Sales
outsourcing
domain39%

New domains

4%

Three core businesses

54%

Overseas WORK
37%

Revenue¥131.0billionConstruction
management
engineer domain
5%HR support forstartups 2%

42%

Sales
outsourcing domain
15%
Call center
outsourcing domain

13%

Factoryoutsourcing domain
14%

GovernanceNet sales / Operating margin

Sustainability

2013
Launch of humanresources support
for startups

Nursing care
support domain 10%

FY3/2022

Portfolio shift

Data

WILL GROUP INTEGRATED REPORT 2022

Now, we have expanded into other regions overseas and have grown into a corporate group
operating with a total of approximately fifty Group companies on a consolidated basis.

Top Message

But in one respect, we were in no way inferior to other companies.

Up until the fiscal year ended March 31, 2013, immediately before listing, our human resources services, comprising our current three main businesses of the sales, call center and factory outsourcing
businesses made up 90% of our entire business operations. In our Medium-Term Management Plan “Will Vision 2020,” announced in the fiscal year ended March 31, 2016, we presented our priority
strategies, which included growing these three main businesses so that each becomes No. 1 in its respective industry, and establishing new business pillars. As a result, we have achieved organic
growth in Japan and M&A-focused growth overseas. In the fiscal year ended March 31, 2022, we expanded the scale of the three main businesses while changing to a portfolio in which half comprises
new domains such as the nursing care, construction management engineer, HR support for startups and overseas.

4Top Message

Bringing about as much “positive change”
in the world as possible while working tosolve social issues

Who we are

Top Message

The strategy formulated in this mediumterm management plan is to shift ourhuman resources business into two areas:
the Permanent area (“Perm area”), and the
Temporary area (“Temp area”). The Perm
area refers to the permanent placementbusiness for regular employees, etc., theshokai yotei haken (temporary-to-permanent
placement) business, where temporary
staff workers become regular employees
after a certain dispatching period elapses, and the temporary staffing business for

Under the portfolio shift, the primarypolicy under WORK SHIFT Strategy,
we are striving to improve profitability
by making a conscious shift of our corebusiness areas away from the Temp
areas to the Perm area. The chief factor
that led us to formulate our portfolio shift
policy was a sense of crisis regarding theGroup’s low operating margin. In orderfor us to work to resolve management
challenges, it was essential for us toaim for the Perm area that offered highgross margin. The business areas weconcentrate on among these Perm areas
are those areas where there is a stark gap
between supply and demand of labor andwhere retention rates are low, such as
the construction management engineer

Strategy

The Group is now working to establish ahighly profitable corporate structure byfollowing our WORK SHIFT Strategy, which
is directed toward bringing about a portfolio
shift and a digital shift to achieve the goalsof the “WILL-being 2023” Medium-Term
Management Plan, which enters its final year
in the fiscal year ending March 31, 2023.

highly specialized fields primarily involving
open-ended contracts. The Temp area
refers to temporary staffing businessfor fixed-term workers with contracts
that are updated at regular intervals.

Governance

Portfolio shift successfully realizes
improved profitability

Sustainability

President and Representative Director

Data

WILL GROUP INTEGRATED REPORT 2022

Shigeru Ohara

5

Total payout ratio is 30% relative
to the earnings forecasts at the
beginning of the fiscal year
Our progress thus far with respect tothis series of WORK SHIFT Strategy

The current medium-term management
plan ends in the fiscal year ending
March 31, 2023, but under the original
conception of this plan, we made2030 the target year. In that sense,
we see the fiscal year ending March
31, 2023 as a point midway on ourjourney toward realizing WILL GROUP’s
vision. We believe it will be necessary
to continue to evolve after that time tofurther raise our level of completion.
While there are some strategies under
this medium-term management plan thathave achieved the progress expectedof them, there are also some strategies

Who we are

Top Message
Sustainability

that have not. In the next medium-term
management plan, we will refine ourstrategies while taking a good look at theachievements of this plan period. At thesame time, we will set targets and takean effective approach to M&As, which
we have not pursued actively under thismedium-term management plan. As forshareholder returns, we believe that theideal situation is one in which investors
who hold the Company’s shares over thelong term can benefit from capital gains
and income gains. Shareholders who
invested in our shares at a high price are
not yet satisfied with the situation related
to capital gains. However, we are seeing
continual rises in earnings per sharethrough the aforementioned improvementof our gross margin, and at the same time,
we are striving to receive appropriate
evaluation by the market throughStrategy

can be best understood based on the
aforementioned steady improvementof our gross margin, which suggests
our portfolio shift is progressing asplanned. Going forward, we will continue
our portfolio shift away from the Temp
area to the Perm area, with the aim offurther improving earnings. Also, with
our digital shift, we still have numerous
items we wish to proceed with, including
but not limited to improving efficiency
through unified management of data andmergers of consolidated subsidiaries.
At our overseas sites, we are steadily
achieving efficiency gains by improving
our quality of matching applicants tocompanies among other measures with
the introduction of technology tools,
and under our digital shift policy, we
will further promote such initiatives.

Net sales/Revenue(Millions of yen)
150,000 Japanese
GAAP

IFRS

131,080
121,916

120,000

118,249

103,300

Governancedomain, and the nursing care domain.
The construction management engineer
domain, and the nursing care domain areboth chronically understaffed, and we
consider that by closing this gap in labor
supply and demand we will not only solve
our management challenges, but it is also
one way for the Group to contribute toresolving issues facing society. More thansimply providing working opportunities, wehave also been establishing environments
conducive to career development. And
through these measures, we have been
progressing toward making the portfolio
shift away from the Temp area to thePerm area. As a result, our gross margin,
both domestically and internationally,has been steadily improving, and at
this point in time, we are continually
updating our record-high results.

As for the digital shift, our other policy
under WORK SHIFT Strategy, the Group
is currently working to further improve
productivity per employee by bringing
about digital transformation (DX) of the work
flow of the business models we carry out.
For example, if one of our temporary staff
asks a question related to their contract,
working-style, etc., up until now, they have
had to directly contact the person in charge
and complete such paperwork as contracts
and application forms. As the number of
temporary staff increases, so too does
the number of contacts, which leads toincreasing redundancy in the content ofsuch contacts. Responding to each oneof these contacts on an individual basis is
not only inefficient but also burdensome
for the persons in charge. To lessen theworkload of the persons in charge, wehave improved efficiency by enabling
temporary staff to complete their inquiries
and job applications, etc. by smartphone,etc., through the introduction of apps
and chatbots. We are also improving the
productivity of employees in other ways,
including the promotion of telework throughthe expanded adoption for workingfrom-home systems and improving
efficiency by holding online interviews.

90,00079,197

79,27360,000Data

WILL GROUP INTEGRATED REPORT 2022

Top Message

30,0000FY3/18

FY3/19FY3/20FY3/21

FY3/22

6

Bringing positive change to“individuals” and “organizations”
The Group’s Vision is to create a strong
brand with high expected value andbecome No. 1 in the four business fieldsof “working,” “interesting,” “learning” and“living.” Currently we are placing utmost

By embodying our Mission, Vision andValue in the business activities of theGroup, we will work to bring about as much“positive change” in the world as possible
while working to solve social issues,and thereby make a true contribution tosociety. Going forward, we will continue
our daily activities with the mind that inseveral decades from now, people will
be saying, “the world is a much morepositive place thanks to WILL GROUP.”

Who we are

Top Message

In the business field of “working,” we haveadopted the mission to be a “change
agent group” that brings positive change
to “individuals” and “organizations.”
Recently with growing pressure placed oncompanies to disclose their human capital,
attention is being focused on an approachthat recognizes human resources as
management capital and sees individual
growth as an impetus for corporate
growth and societal growth. However, we
are a company that has grown to the size
we are today through always elevating
the quality of employees and their levelof awareness. The temporary staffing
business, which is our central business,
is a service business. A service, nomatter how excellent, is entirely a humancreation. Any degree to which efforts are
made to brush up on a service or any
degree to which the level of a service
diminishes is entirely dependent upon
the people involved in that service. Thatis precisely the reason why we consider
the questions of how well-qualified thecandidate should be, and how high-quality
the training should be to be extremely
important. These questions have been

and through better training, we dispatch
staff that can embody positive change fororganizations, such as companies, andactive roles played by the Group’s staff
can lead to those organizations achieving
positive organization-wide change.

Sustainability

This means, however, that if upwardrevisions are applied to earnings during
the period, the actual dividend payout
ratio may be lower than 30% as it isbased on the initial earnings forecasts.
Looking at the past two fiscal years, wehave seen not only upward revisions
applied to earnings during the period
but also above-forecast profit posted in
March, the closing month of a fiscal year.
As a result, the dividend payout ratio
has repeatedly been lower, going as low
as 23% or so, against the resulting final
earnings. For the fiscal year ending March
31, 2023, we have again set a dividend
payout ratio of 30% of the initial earnings
forecast, however if upward revisions areapplied to earnings, we plan to conduct
a review of whether to increase returns.

on our mind since the very beginnings of
WILL GROUP, and that is the reason weplace utmost attention on the hiring andtraining of human resources. As previously
mentioned, we are a “change agent group”
that brings positive change to “individuals”
and “organizations.” By “individuals,” wemean “people.” And by “organizations,”
we mean our “clients,” such as companies
and local government bodies, to which
we provide human resources services.
Many temporary staffing businesses arein the matching business of dispatching
human resources to places that areunderstaffed. Our intention is completely
different to that of operating such asimple matching business. It is our wish
that by hiring well-qualified personnel

Strategy

priority on becoming No. 1 primarily inthe business field of “working,” including
the domains of construction management
engineer, nursing care, sales, callcenter and manufacturing, but in the
future, we aim to create businesses thatmake us No. 1 in the business fields of“interesting,” “learning” and “living.”

Governanceimproving our financial position. We will
also work hard at investor relations toimprove name recognition of the Group
which in turn leads to improvements
in capital gains. As for income gains,
we have set a dividend payout ratio of
30% relative to the earnings forecasts
at the beginning of the fiscal year.

Data

WILL GROUP INTEGRATED REPORT 2022

Top Message

7

Sustainability

Who we are

WILL GROUP’s Sustainability Involves

Process for identifying “materiality” issues

The mission of the Group is to become a “change agent group” that brings positive change
to individuals and organizations. Driven by this corporate philosophy, it has worked tobring about beneficial changes for as many people and organizations as possible, whileachieving sustainable growth.
In order to continue to bring positive change to the world and to maintain sustainablegrowth, we will take note of changes in society, and work with stakeholders to achieve asustainable future society.

STEP 1

Using matrices to organize SDGs and businesses
An inventory of the business activities of the Group was taken, identifying approximately 500
initiatives related to SDGs. These were organized into the 17 goals and 169 targets of the SDGs.

Value chain mapping

STEP 2

While consulting various guidelines, we extracted risks and opportunities in the value chain
for the business activities of the Group, created a mapping using the metrics of “likelihoodof occurrence × severity” and “societal benefits × economic benefits,” and identified theinitiatives that the Group should prioritize.

Sustainability

Sustainability policy

Interviews with stakeholders

General Manager of Human Resources Division

Human capital, by which we mean all the people
who work in the Group, is the largest componentof the Group’s value creation process. “People”
are the assets on which our businesses depend,
and we consider our social responsibility to be
the resolution of the social issues faced by theindividuals and companies served by these services.
Today’s world has seen the emergence of avariety of social and environmental issues, suchas those related to economic disparities andhuman rights, the depletion of global resources,
climate and the environment and, as for issues
specific to Japan, issues such as declining
birthrate and aging population, labor shortages,
repeated occurrence of natural disasters, havealso emerged. In order to resolve these, we musthave a solid recognition of our role, and promote

It has been one year and a half since February
2021 when we embarked on full-fledged
efforts to promote sustainability within theGroup. During the previous fiscal year, wedrew up our sustainability policy and also
released the Group’s first Integrated Report.
Meanwhile, during the current fiscal year, wehave shifted to specific initiatives; for example,
we established the Sustainability Committee,
and started discussing and reviewing policies
and monitoring progress achieved in carrying out
key measures. Furthermore, we overhauled our
promotional structure to seek further integration
with business operations, and distributed relevant
information to encourage more concern withrespect to sustainability among our employees.
That said, the Group is just at the point ofgetting started with its sustainability promotion.
Going forward, we will continue our utmost
effort to bring about positive change in as many
individuals and organizations as possible, andcontribute to achieving a sustainable society.

STEP 3For the priority issues identified during the value chain mapping of STEP 2, interviews
with stakeholders such as employees, temporary staff, clients and shareholders were heldusing survey questionnaires.

Identifying value to society

STEP 4

Referring to the Group’s “Mission, Vision and Value” and the outcomes of the interviews
with stakeholders in STEP 3 , we clarified the value provided to stakeholders and identified
the value provided to society by the Group.

Strategy

Emiko Tsuchiya,

sustainability to reflect our desire to fulfill our social
responsibilities through business activities.

Identifying “materiality” issues

STEP 5

Based on STEPs 1 to 4, “materiality” issues for the Group were identified from amongthe 17 goals of the SDGs. For the identified “materiality” issues, we also expressed theworldview that we wish to achieve for each goal in relation to the value to society and theGroup’s “Mission, Vision and Value.”

Governance

Bring positive change toall working people

WILL GROUP’s materiality issues
Data

WILL GROUP INTEGRATED REPORT 2022

Top Message

Persistently Bringing About Positive Change in the World

Discovering triggers
for change andopportunities
for growth.

Working for aworld of greater
gender equality.

Changing working
styles, and creating
decent work.

Creating thetomorrow in which
we can choose what
we want to do rather
than what we can do.

Bringing positivechange to the world
with our partners.

8

Discovering Triggers for Change and Opportunities for Growth.

Who we are

Sustainability

As such, we provide growth and educational opportunities tailored to career plans of each andevery individual, which include support for gaining qualifications, self-education opportunities,
and various forms of training. In addition to skill enhancement through such opportunities, wewill provide other opportunities for every person to achieve growth. This will involve creating
opportunities for change by prompting employees to develop capacity to address their own
career options and strength to transform themselves, and providing support for achieving selfdirected career formation.

Providing support for self-directed career formation
We provide support for achieving self-directed career formation premised on our belief
that it is important for each and every employee to address their own career options
without having to depend on the Company for career development.

Enhancing support for gaining qualifications
We provide support that extends beyond the human resources business to also
include assistance for gaining Information Technology Passport and Career Consultant
qualifications useful in various fields, and assistance for gaining qualifications for
professions such as nursing care worker, JSDA sales representative, and accredited
construction management engineer, which are subject to substantial demand in therespective fields. Going forward, we will expand our assistance for gaining qualifications
useful for career development.

Providing self-education opportunities
We provide self-education opportunities geared to enabling acquisition of business andlanguage skills.

Chance-Making Company

Kenji Matsuyama,
Director of WILLOF WORK, Inc.

WILLOF WORK, Inc. is a major subsidiary of WILLGROUP. Over and over again we have experienced
the moment at which people’s lives take a turnfor the better due to the opportunities provided
by work, and nobody believes more strongly
than ourselves in the potential of the individual.
Focusing once again on our origins, we set forth our“Chance-Making Company” (hereinafter “CMC”)
brand vision in October 2019, underpinned by ourdetermination to achieve further evolution. We havecome up with four promises that exemplify thisbrand vision–“Promise 01: We will believe in thepotential of all our people, ” “Promise 02: We will
increase work opportunities for everyone,” “Promise
03: We will enable greater diversity of working styles
in society,” and “Promise 04: We will continuously
support growth of all people.”

