Do Koreans still aspire to work in big conglomerates in return for a good compensation package, steady career and an impressive resume? Or has this changed over the years?
We have already seen young Koreans losing interest in stable, secure employment in the public sector. We might yet be seeing more changes in attitude toward career and places to work in the future.
SME Over conglomerates in 2022
In a recent survey conducted by the Korea National Youth Policy Institute, data shows that most young Koreans found their first jobs in small businesses, with only 7.7% jumping straight into a job with a big company employing more than 500 workers.
63.9% began their first job in small businesses with fewer than 30 staff and 26.3% in workplaces with only one to four employees.
The rises in employment in micro-enterprise could due to the financial and infrastructure support the Korean government has provided to start-up recent years.
Young Koreans seeking something more
It used to be a story of competitive job market, that keeping quality candidates out of the reach of SME. Unable to match the salary and compensation offered by big conglomerates, SME often lamented their lack of success when it comes to attracting top candidates.
There may be opportunities for this to change. As a growing amount of young Koreans are seeking work life balance, meaning/purpose outside of work and mental and physical wellbeing.
This could be the chance for SME to reach out and provide a platform for Korean Millennials & Gen Z to flourish if they could prove to be an attractive alternative to the conglomerates.
Here’s what we think could be the keys for SME to successful attract talents
- Regularly engage and listen to the employees to provide personalised support in their employee experience
- Be actively involved in employer branding to attract and retain talent on social media.
- Leaders to take the lead in facilitating a environment that is inclusive, empowering and enable their employees to develop their skills and career.
- Develop Millennials Leaders, they are the important bridge between Gen Z and older generations.
