On January 20, 2026, Persol Holdings unveiled its “Human Capital Report 2026,” a document rich with ambitious metrics and a 200-billion-yen investment roadmap. Under the banner of “Work, and Smile,” the group outlines a sophisticated “Human Capital Impact Path” aimed at enhancing well-being.
However, a closer examination reveals a troubling discrepancy between these high-level disclosures and the operational realities of the “HiPro” issue, suggesting significant hidden risks for stakeholders.
The 200 Billion Yen Paradox: Investment vs. Basic Oversight
Persol’s Medium-term Management Plan 2026 commits 200 billion yen toward human capital, including 50 billion yen for employee compensation and 3.5 billion yen for education. While these figures are impressive on paper, they mask a fundamental failure in basic labor management.
The ongoing “HiPro” controversy serves as a critical case study. Reports indicate that a key officer responsible for the project has effectively “disappeared” from the digital workspace, leaving legal inquiries unanswered while his name continues to be used for supervisory credit. This raises a vital question for investors: If a company cannot manage the basic attendance and accountability of its management-level staff, what is the true efficacy of its multi-billion yen investments?
Governance Risks Masked by “Integrity”
Persol’s CHRO, Tatsuyoshi Ohba, emphasizes a corporate culture where “deception is a source of shame,” rooted in their Code of Conduct. Yet, the persistent silence regarding the HiPro compliance allegations suggests a gap in the practical application of these ethics.
From a governance perspective, “Integrity” must be more than a slogan; it must be reflected in the transparency of internal controls. The current situation—where critical allegations are met with PR silence—points to a potential lack of robust crisis management and internal oversight. For institutional investors, this represents an “intangible risk” that could lead to sudden reputational damage and long-term erosion of corporate value.
A Call for Rigorous Auditing and Engagement
As we move through 2026, the scrutiny on ESG and Human Capital disclosure has never been higher.
• Auditors: It is imperative that firms like Tohmatsu look beyond financial statements to verify if the reported “human capital value” aligns with actual workplace governance.
• Institutional Investors: With major shareholders like BlackRock holding significant influence, there is a growing expectation for them to exercise their stewardship duties to address these underlying governance failures.
• Furthermore, as a shareholder and stakeholder of Persol Holdings, Inclusive Solutions LLC is committed to leading the reconstruction of Persol’s governance. In our capacity as a “digital auditor,” we will continue to demand the transparency and accountability essential for a healthy organization.
Conclusion
Persol’s 2026 report is a masterpiece of corporate communication, but investors are cautioned not to overlook the operational red flags. Without addressing the “missing accountability” within projects like HiPro, even the largest financial investments may fail to yield sustainable returns.
Further Reading
About Us
Inclusive Solutions is an IT and data consulting firm founded in 2024 in Tokyo, Japan. The company supports organizations in DX, data pipeline development, and compliance-related advisory.
It is currently the only independent organization that has uncovered and reported on the HiPro scandal at PERSOL Career, while also acting as a shareholder of PERSOL Holdings. Inclusive Solutions is committed to promoting stronger corporate governance and transparency within PERSOL and Japan’s HR industry as a whole.
We have published multiple in-depth articles in Japanese covering the HiPro scandal:
Inclusive Solutions LLC supports organizational management grounded in transparency, public interest, and ethics through the power of data and systems.
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