We track the NPS®* benchmark, which serves
as an important metric of our CMC initiatives,by administering questionnaires regarding theCompany’s services to the Company’s temporary
staff once every six months. Moreover, we also use
the questionnaires to measure the extent to which
we are contributing to growth of the Company’s
temporary staff with the aim of achieving our CMC
objectives. In addition to providing daily support
through consultation and other such initiatives,
we will continue to facilitate growth of temporary
staff by taking findings of the questionnaires
seriously particularly in terms of helping them gain
qualifications and providing inexperienced staff
with preliminary training so that they are able totake on a wider variety of roles. Please refer to ourquestionnaire findings, which we make available on
our corporate website for those interested.

In addition, with the aim of achieving our CMC
objectives and contributing to society, we haveestablished the WILLOF Foundation (page 17) tosupport “all temporary workers” who desire to
take on the challenge of achieving their dreams
and goals. In the society we seek to realize, we
envisage a positive cycle, whereby our support for
temporary workers desiring to take on challenges
helps them achieve as many of their dreams andgoals as possible, and through their fulfillment of
their dreams, they in turn will influence those aroundthem, which will lead to new challenges being born.

GovernanceTopic

Sustainability

Our people constitute the most important element of our human resources business, which serves
as the main business of the Group. Underpinned by our belief that all of our people serve as thesource of our value creation, including our temporary staff and employees, we accordingly deemthat growth of each and every individual further increases the value we provide to our clients,
which by extension leads to sustainable growth of the Group.

Strategy

KPI

We will remain committed to our CMC brand vision.
Our efforts in this regard will enable the Group toaddress its materiality issues and will furthermorealign with our mission of becoming a “change agent
group” that brings positive change to individuals
and organizations.

Data

WILL GROUP INTEGRATED REPORT 2022

Basic policy / Views

Top Message

Making triggers for change available to all kinds of people, discovering abilities thatthe individuals themselves have not noticed, and providing opportunities for growth.

* The Net Promoter Score (NPS) is a benchmark for gauging customer loyalty.

9Initiative

Initiative

careers my colleagues are considering.” We
will continue to further enhance opportunities
for self-growth and achieve aims that include
improving portable skillsets of employees while
also enriching careers and improving wellbeing through learning.
For these trainings, due to current
circumstances, the usual group training has
been changed to online training to execute thesessions in a flexible, safe, and educationallyeffective manner. The Group has constructed
an efficient, multi-faceted educational system
by using the e-learning “Learner” systemdeveloped in-house as a learning aid in manyof its training sessions.

Based on our desire to “create work
opportunities for all,” we have been striving toeliminate communication anxieties and create
opportunities for work through workshopswith our sights set on individuals who needsupport reintegrating into society, particularly
those who lack confidence when it comes tocommunicating with others and those who arehesitant to take that first step in dealing withsociety. Moreover, leveraging our position asa corporate group providing human resources
services, not only do we support people
taking their first step toward reintegrating into
society, we also believe we have much to offerwith respect to providing support for future
employment by giving back to society theknowledge and expertise we have amassed
till now.

YUMEIKU HOPE project constitutes a social
contribution program that was started incooperation with support organizations
certified by the Ministry of Health, Labourand Welfare of Japan, such as Local YouthSupport Station (“Support Station”) for helping
those contending with anxieties regarding
employment. Many of such employment
support organizations engage in activities thatdeepen ties with communities and contributeto invigorating respective localities.

Strategy

In the current VUCA era (volatility, uncertainty,
complexity, and ambiguity), it is essential thatall people assume responsibility for their own
careers and take initiative in contemplating
their career paths. To such ends, we provide
career development training mainly toemployees in their 20s and 30s, which is atime of significant influence for future careerformation. Our training provides an opportunity
for participants to gain perspectives on
empowering careers suited to them by gaining
an understanding of and developing theirstrengths and qualities. Launched in 2020,
our in-house training has prompted thosetaking part to find the right work for them as
has been conveyed by feedback such as,“the training caused me to think deeply about
my future career path,” and “the training was
helpful in terms of enabling me to learn about

YUMEIKU HOPE project for facilitating social reintegration

03

We provide support for gaining various
qualifications as a means of achieving selfdirected career formation. We will provide
impetus for employees and temporary staff
to play active roles in new settings while
creating opportunities for their further
growth by enabling them to individually gain
necessary skills, prompting them to improvetheir skills, and helping them discover theirown intentions (“WILL”). A scenario of eachand every individual playing an active role andachieving growth will culminate in a positive
chain reaction whereby greater value provided
to clients leads to the Group continually being
chosen by clients, which in turn results in moresuch opportunities, thereby again leading
to a scenario of each and every individual
furthermore playing an active role andachieving growth.
Specifically, we provide support for gaining
qualifications, which include the Information
Technology Passport for employees certifyingthat they are equipped with basic knowledgeof information technology essential forbusiness purposes, and which also include
the Career Consultant qualification usefulfor assisting with career development of job
seekers and temporary staff. We provide
support to temporary staff through our self-

operated WILLOF Care Academy nursing carequalification school with respect to assistingthem in their efforts to gain nursing care worker
qualifications as required for assignments
in nursing care facilities. In addition, we
provide support for gaining highly specialized
qualifications required across all industries,
including those for JSDA sales representatives
and life insurance / non-life insurance
solicitors as required for engaging in sales andsolicitation of financial products, as well as
those for accredited construction management
engineers who are in short supply in theconstruction industry.

GovernanceSupport for gaining qualifications

Data

WILL GROUP INTEGRATED REPORT 2022

Career training

02

Top Message

01

Sustainability

Initiative

Who we are

Sustainability

Top: Nursing care workers in training; Bottom: Accredited
construction management engineers in training

10

Who we are

Sustainability

Working for a World of Greater Gender Equality.

Through such efforts, we accordingly aim to help achieve a world of greater gender equality by creating opportunities forequal participation by all, irrespective of gender.

Providing support for balancing life events and work
We advance development of workplace environments and designingof various systems tailored to a wide range of life events and stages
in life with our sights set on helping to achieve a society where
every person is able to fully demonstrate his or her individuality andcapabilities.

Topic
Interview of members of the WILL Color
project to promote the empowermentof women
The name “WILL Color” is short for “WILL GROUP
colorful career.” It serves as a project to promote
the empowerment of women, created with the aimof enabling employees to achieve colorful careerswith the WILL GROUP. The project was launched
as a first step toward creating opportunities for
empowering all people with diverse range of
personalities.

Project members

Although many of the Group’s female employees
play active roles, we are concerned that thepercentage of women holding managerial positions
is low. Questionnaires administered with theaim of identifying potential means of addressing
this issue indicate that female employees needrole models who enable them to envision longterm career possibilities. As such, with the WILL
Color project for promoting the empowerment of
women having been formed in 2021, we have been

furnishing articles through our in-house newsletter
profiling employees who are striking a childcarework balance and employees who are playing activeroles.
Whereas newsletter content featured thus far has
profiled female employees with various intentions(“WILL”), it has been impressive that they haveall been individuals who are passionate about
their jobs and careers. Employees who have readthe articles have completed questionnaires andfurnished comments such as, “I no longer harboranxieties about balancing work and childcare,” and“The articles helped me significantly in considering
my own career options.” This has helped give rise toa corporate culture that empowers women.
That said, we seem to be at the midway point stillwith respect to raising awareness. For instance,some employees have remarked that it is difficult
to impose job relocation on women and that it iseasier to assign work to men. Many employees,
irrespective of gender, would actually like tobecome managers and take on challenges, eventhough they might not necessarily voice suchpreferences. Eliminating gender bias in terms ofthe dispelling notion that men work while womenhandle childcare and doing away with attitudes ofexcessively accommodating female employees
would give rise to an organization where everybody
is able to unhesitantly take on challenges to which
they aspire, irrespective of gender.
It is very important that each and every one of ouremployees have strong desire and take action inorder for us to provide ample well-being to theworld. Under the WILL Color project, we aim toenable our Company employees, temporary staff
and others to develop vibrant and individualized
career paths aligned with their personal
preferences. Finally, I hope this initiative inspires
all involved, irrespective of gender, to embrace asomewhat more positive outlook and that it serves
as an opportunity for everyone to envision an
exciting future.

Sustainability

We have accordingly established benchmarks with respect to ratios of men to women in managerial positions andrecruitment category ratios with the aims of incorporating diverse perspectives into our decision-making bodies andachieving a more extensive range of areas in which people with diverse characteristics are able to participate. Moreover,
we are committed to doing whatever possible and whatever needs to be done premised on our convictions regarding theimportance of listening to feedback from all of our stakeholders and reaching out to them. We will also promote developmentof LGBT-friendly environments and systems by seeking greater understanding of gender identity as well as physical gender.

Providing equal opportunities irrespective of gender
We seek to ensure that ratios of men to women in managerial
positions are roughly the same as those of men to women among
full-time employees, which serves as a first step toward creating
opportunities for equal participation by all, irrespective of gender.
In addition, we administer questionnaires on gender issues with theaim of gaining an up-to-date understanding of such concerns bycollecting candid feedback from employees and temporary staff.

Strategy

WILL GROUP INTEGRATED REPORT 2022

We believe that in order for us to bring about positive change in as many individuals and organizations as possible andachieve sustainable growth, it is essential that we leverage the participation of diverse human resources, rather than allowing
our thinking to be dominated by a homogeneous perspective.

Governance

KPI

Data

Basic policy / Views

Top Message

We aim to achieve a society in which everybody can participate, irrespective of gender.

11

The notion of “empowerment” in this regard
refers to a state of progressing toward a futureideal while working energetically and deriving
enjoyment from work. It is what we hope forwith respect to all employees irrespective ofgender.
A specific initiative under the project involves
periodically releasing newsletter content
aligned with the three themes of “women andInitiative

careers,” “balancing work and childcare,”and “diversity and communication.” Content
released in the newsletter is provided for
personal guidance in relation to careers andincludes interviews of employees in various
stages of their careers on “career hurdles
and how to overcome them” and “tips forenjoying work,” and information on day-to-day
solutions and actual situations encounteredby employees with parenting experience tohelp eliminate anxiety of employees recently
embarking on efforts to balance work andchildcare, and employees who may be doing
so in the future. Moreover, we have been
considering the possibility of events for making
communications smoother and better not only
between men and women but also among
employees with diverse values. In addition toreleasing articles, we also hold events geared
to building networks and sharing information
among employees outside of work, throughforums such as online lunch gatherings where
employees taking childcare leave are able
to participate at their discretion, and roundtable discussions among employees who are
fathers.

In the 2022 Gender Gap Index, Japan had an
overall score of 0.650 for a ranking of 116 out of
146 countries (ranking of 120 out of 156 countries
previously), which was the lowest ranking amongdeveloped nations. Given that the prospect ofachieving the Sustainable Development Goals(SDGs) substantially hinges on attaining a better
Gender Gap Index score, the Group has been
striving to achieve greater gender equality. This
has involved recognizing that companies inJapan need to achieve improvement in termsof their numbers of employees and ratios offemale managers, and also being aware thatcertain aspects of the corporate framework
are inadequate in terms of addressing genderinequality, including LGBTQ concerns.
We have moved to address issues that havebeen identified by holding study sessions
led by visiting instructors. These have served
as opportunities for engaging in discussion
regarding pleasant workplace environments
for all by enabling participants to directly ask
about issues in the workplace and how best toaddress gender bias, in addition to encouraging

03

Administration of questionnaires on gender issues
The Group promotes sustainability in aiming
to bring about positive transformation withrespect to as many people and organizations
as possible, and has accordingly set forth theaim of “working for a world of greater genderequality.”
Although benchmarks such as ratios of men to
women in managerial positions as stipulated
under various guidelines serve as important
metrics, it is difficult to achieve the aim ofbringing about a world of greater genderequality solely based on such indicators. As
such, we believe it is important that we work
to meet the expectations of employees andtemporary staff. However, given that we had yet
to fully assess views of those actually working
at sites of business, we embarked on efforts
to gain an understanding of current realities
by initially administering questionnaires. In
so doing, we have been seeking to determine
whether or not employees and temporary staff
actually doing the work sensing the presenceof discrimination, and if so, what sorts of

discrimination they encounter. We have also
been seeking to ascertain what circumstances
employees and temporary staff would deemas being free of discrimination. Going forward,
we will identify challenges that need to be
assigned priority in part by extending thescope of our questionnaires, refining thecontent, and implementing approaches otherthan those involving questionnaires. On thebasis of such efforts, we will develop steps
to be taken and consider the possibility of
specific plans of action.

them to gain basic knowledge from LGBTQ
individuals. We consider it important to promote
understanding of the effects and ramificationsof diversity on organizations and get each andevery employee to give thought to the notion of
how best to embrace diversity and to shift into
action.
We have held study sessions for management
teams with the aim of raising awareness and willoffer such study sessions to all employees going
forward. We seek to become an organization thatempowers diverse human resources throughbusiness initiatives absent of gender bias, which
will involve improving levels of service provided
by career advisors and coordinators who have
many opportunities to interact with job seekers
and temporary staff, and by establishing various
programs forgender equality
encompassing
LGBTQ
concerns.

Top Message

The Group has a vision of creating a strong
brand with high expected value and becoming
No. 1 in the business fields of “working,”“interesting,” “learning” and “living” To realize
this vision and create positive change in theworld, it is essential that all people with theirdiverse range of personalities play active roles
in a manner unfettered by male and female
stereotypes constructed by society. As a firststep, we launched our women’s empowerment
project to provide support for careers andworking styles of female employees. The
project consists of members from across theGroup including not only employees of humanresource departments but also employees ofoperating companies.

Implementation of study sessions for managers led byvisiting instructors

Sustainability

WILL GROUP INTEGRATED REPORT 2022

“WILL Color” project to promote the empowerment of women

02

Strategy

Initiative

Governance

01

Data

Initiative

Who we are

Sustainability

12Changing Working Styles, and Creating Decent Work.

Who we are

Sustainability

Reference: “Work, and Smile” Global Survey results
https://www.persol-group.co.jp/en/sustainability/well-being/worlddata/

Improvement in retention rates
We believe that a workplace where employees desire to keep working constitutes
a workplace conducive to well-being. In seeking to ensure that employees of theGroup are able to keep working safely and securely, we promote measures to improve
retention rates in part by implementing coaching sessions for managers and having
them apply what they have learned to management of their subordinates.

Topic
Achieving autonomous work styles thatenable diverse human resources toexperience job satisfaction
With the Group’s mission being that of becoming a“change agent group” that brings positive change
to individuals and organizations, we wish for eachand every employee to change individuals andorganizations energetically and positively. In holding
to that mission, the Company must provide anenvironment in which employees themselves feelthat they are engaging in decent work and are able
to work energetically and positively.

Emiko Tsuchiya
General Manager of Human Resources
Division, WILL GROUP, INC.

