SEOUL, June 15 (Korea Bizwire) – Recent data shows jobseekers prefer large corporations over small and medium-sized firms not only for the pay, but also for the work-life balance and corporate culture, among other considerations.
Based on an analysis of reviews of small and medium-sized firms on the website JobPlanet, a rating website for companies, large corporations came ahead on matters not only of benefits and salary, but on work-life balance, quality of management, corporate culture and opportunities for promotions.
Taking into account the individual categories, large corporations edged small and medium-sized firms 2.81 to 2.53 on a scale of 0-5.
A spokesperson for JobPlanet stated that 4,128 small and medium-sized firms and 2,013 large corporations that had a minimum of five reviews each were included in the analysis.
The biggest gap in ratings was found in the benefits category, with large corporations coming out ahead with a score of 2.80 to small and medium-sized firms’ 2.30.
According to JobPlanet’s findings, the average annual salary for university graduates employed at large corporations was 34.2 million won, compared to 26.1 million won for university graduates employed at small and medium-sized firms.
The gap between the average salaries grew wider as employees became more experienced, with data showing those at the director level at large corporations taking home 104 million won, which was 22.3 million won more than those employed in small and medium-sized firms.
After salary the biggest gap was in the category of work-life balance.
Large corporations were rated 2.73, higher than small and medium-sized firms which were rated 2.52.
On quality of management, large corporations were rated 2.33 while their counterparts were rated 2.17. For corporate culture the ratings were 2.70 and 2.62, respectively.
The opportunities for promotion category was rated 2.73 for large corporations and 2.68 for small and medium-sized firms, the category that showed the smallest difference in ratings.
The differences between large corporations and small and medium-sized firms could also be felt by reading the written reviews.
Employees of both small and medium-sized firms and large corporations rated their companies negatively with common complaints regarding work overload, rigid and hierarchical corporate culture and an unpleasant working environment.
There was a contrast in the reviews regarding corporate culture. Employees of large corporations lambasted the rigid, hierarchical corporate climate, whereas employees of small and medium-sized firms were critical of the lack of corporate infrastructure.
Poorly rated small and medium-sized firms’ profiles were littered with reviews containing criticisms such as, “no coherent sense of order in regards to work”, “extremely inefficient system”, “illogical decision-making process” and “the company is too small so there is no company infrastructure to speak of”.
In regards to salary, employees at small and medium-sized firms criticized their salaries as “low” or “not enough” while those at large corporations left criticisms along the lines of “low salary compared to competitors in the same industry” or “pay roughly equivalent to what one gets at a smaller company”.
JobPlanet provides a web platform that displays information and ratings of companies posted by those currently employed and jobseekers who have interviewed for positions.
By Joseph Shin (firstname.lastname@example.org)