Code States Records 587% Employment Growth Rate Over Two Years

Selected as the Top Job-Creating Company in South Korea in 2021

[Asia Economy Reporter Kim Cheol-hyun] Startup Code States announced on the 2nd that it recorded a 587% increase in employment over two years. Code States was recognized as an excellent employment case and was also selected as a '2021 Korea Job Excellence Company' by the Ministry of Employment and Labor.

Code States increased its total employment from 16 people, including contract workers in 2019, to 110 people as of July this year. Additionally, the regular employee conversion rate reached 94% from 2019 to last year, and 92% of new hires during the same period were confirmed to be youth under the age of 34.

One of the factors that enabled Code States to achieve a high employment growth rate by actively absorbing young talent is the welfare system that supports employees to focus on work and grow. Code States provides a congratulatory bonus worth 1 million KRW to applicants who join through its own recruitment site. For regular employees, various compensation plans such as stock options, digital assets, and income-sharing (ISA) fund operations are also provided.

Moreover, regardless of the spread of COVID-19, Code States has implemented a flexible work system allowing up to five days of remote work per week and has consistently worked to provide a more convenient work environment for executives and employees by expanding and relocating its office to match the rapidly growing workforce. As a result of continuously operating welfare systems and practical compensation structures, Code States achieved a reduction of about 45% in average working hours per employee last year compared to the previous year.

Code States plans to significantly expand its business scale and continue large-scale recruitment in the second half of this year. Starting in the second half, the company will establish the 'We-Grow Fund,' which aims for financial co-growth between the company and employees, providing employees with real opportunities to accumulate substantial funds. Kim In-gi, CEO of Code States, said, "By introducing an innovative model in the career education market and expanding the business with rapid growth, we were able to hire a large number of talented individuals," adding, "In the future, we will create new types of jobs that contribute to the company and receive compensation through various methods, including not only traditional jobs but also utilizing protocol economy models."