The notion of “job satisfaction” generally entails striking abalance between job satisfaction (motivation factors) andpleasant work environment (hygiene factors). To assess
employee job satisfaction, we administer job satisfaction
questionnaires and working style questionnaires on a
yearly basis. In so doing, we survey employees regarding

aspects of their work such as the types of settings inwhich they experience job satisfaction, whether or
not they feel they work in a pleasant environment, andwhether or not they are able to select working styles of
their own accord. Such findings are then reflected in our
personnel policies. For instance, given that findings ofthe questionnaires indicate that employees feel having
a sense of their own growth leads to job satisfaction,
we promote self-directed career formation with respect
to every employee, and have accordingly adopted“one-on-one consultation” as a forum for facilitating
growth and development that extends beyond dayto-day operational improvement and management by
objectives. Also, we check whether or not employees areable to make their own choices regarding various work
arrangements and strive to create an environment thatallows them to flexibly make use of such arrangements.
Amid changing circumstances surrounding businessand lifestyles, as people’s ways of working become

increasingly diversified, employees nowadays seek selfdirected working styles in a highly flexible environment.
The capability for employees to make their own choices
particularly when it comes to working styles (how), workvenues (where), and work hours (when) greatly affects
employee job satisfaction. Meanwhile, the notion of truly
self-directed working styles extends beyond environmentrelated options to also entail a scenario where each
employee (who), valuing his or her work objectives (why),works in a self-directed fashion (what). In other words,
this involves a situation where employees develop theirown career paths while making self-directed choices withrespect to the 5W1H questions of what, where, when,
why, who, and how.
In that sense, the Group strives to continuously
increase job satisfaction by providing support
for career formation through various work
arrangements and support for growth, above andbeyond efforts to upgrade work style options.

Sustainability

We seek to instill a desire to work among people who were previously restricted by their working
hours and work location, and will accordingly create positive changes by helping to transform theworld into one in which people are able to choose work arrangements tailored to various life stages
and lifestyles. Moreover, we will create decent work for all in part by ensuring a greater sense offulfillment gained through work and also by encouraging better relationships among coworkers.

Improvement in well-being scores and Workplace Wellbeing
We believe that a greater sense of happiness and satisfaction felt by individual throughworking gives rise to job satisfaction. As such, in addition to overall well-being scores,
we also measure and seek to heighten well-being with respect to working that is highly
relevant to human resource services (setting a well-being index calculated based on the
proportion of “yes” replies to three questions in relation to (1) work experience, (2) work
evaluation, and (3) self-decision-making at work).

Strategy

WILL GROUP INTEGRATED REPORT 2022

The Group has set a mission to be a “change agent group” that brings positive change to individuals
and organizations. We believe that our ultimate value to society lies precisely in generating positivechange, which will contribute to the well-being of all stakeholders.

Governance

KPI

Data

Basic policy / Views

Top Message

By believing in the potential of all our people, increasing opportunities for work anddiverse working styles, we facilitate job satisfaction.

13

Initiative

We provide the choice of various working
styles in order to maximize the abilities ofeach employee. We have established work
arrangements that include flextime, fewer
work days and shorter working hours, workfrom home, parallel work, and various typesof leave, thereby enabling employees tochoose work styles aligned with various life
events and stages of life such as marriage,
childbirth, childcare and nursing care. We
aim to enhance well-being of each and every
employee through support for enabling
enrichment when it comes to “working,”“enjoyment,” “learning,” and “living” byenabling every employee to choose working
styles tailored to their own lifestyles.

ZaITact service for outsourcing home-based call center work

work from home arrangements particularly for
temporary staff employed at outsourcing andsubcontracting sites mainly in the domains ofsales support and call centers. As a result, weare beginning to see positive outcomes suchas better retention rates. We will keep striving
to establish more workplaces and occupations
that enable employees to choose from adiverse range of working style options.

Our ZaITact service is a service for outsourcing
contact center works with work-from-homearrangement, operated by WILLOF WORK, Inc.,a major subsidiary of the Group. We launched theservice with the aim of enabling diverse working styles
among temporary staff, with the ZaITact service namecoined by combining “zaitaku” (working from home),“IT,” and “contact center operations.” The service
is bound to prompt changes regarding traditional
assumptions that physical attendance at work is an
essential job requirement by making it possible for
employees to successfully work from home where
they engage in operator work and data entry tasks
for which on-site employment had been considered
the norm due to circumstances involving facilities andinformation management.

In addition, we offer diverse working style
options for temporary staff as well as
employees. This has involved introducing

We are embarking on these efforts starting
form temporary staff currently working at ourcompany-owned call centers, shifting over tohybrid job arrangements where they can work
both from home and on site.

Strategy

Initiative

In conventional call centers, operator assignments
had been limited based on capacities of such
facilities. However, our ZaITact service makes it

possible to hire greater numbers of call center
operators because employers are no longer subject
to limits based on call center capacities given that
operators are able to successfully perform suchwork from home. This transformation will enable job
seekers to choose working styles tailored to theirstages in life, thereby providing call centers with amore extensive range of human resources available
for recruitment. Also, given that call centers areoften located in areas outside of city centers,
making it possible for such employers to hire more
operators will culminate in social value particularly
in terms of giving rise to local job creation andeconomic development.

03

Conducting well-being surveys

Whereas the notion of “well-being” is generally interpreted as
happiness and good fortune, the Group has been conducting
its well-being surveys once every three months since April 2019premised on its definition of well-being in terms of good physicalcondition equating to physical health, good mental state equating
to having a healthy mind along with purpose and meaning inlife, and good social circumstances equating to having good
relationships within one’s close circle.

GovernanceIn striving to achieve our mission of serving as a “change
agent group” that brings positive change to individuals andorganizations, first and foremost it is important that wevalue employee well-being, which calls for positivity among
employees themselves. We believe it will be possible to create
positive change in the world as a result of prompting better dayto-day performance in terms of “well-doing” by maintaining suchwell-being and consequently enabling better outcomes andgreater productivity.

We accordingly seek to foster a corporate culture conducive toengaging in day-to-day activities enlisting good physical andmental health with the aims of ensuring that each and every
employee achieves higher well-being scores while the Group as awhole also improve its well-being score.

Data

WILL GROUP INTEGRATED REPORT 2022

Promoting diverse working styles to choose from02

Top Message

01

Sustainability

Initiative

Who we are

Sustainability

Well-being scores of the overall Group from April 2021 to the present
Apr. 2021

July 2021

Oct. 2021

Jan. 2022

Apr. 2022

July 2022

66.4

65.6

65.7

66.1

67.6

66.5

Reference: Well Being DESIGN Foundation
https://www.well-being-design.jp/measurement/measurement1/

14

Sustainability

Who we are

Creating the Tomorrow in Which We Can Choose
What We Want to Do Rather Than What We Can Do.

The Group upholds the value of “Believe in Your Possibility” and accordingly deems that it is important toprovide support necessary to empower individuals by creating an environment in which all people are able tomaximize their potential, irrespective of disability, nationality, age and other characteristics.

Promoting employment of people with disabilities

We will embrace each and every person’s individuality while welcoming diverse perspectives and values,
thereby providing equal opportunities for empowerment. We will furthermore engage in constructive
communication while respecting one another’s values with the aim of promoting co-creation of new values
for all and transforming to a society where everyone is able to work while being true to themselves. We arecommitted to realizing a tomorrow in which people can choose what they want to do rather than what they cando, thereby seeking to bring about a society that gives rise to sustainable job satisfaction and employment
while eliminating inequality for all.

Promoting employment of foreign nationals

We provide work environments that make it possible for people withdisabilities to demonstrate their capabilities and strengths.

Strategy

We are receptive to diverse cultures and accordingly provide
opportunities to foreign nationals employed in Japan to work safely
and securely with our sights set on helping to achieve a society where
everyone is able to progress forward hand-in-hand.

Topic

The current fiscal year marks the second year of WILLOF
CHALLENGE, Inc., which serves as a Special Subsidiary
Company established based on our desire to provide
opportunities for equal participation and eliminating
inequality for all. At WILLOF CHALLENGE, Inc., we endeavor
to employ people with disabilities irrespective of gender,
nationality, age, and other characteristics, and accordingly
enlist the active participation of many such individuals
across a variety of operations that make use of theirindividual characteristics and strengths.

Hideo Murakami
President and Representative Director
WILLOF CHALLENGE, Inc.

Whereas we currently handle mainly in-house works
including preparation of proposal documents and office
work at our BPO center locations situated in Shinjuku,
Koriyama, Takahagi, Mito, and Tsuchiura, we standcommitted to increasing work volume both in-house andfrom external sources going forward. Through these efforts,
we hope our employees will feel more certain that theirwork matters. When it comes to employment of people
with disabilities in Japan, there are the positive examples

of some companies that organized sports teams that areable to participate in competitions such as the Paralympic
Games, and have accordingly created environments wheresuch employees are able to undertake training while holdinga job. However, the reality is that disparities persist, withsome companies hiring people with disabilities solely for thesake of complying with legally mandated employment rate,
forcing employees into work environments where they arecompelled to take on tasks they find undesirable.
All of our employees serve as “change agents” thatbring positive change to individuals and organizations.
With this notion in mind, we will ensure that there are no
inequalities between people with disabilities and those
without disabilities as we continue to provide opportunities
for empowering people with disabilities in a manner thatinvolves assisting all individuals in terms of advancing theircareers and helping them engage not only in work they
can already do, but also in work they would like to do, thus
assisting them in terms of becoming the person they wish to
become. Accordingly, we will energize each individual, workwith people with disabilities to facilitate job satisfaction andcreate careers, and grow alongside each other.

WILLOF CHALLENGE, Inc.
Headquarters
CapitalEast Shinjuku Building 8th floor,
3-4-1 Shinjuku, Shinjuku-ku, Tokyo¥10 million

Date ofJuly 1, 2021
establishment
OfficerPresident and Representative
Director Hideo Murakami

Business
activities

Office work outsourcing;
administrative outsourcing

Governance

Promoting employment of people withdisabilities

Sustainability

KPI

Data

WILL GROUP INTEGRATED REPORT 2022

Basic policy / Views

Top Message

We will provide support and opportunities for equal participation by all, irrespective of age,nationality, disabilities or other characteristics.

15

Initiative

02“ENPORT” service for providing living support toforeign nationals“Visamane” labor management system for support of foreign
nationals from initial employment through to retirement

For people embarking on new adventures inJapan, we hope to serve as a large port thatlinks Japan to the world. This desire gave rise to
ENPORT, which is to serve as a large “PORT”
linking various “ENs,” meaning the connectionsof different fates and paths. We firmly believe thatsustainable growth derives from a commitment
to embracing diverse cultures and progressing
forward hand-in-hand.

Visamane is a cloud service that reduces
the “stress and difficulty ” involved with thecomplicated procedure of managing foreign
workers. The service entails support for labor
management duties of HR and on-site managers,from initial employment of foreign nationals
through to their retirement, enlisting services that
extend from checking for counterfeit residencecards on behalf of companies that employ
foreign nationals to fully integrated services thatencompass making hiring decisions and keeping
track of visa expiration status.

ENPORT seeks to function as a service andcompany that entices people to come to Japan
enlisting WILL GROUP’s support, by helping
to eliminate inequalities that may arise solely
because one is a foreign national.

The ENPORT services assist foreign nationals
seeking medium- to long-term residency inJapan by helping to create environments thatenable such foreign nationals to live in Japan
with peace of mind through the service’s onestop solutions for coping with complicatedpaperwork and contracts after arrival in Japan.
Specifically, ENPORT service offerings include
communications, real estate brokerage, rent
guaranty, intermediary for setting up bankaccounts, and Japanese language education.
Foreign nationals from various countries turnto our services, making use of our multilingual

Initiative

documents,” thereby enabling companies toreduce administrative workloads by as much as
90% while helping to curb risk of “facilitating illegal
employment” when hiring foreign nationals.
Now that the authorities are beginning to easeand abolish entry restrictions imposed on
foreign nationals, we will create opportunities for
active employment of job seekers irrespectiveof nationality by extending these services tocompanies that hire foreign nationals.

Sustainability

call center which provides explanations oncomplexities of various types of contracts, rules
for living in Japan, and other such information.

Top Message

01

Strategy

The “Counterfeit Residence Card Screening App,”one of the features of the Visamane service, enables
users to readily check whether or not residencecards contain falsified details. The app works byconfirming the presence and type of microchip
embedded in residence cards and comparing
scanned data with original documentation. The
service is also equipped with multiple functions
that include “automatic notification of visa renewal
alerts” and “automatic preparation of government

03

We aim to help bring about growth of people
and companies by embracing diverse culturesand persistently creating opportunities for
employees to play active roles irrespective of
nationality. As a company that provides humanresource services, our efforts extend beyond
those involving recruitment of foreign nationals
to also encompass support of companies thathire such employees. In that capacity, we arecommitted to contributing to the developmentof abundant communities that are inclusiveof foreign nationals while concurrently
facilitating achievement of personal fulfillment

through employment, thereby taking on arole that is beneficial to their home country.
Group company WILLOF WORK, Inc.
has been designated as a registeredsupport organization for specified skilled
foreign workers (registration number: 19登-000231), certified by the Commissionerof the Immigration Services Agency ofJapan, which operates as an externalbureau of the Ministry of Justice.
As such, we are able to take on services underJapan’s Specified Skilled Worker Program.

For pre-employment, such support services
include arranging pick-up and drop-off uponentry to and departure from Japan as requiredof employers hosting foreign nationals, andsecuring suitable accommodations. For postemployment, such support services include
handling consultation regarding workplacesand daily life, and contacting government
agencies. This entails offering fully integrated
services particularly in partnership with theGroup’s overseas branches. Meanwhile, when
there is a need to address issues in Japan,
given our prevalence of offices nationwide,

we are able to take action including sameday visits to sites of employment. Also, we
employ many foreign nationals in-house, whichenables us to provide substantial support
to foreign contract staff who lack Japanese
language proficiency. With respect to Japan’sTechnical Intern Training Program, we maintaincontact with supervising organizations
and sending organizations designated by
the Company, striving to ensure that both
employers and foreign technical interns areable to access the program with peace of mind.

GovernanceContracted employment management services for specified skilled workers and technical interns

Data

WILL GROUP INTEGRATED REPORT 2022

Initiative

Who we are

Sustainability

16

Who we are

Sustainability

Bringing Positive Change to the World With Our Partners.

WILL Heart Association

The Great East Japan Earthquake was the catalyst for the founding of WILL Heart Association, a voluntary organization whose members are drawn from employees of
WILL GROUP. The Association is involved in a range of initiatives, such as donations using a matching gift system and support activities for creating opportunities thatwill make children excited about their future.

Extracurricular lessons from the “I screwed up” teacher

Online English conversation

The Association holds extracurricular lessons in which employees of theGroup share anecdotes of their own failures to the children, and discuss what
they learned from the experience. Having emerged from our desire to give thechildren hints and tips, however small, on how to approach life, this program
prompts children to think about their futures and provides opportunities forparticipating employees to gain a sense of their own growth.

The Association arranges online English conversation lessons taught byemployees of the Group. Through these lessons, the teachers bring about
positive change for the children by enabling them to enjoy English andstimulating their interest in the world outside Japan. In the past, we have alsoorganized tour programs where children served as English-speaking guides
in showing foreign employees of the Group around communities.

