SEOUL, Nov. 7 (Korea Bizwire) – More than 40 percent of South Korea’s science and engineering professionals are considering or preparing to move overseas due mainly to financial and research environment reasons, a survey by the central bank showed Friday.
According to a Bank of Korea (BOK) survey of 1,916 master’s and doctoral degree holders in science and engineering fields residing in the country, 42.9 percent said they were considering working overseas within the next three years.
Among them, 5.9 percent said they had already made detailed plans or were undergoing interviews for overseas positions.
By sector, bio, pharmaceuticals and medical devices showed the highest proportion of respondents considering jobs abroad at 48.7 percent, followed by information technology (IT), software and communications at 44.9 percent, and shipbuilding, plant and energy at 43.5 percent.
Younger workers were more inclined to relocate overseas, with 72.4 percent in their 20s, 61.1 percent in their 30s and 44.3 percent in their 40s saying they may consider doing so, the survey showed.
Asked about the reasons behind such an intention, 66.7 percent cited financial factors, followed by the overall research ecosystem and networks at 61.1 percent, better career opportunities 48.8 percent, child education 33.4 percent and living conditions 26.1 percent.
“To stem the outflow of science and engineering talent, we need to adopt a more flexible, performance-based pay and compensation system,” a BOK official said.
“It is also necessary to build organizational structures and incentive mechanisms that can accommodate professionals with overseas experience so that experts can return home and contribute to the domestic research ecosystem,” the official added.
(Yonhap)
