Employment Crisis in Korea Financial Sector

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Economists say that unemployment happens when there are not enough jobs available that can accommodate too many people who are so willing to work, and it seems like this occurrence is very conspicuous especially in financial industries. For this year, most of financial companies are unsure about their hiring capacities, and some of them even have no plan for employment in Korea.

However, though financial companies have few spaces for full-time workers, it seems like they do have a lot of space for interns. The above chart is a blueprint that financial industries had for hiring interns last year. They planned to recruit about 6600 interns, which is about 2.8% of employees in all financial sectors. Notably, Woori Bank decided to hire 2500 interns in 2010 which is 13.6% higher than last year, and KB (Kookmin Bank) recruited 2200 interns at the end of last year. Industrial Bank of Korea hired 400 interns last year by cutting 20% of new employees’ salaries as well.

The Financial Services Commission also hired two interns last year, and one of them is currently working for Kiwoom Securities in Yeouido after finishing his internship at the department of financial policy in the FSC. He said because of the financial crisis last year, it was not easy for him too to get a job right away after he came back to Korea. Moreover, he mentioned that since he had been in American for college, he felt that he was falling far behind putting himself out on the job market in Korea. Therefore, he said that the intern opportunity from the FSC gave him so much knowledge and experience to prepare himself for looking for a job. Lastly, he advised that although interning at any companies would be better than nothing, it would be smart to try companies that might give you a chance for a full-time working position.

Despite the fact that the Financial Services Commission and the Ministry of Strategy and Finance tried so hard to lessen the employment crisis by offering a higher volume of internship, some people still have negative opinions saying that the internship program will resolve the employment crisis just a temporary. It is true that there is no 100% guarantee that all interns will be transferred to full-time working positions, but some financial companies give benefits to those who have intern experience in their companies, and overall there is no harm at all to have any working experiences to have better qualification.

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2 thoughts on “Employment Crisis in Korea Financial Sector

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