Our Career Supporter Squad program is geared to university students whoare concerned about their future career paths and are seeking answers interms of determining career options and identifying their interests. To suchends, Group employees serve on the Career Supporter Squad for roughly
one month during which time they hold “getting to know yourself” lessons
involving coursework and dialog with the aim of having students reflect on
their past and present situations while also looking toward their own futures.

Initiative

02

Donation results

FY3/20FY3/21

FY3/22

Number of people

541

451

389

Number of units ofmatching gift

2,642 units

2,130 units

1,858 units

Donation amount¥5,799,877¥5,076,550¥4,663,150

Initiative

Governance

Career Supporter Squad

Sustainability

0103“and WILL” matching gift system

WILLOF Foundation

In August 2022, the Group established a new matching gift system premised on its desire to exemplify its
mission to become a “change agent group” that brings positive change to individuals and organizations,even outside the realm of its operations and business. The matching gift system entails arrangements
whereby the Group solicits and matches financial donations from employees
when a natural disaster strikes, thereby enabling a system of making direct
donations to local governments and organizations that embodies the sympathiesof both employees and the Group. The word “WILL” in the “and WILL” matchinggift system refers to WILL GROUP, and the name embodies our desire to closelyalign with various people and communities, along with our desire to demonstrate“WILL” toward people and society in terms of our commitment to a better future.

The Group has been engaging in operations primarily focused on human resources services for roughly
25 years. In the course of facilitating employment of many individuals, we have met many people who
opt for employment as “temporary workers” in alignment with their own goals. We believe that supportof such people is important for us as a human resources service company which offers “working style”
options. The foundation’s first call for entries culminated in our providing support for endeavors of fourindividuals who are taking on challenges of achieving their dreams in the sports and entertainment/
arts category, while concurrently making ends meet through employment as temporary workers. In
supporting temporary workers aiming to achieve their dreams and goals in terms of their willingness totake on challenges, the WILLOF Foundation accordingly aims to realize the “Chance-Making Company”
vision of our Group companies while also helping give rise to a positive society where everyone is able totake on new challenges.
WILLOF Foundation Official Website: https://willof-foundation.or.jp/

Data

WILL GROUP INTEGRATED REPORT 2022

Initiative

Strategy

It would not be feasible for us to tackle all of our goals on our own, and so cooperation with partners is essential. In order to explore resolutions not only of the Group’s own materiality
issues but also of various social issues, we will cooperate with partners to bring positive change to the world.

Top Message

Working with all kinds of partners, we will bring positive change to the world.

17

Sustainability

The Group supports and respects international standards related to human rights, suchas the International Bill of Human Rights, Children’s Rights and Business Principles, ILO
Declaration on Fundamental Principles and Rights at Work, and the Guiding Principles on
Business and Human Rights. We strive to prevent or reduce negative impact on humanrights, including discrimination, violence, sexual harassment, and power harassment, for all
stakeholders involved in our business activities.

The Group strives to avoid any act that would discriminate or violate human rights for reasons ofgender, age, disabilities, nationality, race, gender identity, or religion. Aiming for a workplace thatis without discrimination and comfortable for all people, we strive to promptly grasp, resolve, andprevent human rights issues through employee training and the establishment of a hotline.

Company policies related to freedom to form labor*Discrimination refers to allowing different opportunities or treatment in employment, promotion, remuneration, and training basedon factors outside of those logical, such as individual skills, aptitude, and results. For example, people may be discriminated against
for race, ethnicity, nationality, place of origin, skin color, age, gender, sexual orientation, disabilities, religion, political views, union
membership, and marital status. Also, unequal opportunities and treatment because of health exams and pregnancy exams can beviewed as a discriminatory act.

03 unions and support of collective bargaining rights

04 Appropriate compensation

The Group complies with local laws and respects the rights of employees to form labor unions inaccordance with laws and regulations, choose whether or not to join such unions, and collective
bargaining rights. The Group will not discriminate against employees due to the use of these rights.

The Group verifies that compensation exceeds the minimum wage based on national andlocal laws and regulations in an effort to avoid violating labor hour regulations.

Top Message

02 Elimination of discrimination*

Sustainability

01 Respect for international standards

Strategy

The Group has set a mission to be a “change agent group” that brings positive change to individuals and organizations.
We believe that we can create a better society by ensuring the positivity of people encouraging, lifting up, and touching others outweighs thenegativity of people hurting people. We aim to spread awareness about the importance of respecting human rights in order to achieve this.

The number of foreigners working in Japan is increasing year by
year. However, according to the Cabinet Office’s “Public Opinion
Survey on Human Rights Promotion and Protection” human rights
issues are occurring including “difficulties accepting differences incustoms and habits” and “unfair treatment during hiring process
and at workplaces.” Furthermore, the media has covered a rangeof serious problems including the illegal employment of foreign
contract staff and poor work environments.
Amid these conditions, in factory outsourcing, a profit maximization
domain for the Group, we are regularly involved with foreign
contract staff through our permanent placement and contracted
employment management support services.
Of the many types of residential statuses, most foreigners havepermanent resident, fixed resident, study abroad (activities outside

status permitted), or specified skilled worker residential status.
We provide training for our employees involved with foreign
contract staff to understand the residential statuses and Japan’sSpecified Skilled Worker Program, regularly visit the companies
hiring foreign workers, and work to confirm and improve bothworking conditions and work environments. We also work to
resolve not only concerns or dissatisfaction that foreign contract
staff have with their jobs, but also problems they face living inJapan, providing support for them to work and live comfortably
and safely.

or illegal employment, we use our foreigner labor management
system “Visamane” developed in-house to regularly check
residence cards and to monitor and limit working time, ensuring
thorough management after foreigners enter Japan. Additionally,
to strengthen management prior to entry into Japan, when working
with local sending organization, we only work with organizations
with positive reviews from foreign contract staff among the list ofsending organizations authorized by the Japanese government. In
this way, we do everything possible to eliminate the risk of illegal
stays and illegal employment.

To provide sufficient support to foreigners who are not yet
comfortable with the Japanese language, when communicating, wearrange for other employees from their home country to be present.
Furthermore, so foreign contract staff do not engage in illegal stays

With our longstanding experience in the HR business and our
employees who are adept in supporting foreign contract staff, we
carry out our business activities with attention to preventing unfair
treatment based on nationality and of respecting human rights.

GovernanceInitiatives related to foreign contract staff

Data

WILL GROUP INTEGRATED REPORT 2022

Human rights
policyWho we are

Initiatives in Relation to Human Rights

18

Sustainability

Based on the “Green Value Chain Platform” of the Ministry of the Environment and the Ministry of
Economy, Trade and Industry, we calculate Scope 1 and 2 GHG emissions at WILL GROUP, INC.
and our domestic consolidated subsidiaries. The emission sources applicable to each Scope areas follows. We are also considering reviewing the items included in the calculation target of ourcurrent scopes and calculating Scope 3.

Scope

1

CO2 emissions through thedirect use of gas in offices

Scope

2

CO2 emissions through theuse of electricity in offices

Risks and opportunities in the climate change issue (as of October 1, 2022)
Important risk andopportunity items

Transition
risks(t-CO2e/year)

Achieved

8.4%

reductions
compared
to FY 3/20

800

700

Achieved

13.1%

reductions
compared to
FY 3/20

Reduction
targetcompared to
FY 3/20

10%

Reduction
targetcompared to
FY 3/20

 nvironmental target “Reducing total CO2 emissions byE
20% by FY 3/31 compared to FY 3/20 levels”
Elimination and consolidation of branches
Introducing flexible workstyles including telework
Initiatives to reduce electricity use (CoolBiz/WarmBiz)

Mandatingemissions reporting

Increased operating costs(monitoring costs, third-party
organization inspection costs)

–

Small

Seek monitoring methods using DX

Increased concern

Decrease in employee retention rate.

from stakeholders

ability to attract customers

–

Small

 isclosure of initiatives to combat environmentalD
issues such as climate change (sustainability initiatives
disclosed on our website)Gauge customer evaluation by research using NPS, etc.

Acute

Severe increase in
extreme weather
conditions suchas cyclones andflooding

When health and safety cannot
be maintained and conditions
preventing work continue, earnings
are lost, and costs increase

Large Large rganizing our emergency disaster response and ourOreporting lineDisaster response communication network (safety
confirmation communications)
Distributing disaster pocket manuals
BCP/BCM formulation
Implement disaster response training

Chronic

Rising averagetemperatures

Reduced earnings and increased
costs due to negative effects on thelabor force

Small Small urther promotion of workstyle reforms
FChanging over to electricity produced form natural energy, etc.
Designing offices with high air-conditioning efficiency
and researching ZEB-compliant buildings

Use of more efficienttransportation
methods (modal shift)With the promotion of changing
workstyles, reducing CO2 used intransportation and reducing resources
through the transition to paperless

–

Small

Establishment of work from home system ompany-wide application of online meetings and chat toolsCAccelerating the shift to telework through thedigitalization of operations, including digital contracts

Transitioning to highefficiency buildings

Implemented health and safety
policies, boosting employee
satisfaction. Reduced GHG-related
costs and operating costs

–

Small

 esearching ZEB-compliant buildings and runningRsimulations
Gauged through well-being surveys and health andemployee satisfaction surveys

Developing andexpanding lowemission products
and services

Increasing demand for online
services–

SmallIntroducing online interviews
Providing the “ZaITact” service for supporting callcenter work at home

Changes in consumer
preferences

Customers choose us overcompetitors because of ourdecarbonization initiatives

–

Small

 roactive initiatives for addressing climate changePProactive information disclosure on our climate change
initiatives

laws andregulations

Physicalrisks

Resource
efficiency
Opportunities
Products
andservices0
FY3/20(Actual)FY3/21(Actual)FY3/22(Actual)FY3/25(Medium-term targets)

FY3/31(Long-term targets)

Main response policies

Small

Evaluation or negative feedback Getting undervalued, with decreased

600

Financial
impact4°C 2°C
–

20%

500

Scenario

Increased electricity costs due tointroduction of carbon taxes

Increased GHG
Policies and emission prices

CO2 reduction targets through the fiscal year ending March 31,
2031 and results (CO2 total emissions Scope 1 + 2)
CO2 total emissions

Specific
examplesTop Message
Sustainability

Trends in greenhouse gas (GHG) emissions

Strategy

The Group has established a target to “reduce total CO2 emissions by 20% by the fiscal year ending March 31, 2031, compared to thefiscal year ended March 31, 2020. This applies to not only the CO2 emitted from the offices, but also CO2 from employee’s businessactivities and through the service’s entire life cycle. We will perform wide-ranging activities to prevent global warming while working
with clients, business partners, and employees.

Governance

WILL GROUP INTEGRATED REPORT 2022

Targets

In order to sustainably and safely protect the global environment, through reduction of energy use, the Group will proactively take efforts
toward addressing climate change, reuse of resources and the conservation of biodiversity.

Data

Environmental
policies

Who we are

Initiatives for Addressing Climate Change

19Medium-Term Management Plan
Who we are

WILL-being 2023

Strategy

Utilizing digital shift to improve productivity

Use digital technologies in the Temp area and maximize and optimize
employment opportunities with actions centered on productivity
improvement and stability of the business. (“Temp” is temporary
staffing and outsourcing.)

Strategy

Financial strategy

Work to improve shareholder returns while maintaining growthinvestment by enhancing our financial soundness and capital efficiency.

(YoY change)

FY3/20121.9billion¥(+18%)

Selling, general andadministrative expenses(Up-front investments included)

Operating profit

118.2billion

¥

(+3%)

¥

4.14billion¥¥(+3.4%)

FY3/22131.0billion¥(+11%)

20.3%

21.4billion¥

FY3/23140.0billion

¥

(+7%)

21.9%

22.6%

23.5billion¥

5.47billion¥

20.4billion¥

4.03billion¥(+3.4%)

Sustainability

Forecast

FY3/21

20.8%

Gross margin(Operating margin)

Financial indicators

Strategy

Revenue

Searching for next strategic investment domain

Search for the next strategic investment businesses through repeatedtrial and error. Work to enhance our future consolidated operating
margin by searching for businesses with high operating margins.

Results

KPI (Key Performance Indicators)

Utilizing portfolio shift to improve profitability

Maximize and optimize growth opportunities through Perm SHIFT.
(“Perm” is permanent placement and temporary staffing for highly
specialized fields.)

Strategy

Top Message

Numerical
targets

25.9billion(¥1.0 billion)(+4.2%)

StrategyKeystrategies

Expanding the portfolio in the highly profitable Perm area and raisingproductivity in the Temp area to enhance profitability and establish ahighly profitable corporate structure.

(¥1.3 billion)

5.60billion(+4.0%)

ROIC

14%

14%

17.9%

18.6%

Ratio of equity attributableto owners of parent to total
assets

11.7%

17.7%

21.8%

24.8%

Total payout ratio

25.1%

22.9%

23.6%

30.2%

Governance

WORK SHIFT Strategy toestablish a highly profitablecorporate structure

Data

Basic
policyProfitability indicators

WILL GROUP INTEGRATED REPORT 2022

The Group believes it is necessary to alter its earnings structure in order to achieve sustainable growth, and has
positioned the Plan as the foundation-building phase of this initiative. The basic policy incorporated by the Plan is
our WORK SHIFT Strategy, which aims to utilize a portfolio shift and digital shift to improve the operating margin
and achieve a highly profitable corporate structure.

20

Medium-Term Management Plan

Key strategies

6%

Gross profit

CAGR

12%

Operating profit CAGR

Strategy

Utilizing portfolio shift toimprove profitability

 xpansion of Perm area (“Perm” refersE
to permanent placement, and temporary
staffing for highly specialized fields). In
particular, we will focus on the domains of
nursing care, construction management
engineers, and HR support for startups.

