An increasing number of Koreans Gen Z are making the choice to give up on a full time career. In 2021, unemployment on the rise amongst young Korean. As of 2021, the economically active population in their 20s was 62.2 %, lower than the 63.8 % during the 2008 financial crisis.
Are Korean Gen Z giving up on their Career?
Perhaps. If we look at the graph on the right, it certainly looks like Korean Gen Z are giving up on looking for full time jobs, as there is a steady increase in voluntary unemployment and has reached record high in 2021, a 18.3% in 5 years.
But maybe we can look at the situation from a different angle, they are giving up on looking for a traditional full time employment, but that doesn’t mean that they are giving up their career.
A different kind of life, a different kind of career
Despite the increase in unemployment, financial income of Korean Gen Z however has actually increased in 2021. According to the National Statistical Office, financial assets of those in their 20s rose 10 % from an average of 64.5 million won ($53,099) in 2020 to 70.85 million won in 2021. Most credited their income from stock market and cryptocurrencies.
Rather looking for a full time job, work in an organisation that you don’t like, doing things that are not aligned to your value and interest. Talented Korean Gen Z are looking outside of a traditional career path to fulfil their personal and professional aspirations.
Attract and retain Korean Gen Z: A complex challenge ahead
More doors, path ways and options continue to open up for Korean Gen Z in their life. It created a dynamic situation for organisation to attract and retain this generation of talent. There remains much to be done but we can get start on:
- Work on your employer branding, communicate to talent Why, what, how they should join your organisation
- Revise your compensation and benefit scheme, consider total reward as compensation package.
- Listen, empower the Gen Z within your organisation, they have a much better idea on what Gen Z wants and how best to communicate with them.
