A Glimpse into 2030 Workplace Views through the Resignation of a Han Eun Man... Rejection of Conservative Culture and Becoming a Cog in the Machine

The Era of Missing 'Han-gin Concern'

Photo by Moon Honam / Bank of Korea 자료사진 / Moon Honam 기자 munonam@

How I Got Hired... I'm Not a Cog in the Machine

Passed the Competition but Labeled as 'Idea = Eccentric Person'

Exhausted by Passive, Repetitive Tasks

Culture of 'We All Went Through That'

Performance Ratings Piled on by Years of Service, Newcomers Get C Grade

Salaries Stagnant... No Confidence in Expertise After 10 Years

[Asia Economy Reporter Kim Eunbyeol] The Bank of Korea hires about 60 new college graduates annually. Around 4,000 applicants compete for these positions. The competition rate for financial public enterprises like the Korea Development Bank is similar. Why do people quit these 'dream jobs' after overcoming competition rates of about 60 to 1, sometimes even 100 to 1? A common issue cited by the young generation in their 20s and 30s who break out of these secure jobs is the conservative organizational culture and the inability to proactively demonstrate their individual abilities. In the past, the fact that these jobs guaranteed a lifelong livelihood was a major advantage for employees, but now, with the concept of lifelong employment disappearing and the value of labor income declining, young people no longer see this as a benefit. The Bank of Korea is currently working with global consulting firms to establish mid- to long-term management and personnel innovation plans.

Organizational Culture That Makes It Difficult to Showcase Individual Abilities

Looking inside the Bank of Korea reveals the workplace perspectives of the 2030 generation. Getting hired at a job considered a 'steel rice bowl' is not easy. The popularity of such jobs soared after the 1997 Asian financial crisis and the 2008 global financial crisis. As competition rates increased, the hiring process and exams became more rigorous, often requiring the ability to write economic research papers.

However, after joining, new employees often find themselves only a small part of a well-oiled machine-like organization. One former employee who left to pursue other studies said, "I had expectations of contributing to monetary policy, but most of the work I did involved worrying about the angles of line graphs or updating aggregated statistical numbers." A former Bank of Korea employee who is now a YouTuber (Baram) also cited, "I was only allowed to do the tasks assigned to my role, and it was disappointing to have to work in different teams every two years."

The structure that makes it difficult to express personal thoughts or ideas is also pointed out as a problem. Young employees who propose new ideas are labeled as 'eccentric.' Civil servants complain that they operate like machines producing policies as ordered by politicians or the Blue House. In the past, pride in creating national economic policies led them to willingly work overtime, but young employees are now disappointed by having to fit policies to orders from above. A Bank of Korea official said, "Nowadays, it's more important for people to be able to demonstrate their abilities and receive appropriate salaries than to do 'noble work.' This seems to be a characteristic of the current generation."

Performance Ratings Piled on, Relative Salary Dissatisfaction

"No matter how hard you work, it's hard for new employees to get good performance evaluations. There's an atmosphere that it's normal to receive a C grade until you gain seniority." Another reason the 2030 generation is dissatisfied with the 'steel rice bowl' organization is seniority-based hierarchy.

Young employees cannot endure the culture of giving high performance ratings to managers and employees who joined earlier or have worked longer in the department.

Lower salaries compared to private companies, excessive moral demands, and a culture that forbids investments for civil servants are also cited as drawbacks. At the Bank of Korea, there are no incentives for generating high profits. While private companies' salaries rise, public enterprises' salaries remain stagnant. Advice from seniors to 'save even a small amount steadily' also meets resistance from young employees.

A Bank of Korea researcher said, "With this salary, when can I save enough to buy a house? Seeing my university classmates earn much higher salaries in private companies and buy homes makes me feel a sense of loss." Additionally, the rapid modernization of corporate culture in private companies, such as the 52-hour workweek, is another reason why 'steel rice bowl' organizations are losing popularity.

Anxiety About Falling Behind Living Like This

Team leaders and directors comfort by saying, "That's how it is for new employees. As you move up, your role grows and you can have a voice." However, young employees say this comfort does not resonate. They worry that if they only adapt to the system in the old-fashioned way while the world changes rapidly, they cannot be confident in their expertise 10 years from now.

Recently, the rising popularity of the Financial Settlement Department, rather than traditional departments like the Monetary Policy Bureau or Research Bureau, reflects this trend. A Bank of Korea executive said, "This is due to the fintech industry, payment studies, and central bank digital currency (CBDC)." He added, "While other departments offer limited learning opportunities in youth, the Financial Settlement Department allows young employees to independently keep up with and learn the latest trends."