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South Korea
- Recruitment landscape
- Economic indicators
- Labor market
- Working life
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South Korea
South Korea, with a GDP of $1.7 trillion, ranks 14th globally. Notable industries include electronics and automobile production. With a population of 51.6 million, the country has a stable labor market, but the low 2.6% unemployment rate suggests potential talent shortages. Recruitment agencies are well-established, supporting diverse recruitment needs.
South Korea'S
AGENCY LANDSCAPE
500
Agencies operating in South Korea
A high number of agencies indicates a mature recruitment industry, marked by strong talent demand, established labor laws and economic stability.
17-22%
Typical fee range
Countries with higher fees imply finding talent is harder to find whilst lower fees indicate a high-volume, commoditized market.
South Korea'S
FEATURED AGENCIES
Adecco Group
Manpower Group
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South Korea'S
GROSS DOMESTIC PRODUCT (GDP) RATING
14
WORLD RANKED
South Korea ranks 14th in the world by current economic output
$1.7T
NOMINAL GDP (US$)
GDP reflects the overall size and economic strength of the country’s economy.
5
APAC RANKED
South Korea is the 5th biggest GDP in APAC out of 41 countries in the region
GDP GROWTH (%)
The above chart compares how South Korea's GDP has grown, compared to the rest of the world and the APAC region in the last 7 years.
Positive growth indicates an expanding economy, while negative growth or recession signifies economic contraction. Strong growth can encourage hiring, but slower growth might lead to freezes or layoffs, influencing talent sourcing as businesses adapt to changing market conditions and demands.
South Korea'S
CURRENCY AND CODE
₩
Country currency
KOR
Country ISO code
South Korea'S
INFLATION RATE
2.5%
CURRENT RATE
▼1.1% REDUCTION
Inflation represents the rate at which prices rise and purchasing power diminishes. High inflation may prompt employees to seek higher wages, potentially impacting company profitability. This situation could lead to budget constraints or hiring freezes, which might influence talent availability and sourcing strategies.
South Korea'S
COST OF LIVING
COST OF LIVING INDEX EXPLAINED
The cost of living has a direct impact on salary expectations and the competitiveness of compensation packages. It can influence the appeal of certain locations-while high-cost areas may attract highly skilled professionals looking for higher salaries, lower-cost areas can appeal to companies looking to minimize salary expenses or candidates seeking a better work-life balance.
South Korea'S
LABOUR STATISTICS
52M
POPULATION
With a population of 51,635,256, South Korea is a medium sized country by global standards. South Korea's youth population is just below the world average, indicating it may face challenges in labor market sustainability over time. The working population in South Korea is close to the world average, suggesting a stable labor market that can adequately meet the economy's demands. South Korea's elderly population is just above the world average, suggesting a growing dependency ratio, which may strain the labor market.
South Korea'S
RELIGION
Religion
In religiously diverse countries, a broad sourcing and engagement approach whilst appealing to inclusive practices resonates with this candidate market. In contrast, in a homogeneous religious environment, understanding dominant cultural norms is often more important when engaging with talent.
South Korea'S
UNEMPLOYMENT RATE
2.6%
CURRENT PERCENTAGE
▼0.22% REDUCTION
South Korea's unemployment rate is low, suggesting either a booming economy or reliance on foreign labour. Between 2022 and 2023, there was a small decrease in unemployment, suggesting continued economic stability with a slight improvement in job availability
South Korea'S
TOP PERFORMING COMPANIES AND INDUSTRIES
Top performing companies
Coupang
LG Display
Hyundai
Top industries
Electronics
Automobile production
Shipbuilding
South Korea'S
GENDER DEMOGRAPHICS
RATIO OF MALES TO FEMALES (BY AGE)
LABOUR PARTICIPATION BY GENDER (%)
73
/
56
Male | Female
In South Korea there is a medium gap in participation rates between males and females, indicating moderate inequality with some progress towards gender parity.
South Korea'S
WORKING LIFE
$36K
Average gross annual wage (US$)
This figure represents yearly income before taxes. Higher wage countries are above $50,000 USD. Attracting talent in lower-wage markets can be cost-effective; however, offering above-average compensation may be required for in-demand skills.
$3K
Average gross monthly wage (US$)
This figure represents monthly income before taxes. Higher-wage countries typically exceed $4,000 USD per month. Attracting talent in lower-wage markets can be cost-effective; however, offering above-average monthly compensation may be necessary for in-demand skills.
South Korea'S
WORKING LIFE
14DAYS
Minimum annual holidays
Minimum annual holidays reflect mandated leave. Hiring in countries with high allowances (over 25 days) will require emphasizing work-life balance when recruiting. In countries with fewer holidays (under 15 days), offering additional leave can enhance recruitment and set the organization apart.
40HRS
Average working full time week
Standard work hours: 8 per day, 40 per week, Mon-Fri. Overtime (outside regular hours) mandatory pay at 150% of average salary. Max 12 overtime hours per week.
South Korea'S
TOP BENEFITS
90DAYS
Maternity leave
Maternity: 90-day leave with 100% pay, 60 days paid by employer, 30 days reimbursable. Paternity: 10-day leave with full pay by Social Security. Parental: Up to 2 years, with government-paid benefits and varying salary percentages.
-
Sick leave
Employees are not guaranteed sick leave for illnesses or injuries unrelated to their job, implying that such time off is not a universal employee right.
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