A job fair for young people in the western city of Incheon is crowded with jobseekers in this file photo taken March 26, 2024. (Image courtesy of Yonhap)
SEOUL, Jun. 20 (Korea Bizwire) – A survey by the Korea Enterprises Federation has revealed that 7 out of 10 office workers in their 20s, 30s, and 40s are considering changing jobs, underscoring the shifting employment landscape in South Korea.
The Employee Turnover Trend Survey, conducted with the participation of 1,500 full-time employees aged 20 to 40 nationwide, found that 69.5% of respondents were contemplating job changes.
The younger the age group, the higher the proportion of those considering a job switch. A staggering 83.2% of respondents in their 20s, 72.6% in their 30s, and 58.2% in their 40s reported being open to changing jobs.
The primary reason cited for considering a job change was “dissatisfaction with monetary compensation” (61.5%), followed by “excessive workload” (32.7%), “evaluations lower than expected” (27.4%), “concerns about the company’s future performance” (26.6%), and “personal growth opportunities” (25.7%), with multiple responses allowed.
Two-thirds of respondents (67.8%) had experienced job changes in the past, while only 32.2% reported their current job as their first. The older the age group, the higher the proportion of those with job-changing experiences: 79.8% for those in their 40s, 67% for those in their 30s, and 49.6% for those in their 20s.
The average number of job changes among those with previous experience was 2.8 times. Nearly half (47.1%) of those who had changed jobs reported having done so three or more times.
The top factor cited for successful job changes was “job-related experience” (56.3%), followed by “differentiated job competencies” (27.9%), “job-related certifications” (7.3%), and “networking” (5.8%).
Half of the respondents viewed job changes as a “means of raising their annual salary.” When asked about the significance of job changes, 49.5% cited “a means of raising their annual salary” as the primary reason, followed by “personal growth opportunities” (31.8%) and “a means of verifying competencies” (12.3%).
Among those with previous job-changing experiences, 68.5% reported moving to a higher-paying job than their previous one. Compared to their previous salaries, 33.8% reported a 1-10% increase, 27% reported an 11-30% increase, and 7.7% reported an increase exceeding 30%. However, 31.5% reported no change or a decrease in salary.
Kim Sun-ae, the head of the Korea Enterprises Federation’s employment policy team, stated, “The concept of a lifetime career is gradually fading, particularly among younger office workers, who increasingly plan to change jobs.”
She added, “Since the primary motivation for job changes is related to monetary compensation, companies need to establish fair evaluation and compensation systems, such as implementing performance-based pay structures, to prevent the loss of talented employees.”
M. H. Lee (mhlee@koreabizwire.com)
