[Exclusive] 5-Year Veteran Han Eun Employee Moves to Asset Management Firm

The Era of Missing 'Han-gin Busim'

[Image source=Yonhap News]

5th-Year Employee Says "I Hate the Divine Workplace"

An Unprecedented Resignation in 70 Years of History

[Asia Economy Reporter Eunbyeol Kim] The sudden resignation of a 5th-year employee at the Bank of Korea has become a hot topic within the bank. A college graduate public recruitment employee chose to leave the so-called "Divine Workplace" and move to a highly competitive private financial firm, raising the question among staff, "Why on earth?"

It is very unusual in the 70-year history of the Bank of Korea for someone to give up the honor of being a "Han-eun man" and resign to pursue other dreams. Although the status of the Bank of Korea is not what it used to be, this case highlights the changing career perspectives of the 2030 generation. It clearly contrasts with previous generations who joined seeking a lifelong job and endured unreasonable situations with pride alone.

According to the Bank of Korea on the 18th, a researcher who joined the bank five years ago resigned earlier this month and moved to Korea Investment Management. While there have been cases of accountants and lawyers hired as professionals leaving mid-career, it is unusual for a general college graduate employee to transfer to a private financial company.

The resignation of this young employee, who was usually proactive in their work, has caused a stir inside the Bank of Korea. Many colleagues in the employee’s department and peers have asked, "Did they really resign?" On the bank’s anonymous bulletin boards, young employees’ complaints have long been pouring out. The main grievances were that they were often used as parts rather than being able to express opinions or demonstrate their abilities, the strong vertical structure that prioritizes seniors first, and relatively low salaries. Especially painful is the resignation of a young employee as the Bank of Korea commissioned global consulting firms last year and this year to establish mid- to long-term management and personnel innovation plans. The bank is considering improvements across organizational structure, job titles, personnel, and compensation.

The dissatisfaction of young employees is not unique to the Bank of Korea. There have been many cases of civil servants breaking out of the "iron rice bowl." The Ministry of Economy and Finance received first-choice applications from trainee officials for their preferred departments this year but failed to fill all positions. According to the Government Employees Pension Service, as of last October, 28,934 civil servants who had served less than five years received severance pay in the past five years, accounting for 14.9% of all retirees. It is evaluated that the workload is too intense to endure on honor and pride alone, and in practice, many tasks require following orders from higher-ups.