Trends in the Recruitment and Job Placement Market in Korea, October-December 2023

＜Market Overview in Korea＞

Analysts project a stronger economy for Korea in FY2024 compared to the current year. While the semiconductor industry remains a concern, exports saw growth in the October-December period and are expected to continue rising.

Hyundai Motor Company's increasing popularity domestically and internationally, alongside news of expansion and record-breaking promotions, adds to the positive outlook for the nation.

＜Local Hiring Trends among Companies in Korea＞

Job openings decreased in the October-December period compared to the previous quarter. While niche fields sought new graduates and potential candidates from July-September, a shift occurred towards seeking experienced professionals (aged 30-35) in the last quarter. 

The demand for English speakers among Japanese companies has steadily increased, reflecting Korean companies' expansion into neighboring and European markets. Though the semiconductor and rechargeable battery industries faced challenges in 2023, the outlook for the coming year is positive, driving continued demand for sales professionals.

＜Job-Seeker Trends in Korea＞

Job seeker activity naturally slows down in Korea between December and the Chinese New Year in February, particularly among employed candidates who wait for bonus assessments before considering new opportunities. These candidates are likely to stay with their current employer unless offered a significantly attractive package (salary, benefits, job description, and position).

To understand Korean job seeker preferences, we conducted a survey of 100 Japanese-speaking candidates. While many expressed satisfaction with working for Japanese companies, recurring concerns emerged:

- Limited Career Advancement: Many felt career progression was hindered by Japanese expatriates holding top positions.
- Conservative Culture: Some viewed the work environment as lacking flexibility or dynamism.

These findings suggest that Japanese companies in Korea need to adapt their recruitment strategies to address these concerns. Offering clear career paths and promoting a more progressive work culture could significantly improve their attractiveness to qualified Korean candidates.