Domestic WORK Business and Overseas WORK Business

Strategic investment domain, profit
maximization domain

15%

Details

Indicators

 trategic investment domain: Revenue
S
growth rate

Progress in 1Q FY3/23
Strategic investment domain

Construction: (Increase in new graduate and mid-career hires without experience) ursing care: (The retention rate of people hired in the shokai yotei haken (temporaryN
to-permanent placement) category is high, as expected, but this has not led to an
expansion of permanent placement for those without experience. Accordingly, we
moved away from active promotion and positioned it as just one part of our service
lineup, while changing our strategy to one focusing on permanent placement.
Employees and other resources were shifted to the temporary staffing division.)
Human resources support for startups: (strong performance)
Profit maximization domain rofit maximization domain: OperatingP
margin omestic WORK: (Improvement in gross margin and operating margin resultingDfrom the assessment of economic conditions, etc.)
Overseas: (A steady rise in the base level, even after excluding forex impact)Improve productivity per capita throughdigital shift.

 ontinued to improve the functionality of the WILLOF smartphone app (shift toConline applications, etc.). Launched “Manned chat support” in April 2022.

 xpand services for foreigners in Japan.
EE xpand services for IT personnel.
In HR Tech, we are exploring
opportunities in sectors adjacent to ourmain businesses.

 echnical interns and specified skilled foreign workers arrived in Japan in May
T
2022, but services for foreigners in Japan undershot initial expectations.
In services for IT personnel, both temporary staffing and permanent placement
grew steadily.
Product under development for services, etc. to be provided to construction
management engineers.

 atio of equity attributable to owners
Rof parent: 20% or higher
ROIC: 20% or higher (cost of capital ataround 10%)
Total payout ratio: 30% or higher

 atio of equity attributable to owners of parent was 23.5% at the end of 1Q
R
FY3/23.
Aiming to achieve ROIC by overshooting operating profit.
E xpected total payout ratio for FY3/23: 30.2%

Utilizing digital shift toStrategy improve productivity
Domestic WORK Business and Overseas WORK Business

FY3/23 earnings forecasts

Profit maximization domain(FY3/20-FY3/23)

RevenueCAGR

9%Gross profit

CAGR

15%

Operating profit CAGR

Strategy

CAGR

Top Message

Summary of progress in the Medium-Term Management Plan (WILL-being 2023)(FY3/20-FY3/23)

Revenue

In terms of our financial targets, our equity increased as financial
results for the fiscal year ended March 31, 2022 exceeded profit
targets in our current Medium-Term Management Plan, and ourratio of equity attributable to owners of parent to total assets
was 21.8% as of the end of March 2022 (+4.2 points comparedto the previous fiscal year), exceeding our target of 20.0%. In
addition, for the fiscal year ending March 31, 2023, we plan toincrease the dividend by ¥10 per share to ¥44 (ordinary dividendof ¥44). In that event, the total payout ratio would be 30.2%.
Our current outlook for ROIC for the fiscal year ending March
31, 2023 is 18.6%, due to an increase in invested capital. Goingforward, we aim to achieve our target of 20.0% by reviewing ourinvested capital and other measures.

GovernanceAt time of Medium-Term
Management Plan announcement

In terms of the digital shift, we are continuing to improve thefunctionality of the WILLOF smartphone app, including shifting
to online versions of the various applications for temporary
staff. We are also working toward streamlining by integrating

our consolidated subsidiaries and by standardizing systems at
our overseas subsidiaries.

Sustainability

In our portfolio shift, the nursing care domain and construction
management engineer domain are particularly important.
First, in the nursing care domain, in our initial strategy we
expected growth in the shokai yotei haken (temporary-topermanent placement) category. However, the retention
rate of people hired in the shokai yotei haken (temporary-topermanent placement) category is high, as expected, but
this has not led to an expansion of permanent placement for
those without experience. Accordingly, we moved away from

active promotion and positioned it as just one part of ourservice lineup, while changing our strategy to one focusingon permanent placement. In the construction management
engineer domain, we doubled the number of new graduate
hires without experience from the previous fiscal year. As
a result, we have built a system to hire a combined total of
1,000 new graduates and mid-career hires (with and without
experience) and have aligned our sales and hiring platform for
future growth. We have maintained our retention rate at around70%, and we plan to increase it further by strengthening ourtraining and follow-up system.

18%

Strategy

Searching for next strategic
investment domain
Exploratory domain

Strategy Financial strategy
For the Group as a whole

Data

WILL GROUP INTEGRATED REPORT 2022

In terms of results in the fiscal year ended March 31, 2022
for our Medium-Term Management Plan “WILL-being 2023”
announced on May 12, 2021, we have achieved our targets for
operating profit and operating margin and aim to achieve all ourgoals for the fiscal year ending March 31, 2023 including our
key strategies.

Who we are

Progress and final year outlook for our Medium-Term Management Plan

21

The Group offers human resources services in Japan and Overseas.
By dividing the businesses into five domains and optimizing the structure of the business portfolio, we will improve overall profitability,
achieve the optimal allocation of management resources, and enhance investment efficiency.

Exploratory
domainBusinesses that may become future core
activities of WILL GROUP (businesses withgood prospects for an operating profit or
margin of at least a certain level) and where
decisions need to be made about making
investments.

Assessment
and decision
domainWithdrawal
domainBusinesses in the exploratory domain thatwere not able to achieve the KPI and, asa result, a decision must be made about
whether to continue or terminate operations.

Businesses where preparations to stop
operations must begin quickly because there
are no prospects for achieving the necessarylevel of operating profit or operating cash
flows in the future.

Search for next strategic investment domain
OperatingmarginDomestic WORK
Business (Key businesses)IT
personnel

ForeignworkersHR
Tech

Revenue
growth rate

Selectedfor eachbusiness

Priority is top line growth

Construction
management
engineer

Degree of achieving
target operating margin

Assessment and decision domain
Decision to stop or continue businesses
Overseas
WORK

Selectedfor eachbusiness

Domestic WORK Business(Stable earnings businesses)

Permanent
placementof athletes–

HR
supportforstartups

Nursingcare

Sustainability

Businesses that are to become core activities
of WILL GROUP from a medium/longterm perspective and receive substantial
investments for growth.

Strategic investment domain

Strategy

Strategic
investment
domainMarket growth rate

Exploratory domainRealestateServicesusing
videosALT
staffing

Withdrawal domain
Consider withdrawal or collaboration withanother company by using a business carve-out

FactoryCallcenterSales

Governance

WILL GROUP INTEGRATED REPORT 2022

Businesses where the operating margin is
Profitincreased by placing priority on improving the
maximization
gross profit margin and productivity rather
domainthan revenue and market share growth.

Performanceindicators

Profit maximization domain
Improve productivity and the operating margin
Data

Positioning

Top Message

Who we are

Business Portfolio

22Strategic Investment Domain

Director of WILL GROUP, INC.
President and Representative Director of
WILLOF CONSTRUCTION, Inc.

Yuichi Sumi
SWOT analysis
Hiring capabilities cultivated throughintegrated Group hiring
Human resources with abundant
experience in the staffing industry
Has developed locations nationwide
Development capabilities startingwith certification acquisition

Strengths
Opportunities
Large market scale in theconstruction industry
Increased infrastructure building
demand spurred by national
resilience polices
Increased construction demand for
expanded use of renewable energy

Shortage of human resources
with abundant experience in theconstruction industry
Shortage of human resources thatcan work with the latest technologies
such as BIM and drones
Gaps in results by region

Operating profit / Operating margin(Millions of yen)

(Millions of yen)

10,000

400
8,300

8,000

W Weaknesses

6,000

O

Threats

4,000

240
200

0

5,786

Operating profit

31

1.0%

Operating margin

39

0.7%

Top Message

Trends in experienced andinexperienced workers(Persons)

8

1,500

4

1,200

0

900

(4)

600

Inexperienced workers

Experienced
workers

1,286

5.0%

862

854

5,275
4,806

380
(200)
(5.2)%

3,210
Delayed construction projects due to
conflicts and COVID-19
Reduction in personnel expenses
caused by tight costs for our clients
Insufficient number of workers hired
due to the increasing job openingsto-applicants ratio

How can we ensure that they haveconfidence in their work? How can we createhuman relationships? With these questions
in mind, we will step up efforts to enhance
our follow-up system for engineering
employees, perform analysis throughjob satisfaction surveys, and strengthen
development for certification acquisition.

Sustainability

With the increase in the active job openingsto-applicants ratio and increasing hiring
difficulty, there were months in which thenumber of workers starting work fell below
plans, but by maintaining high retention
rates, the number of engineering employees
is increasing according to plan. As a result,
we are making steady progress.

Net sales

S

T

Conditions in the current fiscal year
and progress in the medium-term
management plan

The key theme in our strategy is engineering
employees first, and we are most focused on
their job satisfaction. This is because without
job satisfaction, we lose employees andare unable to create a sense of ambition.
Especially inexperienced workers do not
fully believe in their possibilities, and there
are many cases of them deciding whether
they are suited for the job or not too early.

Strategy

Maximizing theempowerment of
inexperienced workers
and contributing to thesustainable development of
the construction industry

The construction industry has long had
the two major issues of chronic personnel
shortages and aging throughout the entire
industry. To resolve these issues, theempowerment of inexperienced workers
starting with younger workers and women isessential, and it is important to create work
environments to maintain their motivationand to support the building of careers witha future. We are working to promote theempowerment of inexperienced workers bysupporting the acquisition of basic knowledge
and certifications in construction management
operations by providing learning opportunities

We are working to resolve issues througha cooperative approach among the manyengineering employees with a strong senseof mission, our clients who share our spirit ofchallenge, and ourselves.

Medium- to long-term strategy andfuture policy

Governance

WILL GROUP INTEGRATED REPORT 2022

Japan’s best at creating experts from theinexperienced. Outperforming the restof the industry in turning inexperienced
workers into valuable contributors. This is
the future that we envision.

for accredited construction management
engineers and through career building support
by assigning dedicated career-support
representatives to each engineering employee.

2,000

(400)

0

(600)
FY3/19 FY3/20 FY3/21 FY3/22 FY3/23(Forecast)(9.7)%

47
451

(8)

300

(12)

0

451

562
515

625
93
532

474

424

(430)

(559)
FY3/19 FY3/20 FY3/21 FY3/22 FY3/23(Forecast)

Data

Positive changes to be provided (vision)

Who we areConstruction management engineer domain

FY3/19 FY3/20 FY3/21 FY3/22 FY3/23(Forecast)23

Strategic Investment Domain

Hironobu Takeda

SWOT analysis

Net sales(Millions of yen)

Strengths
Opportunities
Increasing number of companies
receiving foreigners
Expanded subsidies for nursing
care personnel
Revitalization of the healthcare
industry

Insufficient back-office functions
for area expansion
Insufficient sharing of marketingknow-how(Millions of yen)
14,76013,218Operating profit

800

Operating margin
4.8%

13,678

5

640

300

9,889

S

W Weaknesses

9,000

O

Threats

6,000

320

3,000

160

T

Increasingly competitiveenvironment
Shortage of workers due to thedeclining birthrate and the aging
of society
Reduction in demand for
temporary staffing caused by theincrease in minimum wage

480

1.9%

3.0%

2.9%

360

381

3
200

2.2%
2

296

Japan’s Specified
Skilled Worker
Programestablished in April
2019

100

187

1
49

0

0
FY3/19 FY3/20 FY3/21 FY3/22 FY3/23(Forecast)0
FY3/19 FY3/20 FY3/21 FY3/22 FY3/23(Forecast)

Top Message(Cases)400
365

4Sustainability

Number of concluded placement contracts
for specified skilled foreign workers

710

12,05512,000We are further expanding our placement andemployment support services of specified
skilled foreign workers. Furthermore, we will
have classes for both Japanese and foreigners
at our nursing care qualifications schools to
produce nursing care workers. By increasing
the choices that we can provide to people withdifferent attributes such as employment type,nationality, and work history, as well as needs,
we aim to be the company continuouslychosen by job applicants . We are also working
to support the introduction of ICT and are also
contributing to the resolution of industry issues
outside of human resources services.

Operating profit / Operating margin

15,000Has developed locations nationwide
Established knowhow in supporting
the employment of foreigners
Support from the WILLOF
Care Academy for acquiring
qualifications

Medium- to long-term strategy andfuture policy

Strategy

Executive Officer of WILL GROUP, INC.
Director of WILLOF WORK, Inc.

We have experienced delays from our initialplans due to the decrease in the numberof newly registered temporary staff and theaverage number of working days due to
COVID-19 and from the impact of negative
factors such as increased legal welfare
expenses. The scale of shokai yotei haken(temporary-to-permanent placement) , which
we have strengthened since the previous
fiscal year, has declined due to less support
from customers and job applicants thanoriginally expected, and we are focusing on
permanent placement. In terms of foreign
human resources, we have produced a certain
level of results and accumulated knowhow
in the placement of job applicants residing inJapan, even with Japan’s entry restrictions.

0

0

0

Governance

Creating innovation on thefrontlines of nursing carethrough integrated humanresources services and ICT
introduction support

Using the customer and sales platform
cultivated in the staffing business at
WILLOF WORK, Inc., in recent years wehave focused on permanent placement,
support for accepting foreign personnel
and our nursing care qualifications schools.
Our mission is for anyone who chooses ourCompany, be they Japanese or foreigners,
experienced or inexperienced, to have afeeling of self-efficacy and fulfillment throughthe work of nursing care and to provide as
many opportunities as possible for them toenvision their careers. While a discussion
has begun over revising the nursing care
worker placement standards set forth by
the Japanese government, the nursing careindustry cannot avoid the introduction oftechnologies and data use, and the Company
is working to support their introduction.

Because the easing of entry restrictions toJapan in the spring of 2022 revitalized hiring
activities overseas, we expect further growthin the foreign human resources domain.

Conditions in the current fiscal year
and progress in the medium-term
management plan

Data

WILL GROUP INTEGRATED REPORT 2022

Positive changes to be provided (vision)

Who we are

Nursing care domain0

FY3/19 FY3/20 FY3/21 FY3/22 FY3/23(Forecast)24

Profit Maximization Domain

 bisun (Shanghai) Human
E
Resources Co., Ltd.
 he Chapman
TConsulting Group Ltd he Chapman
TConsulting GroupGmbHOur core permanent placement andtemporary staffing businesses continue
to drive results, and we are developing
our business by selecting secondary
HR-related services by consideringcommercial, practical, and financial
rationality.

WILLOF Vietnam Company Limited
 ILL GROUP Asia Pacific Pte. Ltd.
W
Good Job Creations (Singapore) Pte. Ltd.
Scientec Consulting Pte. Ltd.
Oriental Aviation International Pte. Ltd.
Oriental Aviation Engineering Pte. Ltd.
Global Staffing Solutions Pte. Ltd.
Beathchapman Pte Ltd
EBC Connect Pte Ltd
The Chapman Consulting Group Pte. Ltd.

ChapmanCG Inc.

 thos BeathChapman
E
Hong Kong Limited
The Chapman Consulting
Group Ltd.
 ne Mine Malaysia Sdn. Bhd.
O
Asia Recruit Holdings Sdn. Bhd.
Agensi Pekerjaan Asia Recruit Sdn. Bhd.
Agensi Pekerjaan Asia Recruit (Melaka) Sdn. Bhd.
Agensi Pekerjaan Asia Recruit (Johor) Sdn. Bhd.
Asia Recruit Management Sdn. Bhd.

 thos Beathchapman Australia Pty Ltd
EDFP Recruitment Holdings Pty Ltd
DFP Recruitment Services Pty Ltd
DFP Business TrustChapmanCG Pty Ltdu&u Holdings Pty Ltdu&u NSW Pty Ltdu&u Pty Ltd
Quay Appointments Pty Ltd

Top Message

Medium- to long-term strategy andfuture policy

The Chapman Consulting Group
Shanghai Ltd.

Sustainability

Matthew Raymond Beath

For a while, the hiring market in the Asia
Pacific region rapidly deteriorated fromthe impact of COVID-19, but it is currently
in a trend of recovery, and extremely
good conditions are being maintained.
This is because many companies haveadopted new, flexible workstyles such

In our results for the first half of the fiscal
year ending March 31, 2023, we maintained
extremely strong levels due to increased
demand for our services with the favorable
market conditions. This is also because
we deploy a wide range of both permanent
placement and temporary staffing businesses
for major sectors, and because we cover
many countries and regions and do not relyon specific markets. However, we are starting
to see signs of change in the employment
market, and we expect challenging economic
conditions in the second half.

With “maximizing the possibilities ofcompanies and their employees” at thecore of our strategy, we provide thenecessary support to companies and theiremployees to execute their strategies. We
also ensure that the autonomy of each
deeply experienced management team is
not lost, while striving to create synergies
among companies.

