Executive Ranks Shrink as South Korean Conglomerates Prioritize Workforce (Image created by AI/ChatGPT)
SEOUL, April 1(Korea Bizwire) — The number of executives at South Korea’s top 30 conglomerates declined last year amid an economic slowdown, while that of employees increased, a market tracker said Tuesday.
According to an analysis of 2024 business results released by 235 affiliates of the 30 conglomerates, the number of executives at the 235 companies came to 9,746 in 2024, down 0.7 percent from a year earlier, according to Leaders Index.
The number of employees at the firms, on the other hand, gained 1.7 percent on-year to 983,517. Accordingly, the number of employees per executive at those firms rose to 100.9 from 98.5 over the cited period.
“Conglomerates increased the number of working-level employees while reducing that of high-paying executive jobs due to a downturn and an industrywide reorganization,” the research firm said in a release.
Retail and construction companies cut more executive jobs last year, reporting higher employee-to-executive ratios compared with other business groups.
At Shinsegae Group, the number of employees per executive jumped by 31.5 to 228.5 in 2024 from 197 a year ago.
Construction firm DL E&C’s corresponding figure climbed to 86.2 from 70.7 over the same period.
Hyundai Motor Group’s figure also rose by 10.3 to 149.1 from 138.8.
(Yonhap)
