Majority of Korean Workers Unhappy with Current Wages
Job Dissatisfaction Among Young Koreans: A Growing Concern
A new survey reveals that job dissatisfaction among young Koreans, particularly those in their 20s, is a pressing issue. The key factors contributing to this dissatisfaction include poor working conditions, economic insecurity, career instability, and inadequate work-life balance.
According to the survey, dissatisfaction with working conditions is the leading cause for quitting, with approximately 46.4% of young workers leaving their first jobs citing this as the primary reason. This dissatisfaction stems from the nature of the work environment, job demands, and lack of job security, particularly in industries such as accommodation, food services, manufacturing, and retail.
Temporary or contract employment is another significant factor, accounting for 15.5% of job departures. Short-term contracts create instability and discourage long tenure for young workers.
Low wages also contribute to discontent. Many young employees earn below 2–3 million won monthly, with a notable group earning less than 1.5 million won. This low pay is a strong motivator for job switching in pursuit of higher income.
Perceived economic inequality and insecurity exacerbate mental health challenges like depression and anxiety in this age group, adding psychosocial stress that may influence job dissatisfaction and the desire for better compensation.
Inadequate work-life balance leads to stress and burnout, further reducing job satisfaction. Young workers value flexible hours, remote work options, and supportive employer wellness programs to improve their work experience.
In summary, the combination of unstable and unsatisfactory working conditions, insufficient pay, economic anxiety, and poor work-life balance drives many Korean young adults to frequently change jobs to improve their financial and career situation.
Interestingly, the number of workers in their 50s has surpassed that of workers under 30 at major companies in Korea, as per data revealed by Leaders Index. This shift may be a response to the high turnover rate among younger workers.
The survey, conducted on 1,088 workers in their 20s, 30s, and 40s, found that 77 percent of respondents were not content with their salaries, with 60 percent expressing openness to a new job. More than half of the respondents (55%) expressed curiosity about the salaries of their peers in the same field and with similar duties.
The minimum raise required for those in their 20s to consider getting a new job was 11.1 percent, while it was 12.3 percent for those in their 40s. The most common reason for considering a new workplace, as cited by 61.5% of all respondents, was the financial rewards offered by the current workplace.
However, the survey did not provide information on the industries or sectors the respondents were employed in, the geographical locations of the companies they worked for, or the methodology used for the data collection.
Last year, 83.2% of workers in their 20s, 72.6% of those in their 30s, and 58.2% of those in their 40s were considering switching jobs, according to a Korea Enterprises Federation survey. Only 23 percent of respondents in the Job Korea survey said they were content with their current level of pay.
Despite these challenges, the survey highlights the importance of addressing job dissatisfaction among young Koreans. Improving working conditions, providing better pay, and fostering a healthier work-life balance could help retain young workers and contribute to a more stable workforce.
In the context of the survey, a significant number of young Koreans are seeking to change jobs due to dissatisfaction with their careers, with 77% expressing dissatisfaction with their salaries and 61.5% citing financial rewards as the primary reason for considering a new workplace. Additionally, many young Koreans are leaving their first jobs due to poor working conditions, temporary employment, and low wages, indicating a growing concern for the future of finance and business careers among this demographic.