Strategy

CEO of WILL GROUP Asia Pacific Pte. Ltd.

Conditions in the current fiscal year
and progress in the medium-term
management planas telecommuting, which in turn createdworking opportunities for job applicants insegments that we previously did not cover.

GovernanceMaximizing thepossibilities of companies
and their employees

WILL GROUP Asia Pacific Pte. Ltd.
provides HR services through nine brands,
employing more than 600 employees across
six continents. Our international businessdeployment has the power to transform
local communities where people live andwork, and we provide support so that a wide
range of companies and organization cansecure and nurture superior, sustainablehuman resources. By providing people withmeaningful work, we improve the qualityof their lives while also contributing to theresolution of unethical hiring practices
such as poor work environments, hiring
discrimination, and wage gaps, as well as to
the resolution of social issues.

Outside of work, we are also very actively
engaged in providing opportunities foreach employee to constantly grow asa person, through such activities as
fundraising for pediatric emergency carecenters and regular meal service for thehomeless.

Data

WILL GROUP INTEGRATED REPORT 2022

Positive changes to be provided (vision)

Who we are

Overseas WORK Business

25

Sales outsourcing

Call center outsourcing

Factory outsourcing

SWOT analysis

SWOT analysis

SWOT analysis

T

WILL GROUP INTEGRATED REPORT 2022

Increased specialization andoutsourcing demand
Increased sales opportunities due
to revenge spending
Intensifying competition toacquire customers amongtelecommunications carriers(Millions of yen)

Net sales

2,000
22,20820,000

Reduced number oftelecommunications carrier shops
Reduced sales promotion fees due
to lower telecommunication fees
Reduced number of average
working days due to COVID-19

20,660

1,874

1,864

23,15019,046 19,517

Operating profit
Operating margin(Millions of yen)

25,000

Opportunities

1,614

1,600 1,538

1,468
8.1%

15,000

1,200

6.9%

9.1%

WeaknessesO

Threats

T

Expanded telemarketing market
Increased call center demand due
to COVID-19
Increased specialization andoutsourcing demand(Millions of yen)

10

S W

Net sales
18,4208

16,000 15,724 16,459

16,866 17,041

1,200

6

12,000

900

4

8,000

600

5,000

400

2

4,000

300

0

0

0

1,176

O

T

Net sales(Millions of yen)10

25,0008

20,000FY3/19 3/20 3/21 3/22 3/23
(forecast)

833
5.3%

6.7%

6.9% 7.1%

1,500
20,585
18,315

Operating profit
Operating margin

19,11015,000

1,450

1,408

1,039

1,001

900

10,000

600

2

5,000

300

0

0

FY3/19 3/20 3/21 3/22 3/23
(forecast)

5.0%

8
7.6%

4.9%

4
2

0
FY3/19 3/20 3/21 3/22 3/23
(forecast)

6

6.9%

5.9%

4

10

1,258

1,200

6.1%

0
FY3/19 3/20 3/21 3/22 3/23
(forecast)6

Threats(Millions of yen)

23,74520,885

Weaknesses

Reduced temporary staffing
demand from reduced production
due to COVID-19
Intensifying competition environment
due to more companies becoming
active in specialized skill registration
support operations

999

800

FY3/19 3/20 3/21 3/22 3/23
(forecast)

1,131

S W

Increased temporary staffing
demand for food manufacturing
due to stay-at-home demand
and an increase in two-income
households
Easing and elimination of entry
restrictions due to COVID-19

1,300

10,0000Operating profit
Operating margin

1,500

8.3%
7.7%

Opportunities

Reduced number of average
working days due to COVID-19
Severe hiring environment due torising job openings-to-applicantsratio(Millions of yen)

20,000Strengths

Sales scheme not established
for temporary staffing orders forforeigners
Increased costs from use of
external system for management ofspecified skilled foreign workers

0
FY3/19 3/20 3/21 3/22 3/23
(forecast)

Positive changes to be provided (vision)

Positive changes to be provided (vision)

Positive changes to be provided (vision)

With a mission of “Continuing to respond to the expectations of people
and companies with various services in the sales and business domains
to become the industry’s top sales support company” by the fiscal year
ending March 31, 2030, we are developing services in the three fields oftelecommunications, sales support, and apparel Through services in these
domains, we are generating sales and business results for our clientsand contributing to enhanced corporate value. We provide opportunities
for advancement for temporary staff and specialist employees including
career changes from sales staff to sales representative and careeradvancement from sales staff to sales supervisor.

With “Evolving toward CRM total service” as our mission, we will
provide one-stop call service to our clients including temporary
staffing, permanent placement, and insourcing/outsourcing, as we
aim to become only one in the market. Furthermore, by increasing
the number of remote temporary staff and supporting careeradvancement from operator to SV, we will promote flexible workstyleand provide opportunities for growth.

We have established our mission of “Providing borderless
opportunities for growth and happiness with a strong sense of
purpose and individuality –Chance For 20,–” aiming to expand
our temporary staffing, permanent placement, outsourcing, andcontracted employment management services to reach 20,000
people by 2025. We will provide growth opportunities to everyone
irrespective of nationality, circumstances, or workstyles.

Conditions in the current fiscal year and progress in themedium-term management plan

Conditions in the current fiscal year and progress in themedium-term management plan

Conditions in the current fiscal year and progress in themedium-term management plan

We are behind versus our original plans due to struggling growthin new temporary staff registrants due to the rising job openingsto-applicants ratio and a reduced average number of working
days due to the impact of COVID-19. We aim to achieve plannedtargets for sales and operating profit not only through new
registrants but also by strengthening assignments to existingregistrants not yet working.

We were impacted by COVID-19 through delays in procuring parts
from overseas and through reduced production, but we haveworked to improve profitability and to transition to a more robust
structure. Amid recent social conditions, there is uncertainty in the
manufacturing sector, but we expect demand to recover with themove being seen toward increased production. Entry restrictions
to Japan are starting to be eased, and we will focus on thepermanent placement and contracted employment management
services for foreign contract staff as we aim to achieve plans.

We expect results in the first half to align with planned levels. However,
we expect some challenges achieving planned targets in the second
half, due to the completion of temporary staffing contracts with majorclients and outsourcing budgets cuts. We will focus on highly profitableprojects in each domain, starting with permanent placement, and on
top-line growth in the sales support and apparel domains, as we aim toachieve targets for operating profit and operating margin.

Top Message

O

Threats

Strengths

Strong business track record
centered on the food industry
Established knowhow inmanufacturing contracting
Strong track record in contracted
employment management services
for foreign contract staff

Sustainability

Weaknesses

Few history in bidding forgovernment projects
Few experience with financesector call centers
Belated introduction of DX services
such as AI chatbots at companyowned call centers

Strategy

Opportunities

S W

Winning priority orders thanks tostrong track record
Having company-owned call centers
Advantageous programs to
support the acquisition ofcertifications, including for JDSA
sales representatives

Governance

Strengths

Belated response inaccommodating DX services
Few employment offers for remote
work
Few employment offers in thesales agency and sales temporary
staffing domains

Data

Capable of hiring younger employees
Strong business track record withmajor telecommunications carriers
Ability to outsource operations inthe sales domain
Development scheme forinexperienced workers

Who we are

Profit Maximization Domain

26

Exploratory Domain

Market environment and market scale

Market environment and market scale

The domestic IT service market was impacted by COVID-19
in 2020, but in 2021 it shifted toward positive growth, andwe expect annual growth of around 2% toward a marketof ¥6.4 trillion by 2025.*1 The shortage of engineers isparticularly pronounced in the automotive and IT fields inwhich technological innovation is accelerating, with continued
investment growth in fields such as AI, IoT, robots, as well as
electric vehicles, self-driving, and energy saving. However,according to METI’s “Research Results on the Latest Trends
and Future Estimates for IT Personnel,” it is estimated that
there will be a supply shortage of 450,000 IT personnel in 2030
even by the median scenario. In fiscal year 2020, the market
for personnel service for engineering was approximately ¥1.6
trillion,*2 demonstrating further market growth with a 7% yearon-year increase.

A shortage of workers is predicted in Japan due to its aging
population, and as one solution, many companies areproactively working to hire foreign workers. The number offoreign workers in Japan was approximately 1.73 million,*3 atlevel with the same period of the previous fiscal year. The rate ofyear-on-year increase declined due to the impact of COVID-19.
However, considering that the number of workers is the highest
ever, we expect many companies to continue to proactively hire
foreign workers to alleviate personnel shortages.

Due to telework driven by COVID-19, increased employment,
and the future decline in the working population, humanresource policies to secure and develop personnel are gaining
importance, with talent management systems and other cloudbased human resource solutions using the cutting-edge IT suchas social, mobile, big data analysis, and AI at the forefront. The
HR Tech cloud market in fiscal year 2021 grew by 30.2% fromfiscal year 2020 to approximately ¥60.0 billion, and we expect it
to grow at a pace of 30% or higher through fiscal year 2026.*4

Details and characteristics of current services

Details and characteristics of current services

To contribute to the resolution of the social issue of Japan’s
declining labor force, the Group has set a goal of 80,000 usersof our services for foreigners living in Japan by March 2023.
It continues to be difficult to enter Japan due to the impact of
COVID-19, but as we predict incoming population to increasein the medium- to long-term due to Japan’s declining working
population, we currently provide the below services.

With many companies already active in this industry, rather
than business development in new domains, the Company will
work to develop products in peripheral domains of our existing
businesses (ex: HR Tech services for construction engineers).

We provide permanent placement service and temporary staffingof IT engineers. Revenue for the fiscal year ended March 31, 2022
were approximately ¥1.5 billion (composition of consolidated
revenue: 1%). With major staffing companies already participatingin this market, because the Group was late to enter, we are building
a support scheme for IT engineers that our competitors do notpossess through repeated trial and error, providing career support
that matches character, thinking, and skills mainly targeting therelatively inexperienced junior- and middle-aged demographics.

Foreigner lifestyle support service “ENPORT”
 ontracted employment management services forC
specified skilled workers and technical interns

Governance

Details and characteristics of current services

StrategyMarket environment and market scale

Top Message

HR TechSustainability

Foreign workers

“Visamane” labor management system that support
foreigners from hiring to retirement

Outlook

Outlook

For temporary staffing, we have established a development
scheme for IT engineers and provide an environment for careeradvancement without changing jobs. For permanent placement,by evaluating programming skills, we provide support for thosechanging jobs that matches their career aspirations.

With the easing and elimination of entry restrictions, current
entry of foreign workers to Japan is returning to levels prior
to the COVID-19 pandemic. As such, we are working toincrease the number of service users, including by introducing
new support services, to create an easy working and living
environment for foreigners.

*1 Domestic service market expenditure estimate (2020–2025) IDC Japan*2 Deloitte Tohmatsu MIC Research Institute Co., Ltd.: Current Conditions andOutlook for the Engineering Staffing Service Market, Fiscal 2021 Edition*3 Ministry of Health, Labour and Welfare: “Foreigners Employed in Japan”
summary of reported employment (as of end-October 2021)*4 Deloitte Tohmatsu MIC Research Institute Co., Ltd.: The Reality and Outlook for
the HR Tech Cloud Market, Fiscal 2021 Edition

Data

WILL GROUP INTEGRATED REPORT 2022

IT personnel

Who we are

IT personnel / Foreign workers / HR Tech

27

Financial Highlights / Non-financial Highlights

WILL GROUP, INC. and its consolidated subsidiaries
Fiscal years ended March 31*

Japanese GAAP

IFRS

FY3/13

FY3/14

FY3/15

FY3/16

FY3/17

FY3/18

FY3/19FY3/20FY3/21

FY3/22

22,174

26,79832,58645,02860,59979,197

79,273103,300

121,916

118,249

131,080

Operating profit (Millions of yen)

618

808

939

1,429

1,963

2,422

2,597

2,957

4,145

4,030

5,472

Profit attributable to owners of parent (Millions of yen)

289

384

547

692

1,011

1,222

1,451

1,539

2,380

2,363

3,286

Net assets/Total equity (Millions of yen)

1,269

2,536

3,139

4,250

5,018

9,860

8,497

5,224

7,123

10,027

13,121

Total assets (Millions of yen)

4,531

6,091

8,022

12,343

17,30028,09535,60043,39844,60046,76052,350Cash flows from operating activities (Millions of yen)

507

(216)

1,235

453

38

3,503

4,462

2,807

4,908

4,316

4,350

Cash flows from investing activities (Millions of yen)

(198)

(250)

(685)

(1,201)(1,576)(2,095)(2,331)(5,635)(3,035)

(433)

(306)

Free cash flows (Millions of yen)

308

(467)

550

(748)

(1,538)

1,408

2,131

(2,827)

1,872

3,883

4,044

Cash flows from financing activities (Millions of yen)

(81)

770

(257)

1,080

2,446

3,971

3,247

564

(2,631)(2,646)(2,959)ROE (%)

-

-

-

-

-

19.9

27.9

27.4

50.5

35.1

33.5

ROA (%)

-

-

-

-

-

5.4

5.1

3.9

5.4

5.2

6.6

EBITDA (Millions of yen)

-

-

-

-

-

3,044

3,578

4,570

6,136

6,259

7,556

Basic earnings per share (Yen)

-

-

-

-

-

58.04

68.91

69.46

107.07106.35147.03

Net assets per share/Equity attributable to owners ofparent per share (Yen)

-

-

-

-

-

373.76319.04

188.71235.46370.13505.08Dividend per share (Yen)

-

-

-

-

-

18.00

18.00

18.00

23.00

24.00

34.00

Dividend payout ratio (%)

-

-

-

-

-

31.3

26.1

25.9

21.5

22.6

23.1

Who we are

Financial Highlights

Net sales/Revenue (Millions of yen)

Top Message

Profit and loss

Sustainability

Strategy

Cash flows

Governance

Financial indicators

Data

WILL GROUP INTEGRATED REPORT 2022

Financial conditions*Transition to International Financial Reporting Standards (IFRS) in FY3/18. Both Japanese GAAP and IFRS are used for FY3/18 figures. Financial indicators are shown only for FY3/18 and later.

