Hiring trends in Korea
Due to the increases in minimum wages, relevant companies’ wages on all levels including those of minimum wage earners are expected to increase. As a result, employers will likely seek compensation and benefits professionals with the ability to adjust the wage system and keep the increased labour costs to a minimum.
Within the banking and financial services sector, recruitment for actuaries in life and non-life insurance continued to gain traction, and these professionals remain in great demand, especially among new entrants into the market.
The South Korean gaming sector was a dominant force in the global gaming landscape. Some South Korean offices of global game companies started investing heavily and developing game titles within South Korea, which were traditionally developed outside South Korea for multinational game companies. Highly qualified engineers could expect 15-20% salary increases when moving to other companies, which further exacerbated the candidate shortage due to a significant gap between supply and demand.
Hiring across the pharmaceutical sector was buoyant in 2017 with a number of pharmaceutical and biotech companies retaining bilingual talent. Across the chemical, medical, and healthcare sectors, as the government enhanced health-related regulations with advanced medical technology, companies sought to retain bilingual regulatory affairs managers.