28

Diversity

FY3/19FY3/20FY3/21

FY3/22

11

39

58

53

75

Diversity*5
Employees who took childcare
leave (Persons)

Employees (Regular employees)
1,650

1,997

2,285

2,127

2,165

Male

0

2

5

2

4

Male

1,100

1,259

1,378

1,235

1,282

Female

11

37

53

51

71

Female

550

738

907

892

883

48.5

49.8

66.6

49.1

64.1

Employees in managerial
positions (Persons)

157*1

166*1

182*1

327

347

Female employees in managerial
positions

10*1

11*1

14*1

89

105

Attrition rate (%)

-

14.1

11.3

9.4

7.9

2

2

2

135

144

Average years of service (Years)

-

4.0

3.6

4.0

4.2

1/’21

4/’21

7/’21

10/’21

1/’22

65.7

66.4

65.6

65.7

66.1

(1) Work experience

-

-

-

45.7

47.4

(2) Work evaluation

-

-

-

58.0

59.4

(3) Self-decision-making at work

-

-

-

46.4

49.4

9/’20

2/’21

9/’21

3/’22

(4.5)

(5.1)

4.3

3.3

Number of employees (Persons)

WILL GROUP INTEGRATED REPORT 2022

FY3/18Non-Japanese managers

-*

-*

-*

Mid-career-hired managers*1

108

105

109

140

131

Number of hires (Persons)

557

599

650

369

543

New graduates in Japan

166

117

124

81

53

93

74

65

52

36

Male

73

43

59

29

17

286

313

335

197

268

Male

211

209

225

118

177

Female

75

104

110

79

91

105

169

191

91

222

Male

41

62

76

30

91

Female

64

107

115

61

131

394

1,532

2,203

2,718

3,198

21,09820,392

18,174

17,687

FemaleMid-career hires in Japan

Overseas hires

Employees(Specialist employees*3)
Number of employees (Persons)Temporary workers andconsignment service
employees
Number of employees (Persons) *1-*4

Rate of taking paid leave (%)

Top Message

FY3/22

Mobility of humanresources*6
Sustainability

FY3/21Engagement
Well-being score (pt)*7
Workplace Wellbein g (%)*7, *8

NPS® (pt)* 9*10-

*1	Figures of WILL GROUP, INC. and its domestic
consolidated subsidiaries*2	Not presented because it is difficult to tabulate
accurate values*3	Specialist employees refers to those employees
hired with open-ended contracts who are semipermanently assigned to a temporary staffing clientor consignment service client*4	Not presented because tabulation criteria is different
following system transition*5	Figures of regular employees at WILL GROUP, INC.
and WILLOF WORK, Inc.

*6	Figures of regular employees at WILL GROUP, INC.
and its domestic consolidated subsidiaries*7	Figures of regular employees at WILL GROUP, INC.
and its domestic major subsidiaries*8	Workplace Wellbeing is “happiness and satisfaction
felt by individual through working” (page 13);
Measurement started in October 2021
*9	Figures of temporary workers and consignment
service employees of WILLOF WORK, Inc.
*10	NPS® is an acronym for “Net Promoter Score,” anindicator to measure customer loyalty; Measurement
started in September 2020

Strategy

FY3/20Governance

FY3/19Data

FY3/18

Who we are

Financial Highlights / Non-financial Highlights29

To become a leading company suited for the new era, alarge company supporting revival in the Japanese economy

Ryosuke Ikeda has been contributing to the growth of WILL GROUP as the Representative Director
for 17 years since its founding in 2006. He recently stepped down as Representative Director andassumed position as Chairman and Director. Shifting from executive leadership to supervisoryrole, he intends to realize a more sustainable growth, working to build a governance system withbalanced offensive and defensive capabilities.

Kunihiro Koshizuka served as Director and CTO of Konica Minolta Inc., and has been engaged in
DX promotion and new business creation, large-scale overseas M&A, management of technology,
strategy formulation, etc. After retiring as Director in 2019, he has been contributing to theformulation and promotion of technological strategies at that company as Senior TechnicalAdvisor. He has served as chairman/owner of an industry-academia AI development project, andcontributed to formulation and promotion of technology strategies.

President and Representative Director

Outside Director

Shigeru Ohara

Masato Takahashi

Independent
Officer

Positive change I’d like to bring about at WILL GROUP:

Positive change I’d like to bring about at WILL GROUP:

Maximization of WILL GROUP’s
corporate value

To contribute to the evolution of WILL GROUP byleveraging management and DX experience at asocial infrastructure company

Shigeru Ohara has strongly contributed to the growth of the Company’s human resources businessin Japan as a member of the management team over the many years since the Group’s earlystage. He was appointed as President and Representative Director in June 2016. In addition tohaving extensive knowledge of human resources business, he is contributing to the sustainableimprovement of corporate value through dialog with shareholders and institutional and individual
investors.

Masato Takahashi served as person in charge of establishing internet-oriented departments at
Recruit Holdings Co., Ltd., and was engaged in “information and human relations.” Since 2007, hehas promoted DX as the person in charge of EC and related businesses at Rakuten, Inc., and has
been contributing to its large corporate growth.

Director

Full-time Outside Audit & Supervisory Board Member

Takashi Tsugeno

Shizuka Sawada

Positive change I’d like to bring about at WILL GROUP:

To create new working styles and provide working
opportunities to all people
Takashi Tsugeno possesses extensive experience in human resources business spanning overmany years and broad knowledge related to management, and was appointed President andRepresentative Director of major subsidiary WILLOF WORK, Inc., in June 2019. Unifying the brandof domestic major subsidiaries in October of same year, he contributed to the improvement of theGroup’s name recognition and services. He is working toward achieving a company that receives
stronger support from all stakeholders.

Audit & Supervisory Independent
Board Member
Officer

Positive change I’d like to bring about at WILL GROUP:

Transformation into an organization capable ofsound, sustainable growth equipped with bothoffensive and defensive capabilities
After working as a CPA at a large audit corporation, Shizuka Sawada has served as a corporate
auditor at listed companies and companies preparing for IPO for more than 15 years. She is utilizing
her abundant auditing experience and specialist knowledge to contribute to the governance systemthrough effective auditing as an Audit & Supervisory Board Member.

Director

Outside Audit & Supervisory Board Member

Yuichi Sumi

Kenji Omukai

Audit & Supervisory Independent
Board Member
Officer

Positive change I’d like to bring about at WILL GROUP:

Positive change I’d like to bring about at WILL GROUP:

Maximization of options to work positively, for asociety where people can believe in their potential

To strike balance between global growthand GRC

After gaining experience in sales at a major subsidiary of the Group, and serving as head of thehuman resources department for the overall domestic Group, in April 2021, Yuichi Sumi was
appointed as President and Representative Director of WILLOF CONSTRUCTION, Inc. Possessing
a wealth of knowledge related to the human resources business, he contributes to expanding thebusiness domains of the Group through strong leadership.

Kenji Omukai has worked for a major US-Japanese accounting corporation performing accounting
audits and internal control audits as a CPA (accredited in Japan and New York State). He has also
worked for a US NASDAQ-listed consulting firm where he has supported global corporations in thedomains of financial accounting and GRC (Governance, Risk & Compliance) and, as Director, ledbusiness growth.

Outside Director

Outside Audit & Supervisory Board Member

Chie Ikegawa

Independent
OfficerIndependent
Katsumi Nakamura AuditBoard& Supervisory
MemberOfficer

Positive change I’d like to bring about at WILL GROUP:

Positive change I’d like to bring about at WILL GROUP:

Truly global corporate management withsteps-ahead foresight

To build WILL GROUP-style governance systemstriking a balance between offense and defense

After entering the finance division of P&G Japan Limited, Chie Ikegawa later served as CFO at
Japanese subsidiaries of multiple leading US corporations, where she has assisted in the decision
making regarding global corporate management, accounting, financial and tax affairs andimproving corporate value. Currently, she is working as an advisor to support the strengtheningof corporate management systems in Japanese corporations and as a part-time lecturer at KeioBusiness School.

Who we are

Positive change I’d like to bring about at WILL GROUP:

Improvement of execution and supervisory functionof management for achieving sustainable growth

Strategy

Positive change I’d like to bring about at WILL GROUP:

Independent
Officer

Top Message

Kunihiro Koshizuka

Sustainability

Ryosuke Ikeda

Governance

WILL GROUP INTEGRATED REPORT 2022

As of June 21, 2022

Outside Director

After working for business operating companies, and a political think tank, Katsumi Nakamura
has been involved in crisis management, non-compliance investigations, compliance, internal
control and CSR at a boutique law firm. For a variety of listed corporate groups, he contributes tocrisis management through third-party committee investigations, and governance reform aimed atstrengthening the effectiveness of the Board of Directors.

Data

Board
Members

Chairman and Director

30

Chie Ikegawa
Outside Director (Independent Officer)

Continuing from last year, the changes
that I want to make at WILL GROUP are“evolving the global business management
structure” and “promoting diversity.”
I have many years of experience working
for multiple Japanese subsidiaries ofAmerican companies as a CFO and in
Financial Planning & Analysis (FP&A). I haveexperienced global business management
at top global companies in each of theirbusiness domains. These global companies
constantly think about what to basetheir management on from a companywide perspective without being bound by

In terms of diversity, there is plenty of room
for improvement. While there are manyfemale officers at WILL GROUP’s overseas
subsidiaries, officers at our domestic
businesses are still predominantly male.

Sustainability

Meanwhile, typical Japanese companies
focus on the autonomy of their businessdomains. We respect individuals who act
independently based on our management
philosophy. Based on Japanese-style
employment customs, we have respected
the company as a family unit. This is a culturethat Japanese companies should preserve.
However, in doing so, the issue is that thecapabilities and authorities of headquarters
are weak compared to American companies.
Many Japanese companies maintainuniquely Japanese HR and compensation
systems, and even among major companies,
many still separate the management of theirdomestic and overseas businesses. WILLGROUP’s management team builds strong
relationships of trust with the leaders at ouracquired overseas subsidiaries, and has
steadily grown our overseas businesses.
Overseas sales make up more than 40% of
our sales, and I believe that we have entereda period in which we must start to consider
and prepare for truly global management.

There are many opportunities for female
advancement in the permanent placement
industry, even in Japan. However, in thetemporary staffing business, perhaps
because the leaders at our clientcompanies are mostly male, the WILLGROUP’s managers are also mostly male.
For the past several years, we have actively
hired female managers at our domestic
companies. The percentage of female
managers increased from 11.3% last fiscal
year to 13.2% this fiscal year, and while
we still have room for improvement, therate is steadily increasing. At the Japanesesubsidiaries of American companies atwhich I worked, activities to increase thenumber of female managers began 20
years ago. I myself was appointed as thefirst female manager in the Japanesefinance sector, assumed position as the
CFO of a business section and department
manager at 32, and advanced my career
while raising two daughters. Once you
advance to a managerial position, day-today operations are run by your team, andyour own time can be used more flexibly. In
that aspect, you could say the higher you
get, the easier it becomes to balance childraising and work. Also, because there weremany opportunities to have a foreigner as
my superior or subordinate, I was able tointeract with diverse cultures. There aremany instances where the norm of theJapanese people differs from that of theworld. Going forward, for WILL GROUP tofurther evolve as a truly global company,
I would like to support our initiatives of“evolving the global business management
structure” and “promoting diversity.”

Strategy

In the past year, we have made steadyprogress in developing next-generation
leaders and in enhancing our governancesystem to further enhance corporate
value and to evolve our management.
We are making diligent efforts to fulfill
our responsibilities as a company listedon the Prime Market. The number of
directors increased this fiscal year, allowing
discussions with more diverse viewpoints.

national or corporate frameworks. A strong
headquarters constantly monitors the entire
world to control corporate operations.
The CFO, responsible for business
management, assigns personnel tosubsidiaries and business domains, gauges
global management resources, optimally
distributes them to from a company-wide
perspective, and enhances corporate value.

Governance

WILL GROUP INTEGRATED REPORT 2022

WILL GROUP is a company that has grownby realizing the simultaneous growth ofindividuals and organizations. WILL Groupis a company with many leaders whojoined when it was still not well known andexperienced the company growing throughtheir contributions to business growththrough hard work. This is a wonderfulthing. WILL GROUP’s management ischaracterized by founding members withthorough knowledge of its business who
understand the feelings of their employees
and work together with them.

Data

Transforming WILL GROUP into a truly global company

Top Message

Who we are

Messages From Outside Directors

31

Messages From Outside Directors

Kunihiro
Koshizuka
Outside Director(Independent Officer)

In terms of offensive governance, I believe that mycontributions utilizing my experience and expertise in

In the coming age of a digital paradigm shift, humanresources hold the primary key to the success of our clientcompanies. For both client companies and the staffing
supply side, insight, perspective, and vision to read whatlarge changes will take place in the industry and what
personnel requirements will be demanded from eachindustry will become more important than ever.
I hope that I can help the WILL GROUP develop into
an advanced company in line with the times and growinto a major company that supports a recovery in theJapanese economy.

Top Message

Thus far, I have worked with digital system creation, but
now I will be on the system user side. I hope to contributeas an outside director in places that connect to customer
value as an excellent user.

Sustainability

In terms of defensive governance, not only was my previous
position at a company that took an advanced form ofgovernance structure, a company with committees, but myformer teacher was also the Vice Chairman of the Japan
Association of Corporate Directors. I benefited directly fromthis tutelage and have years of experience and training as
an executive officer and director.

helping the WILL GROUP evolve and grow in a time ofchange, are even more needed than defensive governance.

At Rakuten in the tenth year after its founding, I was the
person responsible for popularizing e-commerce when
it still made up only a small part of retail. By popularizing
e-commerce, people’s lives have become more abundantand convenient. Additionally, for the stores on the supply
side, we were able to create a new market where diligent
individual efforts can be rewarded, not reliant on vested
interests or funding ability.

I experienced the process of evolution at companies
such as Recruit and Rakuten which have become part ofour social infrastructure.

I believe that the knowledge and perspectives that I havegained through these experiences will have a positiveeffect on the future management of WILL GROUP. I also
believe that I can provide important suggestions for WILLGROUP on the innovations in corporate management
created by the continuing digital revolution.

At Recruit, I experienced many examples of recovery in
results with the rebuilding of existing businesses, and thelaunch and development of new businesses. DX is therallying cry of the current age, but as far back as 1995,
I was involved in the value transition from informationalmagazines to the internet and the reform of businessmodels. I have also poured my heart and soul into
employees being excited about their work and creatingenergetic organizations.

In the past years, I have been involved with the
management and business operations of scores ofcompanies irrespective of industry or corporate history.
With this knowledge of different types of management
and business strategies, I would like to contribute to
the management of the WILL GROUP from my broad
perspective as an outside director.

Governance

The evolution that the WILL GROUP has achieved thus far
is amazing, and the management team that has supported
that evolution has extremely high aspirations. Their desire
to create positive change in society is something that I
find extremely attractive. In the process of communicatingwith the management team, I felt strongly that mypresence will contribute to the further evolution of WILLGROUP and decided to accept the position.

Strategy

Using my experience to make a positive impact on the management of WILL GROUP

Data

WILL GROUP INTEGRATED REPORT 2022

Outside directors perform defensive governance including
strictly overseeing those responsible for business execution
such as internal directors and executive officers, as wellas ensuring fairness, rationality, and transparency. They
are also responsible for offensive governance towardsustainable growth and enhancing corporate value, and I
see enhancing both those forms of corporate governanceas an important mission.

Who we are

Supporting growth by strengthening offensive and defensive governance

MasatoTakahashi
Outside Director(Independent Officer)

32

Corporate governance

Who we are

Basic Views

General Meeting of Shareholders

Inquiry/
Report(voluntary advisorycommittee)

Audit &
Supervisory
Board

Cooperation

Accounting
Auditor

Representative
Director

Cooperation

Inquiry/
ReportReportReportInternal Audit
OfficeCooperation

Internal Audit

Command/OversightGroup
Management
Committee(discuss importantmatters)

Department of
the Company

FY3/19FY3/20FY3/21

FY3/22Company with Audit & Supervisory Board

FY3/23(Persons)

Directors

6

7

6

6

5

5

5

5

7

Of which Outside
Directors

1

2

2

2

2

2

2 (1)

2 (1)

3 (1)

Audit &
Supervisory Board
Members

3

3

4 (1)

3 (1)

3 (1)

3 (1)

3 (1)

3 (1)

3 (1)

Of which
Outside Audit &Supervisory Board
Members

2

2

3 (1)

3 (1)

3 (1)

3 (1)

3 (1)

3 (1)

3 (1)

The numbers in brackets indicate female officers.

Policies
AdviceReportCommand/OversightInternal
Administrative Control

Organizational
designFY3/18(audit corporation)

Instructions(voluntary advisorycommittee)

Sustainability
Committee

Audit

Appointment/
Dismissal/OversightRemuneration
Committee

Compliance
Committee

Board ofDirectors

Appointment/
Dismissal

FY3/17

Strategy

Nomination
Committee

Appointment/
Dismissal

FY3/16

GovernanceAppointment/
Dismissal

FY3/15

Sustainability

History of corporate governance

Legal Advisor

Subsidiaries/
Departments
Data

WILL GROUP INTEGRATED REPORT 2022

Corporate governance system

Top Message

In order to ensure management transparency and compliance, the Company shall establish a system that can respond quickly
and flexibly to changes in the business environment of the entire Group while enhancing corporate governance.
In addition, the Company develops company-wide activities through various measures in order to permeate corporate ethics
and corporate philosophy throughout the entire Group.

33

Corporate governance

17

times

No. of members

WILL GROUP INTEGRATED REPORT 2022

In addition to regular once-monthly meetings of the Board of Directors, extraordinary meetings are held asnecessary and when appropriate.

8

Inside Directors

3Outside Directors

2

 udit & SupervisoryA
Board Members

3

President and hair- Representative
C
Director
personAudit & Supervisory Board
No. of meetings held in FY3/22

16

times

No. of members

3

In addition to regular once-monthly meetings of the Audit & Supervisory Board, extraordinary meetings areheld as necessary and when appropriate.
Under this system the three Audit & Supervisory Board Members also attend meetings of the Board of
Directors, so that important decision-making is being audited at all times.

 utside Audit & SupervisoryO
Board Members(Including a full-time member)

3ChairFull-time Outside Audit &person Supervisory Board Member

Nomination Committee*
The Nomination Committee deliberates on matters related to the training and development of successors as part of the succession planning for the CEO, and mattersrelated to the appointment and dismissal of Directors.

10

No. of members

Inside Directors

4Outside Directors

3

 udit & SupervisoryA
Board Members

3

OutsideChairperson Director

Delegated by the Board of Directors, the Remuneration Committee deliberates and confirms the evaluations and remuneration amounts of individual Directors within
the scope of the remuneration system and maximum amount of remuneration decided by the general meeting of shareholders and the Board of Directors.

3

Outside Directors

The Compliance Committee, chaired by the
Representative Director and consisting of theGroup’s Directors and employees selectedfrom within the Company, confirms the levelof compliance with laws and regulations andconducts related education as necessary. Each
Director or executive officer works to raiseawareness of compliance by ensuring that all
departments under their control are thoroughly
aware of compliance.

Sustainability
Committee
In April 2022, we established the Sustainability
Committee chaired by the President andRepresentative Director as the deliberating
body for sustainability.
The Sustainability Committee is composedof the Company’s Inside Directors and the
directors of its main domestic subsidiaries
as committee members. The Sustainability
Committee discusses, evaluates, and formulates
activity policies and action plans relating tosustainability and monitors the promotion of KPI
for materiality issues.

3Chairperson Outside Director* The composition as of June 2022

No. of meetings held in
FY3/22

Who we are

12 times

Group Management
Committee

Remuneration Committee*

No. of members

No. of meetings held in
FY3/22Top Message

No. of meetings held in FY3/22

Sustainability

Compliance Committee

Strategy

Board of Directors…FemaleGovernance…Male

12 times

The Group Management Committee, led by
the Directors and executive officers of theGroup, discusses important matters such as
analysis of the recent business environment andperformance trends, and medium- to long-termbusiness strategies.

Data

Corporate Governance Highlights

34

WILL GROUP INTEGRATED REPORT 2022

 rom December 2021 through January 2022, surveys were conducted of all five Directors (includingF
two Outside Directors) that make up the Board of Directors and the three Audit & Supervisory Board
Members (three Outside Audit & Supervisory Board Members).
 nonymity was ensured in the response method by having responses sent directly to the externalA
organization.
 ased on the report of the tabulation results from the external organization, analysis, discussion, andB
evaluation were performed at a regular meeting of the Board of Directors.

Results of evaluation
The results of the tabulation of the survey responses produced a mostly positive evaluation on thecomposition, operating conditions, and contents of discussions of the Board of Directors. The thirdparty (external organization) analysis also confirmed that the effectiveness of the overall Board of
Directors is being ensured.
However, the results also produced opinions on promptly providing information on materials for Boardof Directors meetings and on establishing a system to ensure sufficient time to evaluate deliberationmaterials. There was also a shared awareness that more developed officer training is necessary basedon the required skillset of the Company’s Board of Directors, including IT/DX and sustainability.

The Company’s basic policy is to link the remuneration of Directors to shareholderinterests so that it will fully function as an incentive for the sustainable enhancementof corporate value, and to determine the remuneration of individual Directors
at an appropriate level based on their respective responsibilities. Specifically,
the remuneration for executive Directors consists of fixed remuneration and theperformance-linked stock compensation plan. The latter plan aims to raise awarenessamong Directors to contribute to the improvement of medium- to long-term businessperformance and the increase of corporate value by having a clearer linkage between
the remuneration of Directors and the Company’s performance and share value, andsharing the benefits and risks of share price fluctuations with shareholders. Outside
Directors, who are responsible for supervisory functions, are only paid in the form ofbasic remuneration in consideration of their duties.
Total remuneration of officers by type, total remuneration by classification,and number of people receiving remuneration (FY3/23)

Type of officers

Total
remuneration(Millions ofyen)

Total remuneration by classification(Millions of yen)

Numberof people
Of which nonPerformancereceiving
monetary
Fixedlinkedremuneration
remuneration,
remuneration
remunerationetc.

Directors (excluding Outside
Directors)

107

96

10

17

2

Audit & Supervisory Board
Members (excluding Outside Audit& Supervisory Board Members)

–

–

–

–

–

Outside Officers

33

33

–

–

7

Top Message

Evaluation method

The Board of Directors has confirmed that the method of determining the details of
remuneration and the details of remuneration determined for each individual Director
for the current fiscal year are consistent with the decision-making policy resolved by
the Board of Directors, and that the report from the Remuneration Committee, which
consists of independent Outside Directors, has been taken into consideration, and theBoard of Directors has determined that the remuneration is in line with the decisionmaking policy.

Sustainability

The Company has adopted a resolution on the policy for determining the details of
remuneration for each individual Director.

StrategyWith the aim of enhancing the function of the Board of Directors and increasing
corporate value, we analyze and evaluate its effectiveness. The evaluations and analysis
are conducted using the following method while receiving advice from an externalorganization.

Governance

Remuneration for Directors

Data

Effectiveness Evaluation of the Board of Directors

Who we are

Corporate governance35In order to execute its functions efficiently and effectively, and to
implement effective supervision of business execution, the Boardof Directors of the Company consists of four Inside Directors
who are intimately familiar with the business of the Group,
three independent Outside Directors who have deep insights
and extensive experience in specialist areas such as corporate
management, finance, accounting, global business, IT, and DX, andthree Outside Audit & Supervisory Board Members.

Attribute
Position/
Name

Independence

GenderMale
FemaleOperational experience/knowledge, etc.

Expertise

Experience
HR, labor,
in theCorporatehuman
Legal/Risk
IT/
GlobalFinance/Technomanage- Company’sbusiness experience Accounting resources managelogy
mentdevelopment
andmentindustry

Qualifications

Chairman and Director

Ryosuke Ikeda

President andRepresentative Director

Shigeru Ohara
Director

Takashi Tsugeno
Director

Yuichi Sumi
MBA, PhD (Professional Accounting), small
and medium-sized enterprise consultant

Outside Director

Chie Ikegawa
Outside Director

Kunihiro Koshizuka

Top Message

Skill Matrix for Directors and Audit &Supervisory Board Members

Who we are

Corporate governanceKenji Omukai

Certified public accountant, certified
public accountant of the State of New
York, licensed tax accountant

Outside Audit & Supervisory
Board Member

Attorney, certified fraud examiner

Outside Audit & Supervisory
Board Member

Katsumi Nakamura

Communication With Investors
Measures to vitalize the general meetings of shareholders
and smooth exercise of voting rights

Early notification of general
meetings of shareholders

The convocation notice for the June 2022 General Meeting of Shareholders
was sent three days ahead of the statutory deadline. The Company also posted
this convocation notice on its website prior to the date on which it was sent.
The disclosure on the website was made three weeks prior to the day of thegeneral meeting of shareholders in consideration of the early notification of thegeneral meeting of shareholders and the introduction of a system for providing
informational materials for general meetings of shareholders in electronic format.

Major IR activities during the fiscal year
ended March 31, 2022
Preparation andannouncement ofDisclosure Policy

Disclosure Policy is posted on the Company’s website.

Regular investor briefings
for individual investors

The Company regularly holds briefings for individual investors, and post videos of thebriefings for individual investors on its website.

Scheduling general meetings ofshareholders avoiding the peak day

The Company’s fiscal year ends in March, which is a popular closing monthand leads to many general meetings of shareholders being held on the sameday, but the Company will endeavor to avoid as much as possible the days on
which general meetings of shareholders are concentrated.

Regular investor
briefings for analysts andinstitutional investors

The Company holds financial results briefings on a quarterly basis, and posts the videosof the briefings and the questions and answers from the briefings on its website. The
Company also visits institutional investors and holds meetings with securities analysts
as appropriate.

Allowing electronic exercise of
voting rights

The Company has established an environment where shareholders can exercise
their voting rights from a personal computer or smartphone via the voting websiteof the administrator of the shareholder registry designated by the Company.

Regular investor briefings
for overseas investors

Although the Company does not hold meetings and other events on a regular basis, such
events are held as necessary.

Posting of IR materials on
websiteThe Company posts Japanese and English versions of the summary of consolidated
financial results, supplementary materials, financial results briefing materials, as well asJapanese versions of the annual securities reports, quarterly reports, and other timely
disclosure materials on its website.

Establishment of
department and/or
manager in charge of IR

The Executive Officer in charge of the Management Department has been appointed
as the officer in charge of investor relations, and the IR Group of the Financial Affairs
Department has been established as the department in charge of investor relations.

Participation in electronic voting
platform and other measures for greater The Electronic Voting Platform operated by ICJ, Inc. is used.
ease of voting by institutional investors
Providing convocation notice inEnglishThe convocation notice in English is posted on the Company’s website andthe platform for electronic exercise of voting rights.

Other

The convocation notice is disclosed on the Company’s website and TDnet, thewebsite of the Tokyo Stock Exchange, and measures are being implemented
to facilitate the exercise of voting rights.

Strategy

Certified public accountant, licensed tax
accountant

Shizuka Sawada

GovernanceFull-time Outside Audit &Supervisory Board Member

Sustainability

Masato Takahashi

Data

WILL GROUP INTEGRATED REPORT 2022

Outside Director

Having identified the skills that each Director should have in orderto achieve the goals of the medium-term management plan, thenomination committee first engages in deliberation of the candidates
for Director with the aim of achieving a balance of knowledge,
experience, and abilities for the Board of Directors as a whole, as well
as diversity, based on which the Board of Directors makes a decision.

36

Total number of authorized shares: 63,360,000 shares

Name of shareholder

Total number of issued shares:

22,852,200 shares (including
5,379 treasury shares)

Ryosuke Ikeda

4,204,100

18.4

Share trading unit:

100 shares

Shigeru Ohara

1,781,500

7.80

Number of shareholders:

13,335

Ikeda Planning Office Co., Ltd.

1,707,500

7.47

The Master Trust Bank of Japan, Ltd. (Trust
Account)

1,683,700

7.37

Custody Bank of Japan, Ltd. (Trust Account)

1,098,441

4.81

BBH FOR FIDELITY LOW-PRICED STOCK FUND
(PRINCIPAL ALL SECTOR SUBPORTFOLIO)

1,048,513

4.59

WILL GROUP Employee Stock Ownership Plan

560,300

2.45

GOLDMAN SACHS INTERNATIONAL

495,700

2.17

STATE STREET BANK AND TRUST CLIENTOMNIBUS ACCOUNT OM02 505002

420,900

1.84

Shingo Watanabe

400,000

1.75

Foreigncorporations, etc.

WILL GROUP, INC.

Headquarters:

1-32-2, Honcho, Nakano-ku,
Tokyo 164-0012

Established:

April 3, 2006

Share capital:¥2,163 million

Number of employees: 5,363 (Consolidated)

Disclaimer regarding the matters stated inthis Integrated Report

Other
corporations

7.92%

Individuals/other57.12%

14.92%

Note: Shareholding ratio is calculated after deducting 5,379 treasury shares.

Major Group companies
WILLOF WORK, Inc.

WILL GROUP Asia Pacific Pte. Ltd.

WILLOF CONSTRUCTION, Inc.

Good Job Creations (Singapore) Pte. Ltd.

WILLOF CHALLENGE, Inc.

Scientec Consulting Pte. Ltd.

CreativeBank Inc.

The Chapman Consulting Group Pte. Ltd.

CEspace, INC.

Oriental Aviation International Pte.Ltd.

for Startups, Inc.
HiBlead Inc.
BORDERLINK, INC.

Overseas

Japan

This Integrated Report is a communication tool that brings together
financial and non-financial information pertaining to the Company’s
mission, its business activities aimed at enhancing corporate value
over the medium to long term, its medium-term management plan,and sustainability initiatives. It also presents financial and nonfinancial information in accordance with major guidelines such as
the “International <IR> Framework” of the International Integrated
Reporting Council (IIRC), the “Global Reporting Initiative (GRI)
Standards,” and the Ministry of Economy, Trade and Industry’s“Guidance for Collaborative Value Creation.” The aim of thisIntegrated Report is to deepen the understanding of the Company’svalue creation story among our various stakeholders, including
shareholders and investors. This report has been translated fromthe Japanese original for reference purposes only. In the event ofany discrepancy between this translated version and the Japaneseoriginal, the original shall prevail.

Distributionof shares bytype of owner

Financial
institutions

The information described in this Integrated Report contains
forward-looking statements of the Company. The statements are
based on information currently available to the Company and on
certain assumptions deemed to be reasonable. As such, they do
not constitute guarantees by the Company of future performance.
Actual results may differ significantly from these forecasts for anumber of reasons.

Editorial policy

0.02%

20.02%

Ethos BeathChapman Australia Pty Ltd

Strategy

WILL GROUP INTEGRATED REPORT 2022

Trade name:Treasury shares

Governance

Company profile (As of March 31, 2022)

Number of Shareholding
shares held
ratio (%)

Top Message

Major shareholders

Sustainability

Status of shares (As of March 31, 2022)

Quay Appointments Pty Ltd
u&u Holdings Pty Ltd
DFP Recruitment Holdings Pty Ltd
Asia Recruit Holdings Sdn.Bhd.

Data

Company
Information

Who we are

About UsWILLOF Vietnam Company Limited

37