"Not a Lifetime Job Anyway"... Why the MZ Generation Doesn't Obsess Over 'Promotion' [Heo Midam's Youth Report]

1 in 2 Office Workers "Not Interested in Promotion"
Some Office Workers "Investment in Stocks and Financial Planning More Important Than Saving Salary"
Experts "Reason for Indifference to Promotion? Related to the Harsh Life of Youth"

Office workers are wearing coats and heading to work at the Sejongno intersection in Jongno-gu, Seoul. The photo is unrelated to specific expressions in the article. Photo by Asia Economy DB.

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[Asia Economy Reporter Heo Midam] "Is it really necessary to care about promotion when it doesn't guarantee job security until retirement?"

Recently, it has been found that quite a few office workers do not obsess over promotions while working at their companies. The concept of a 'lifetime job,' where one works at the same company until retirement, has faded, and the current trend of valuing 'work-life balance' (Work-Life Balance, or 'Wolrabal') seems to have influenced this. This is a different attitude compared to the past when office workers aimed for promotions or higher salaries as their goals.

In particular, some office workers believe that financial investments such as stocks are more helpful for asset growth than salary increases from promotions. Experts analyze that the reason office workers have lost their desire for promotion is related to the 'harsh lives of young people.'

Kim, a 31-year-old office worker at an advertising company, said, "If you get promoted, the burden and responsibility of the position become heavier. They don't significantly increase your salary just because you get promoted, so I just want to live while maintaining my 'Wolrabal.' After work, I want to spend time solely for myself, like exercising or enjoying hobbies."

Like Kim, it appears that many do not care much about promotion. According to a survey conducted in January by the job matching platform 'Saramin' targeting 1,129 office workers, about half of the respondents (46.8%) answered that they are 'not interested in promotion.'

The reasons they gave for not being interested in promotion included ▲the fading concept of a lifetime job (51.5%) ▲promotion is not an attractive factor to continue working at the company (46.2%) ▲not particularly trusting personnel evaluations (28.4%) ▲financial investment and self-development are more important than the desire for promotion (26.7%) ▲not planning to work as a company employee for life (18.9%) ▲there are various ways to increase wealth besides salary (7.8%), among others.

The photo is unrelated to specific expressions in the article. [Image source=Yonhap News]

Among these, it is pointed out that the environment where labor income alone cannot accumulate significant wealth has lowered interest in promotion. This means that real estate and stock investments are more helpful for asset growth than salary increases from promotion.

According to a survey on 'Public Perception of Job Prospects' released by the Korea Economic Research Institute in March, 32.9% of 1,000 men and women aged 18 and over chose 'financial investment through stocks, real estate, etc.' as the most promising means of income improvement. Only 14.9% answered 'enhancing work capabilities and promotion.'

Lee, a 27-year-old office worker in his third year, said, "Prices keep rising, but salaries remain stagnant. Saving only my salary no longer allows me to dream of a happy future." He added, "In the end, financial investment like stocks has become a necessity, not a choice." He continued, "If I succeed in financial investment, I don't want to work at a company. It's been a long time since I felt a sense of achievement at work, and being at the office only causes stress."

As a result, office workers who have given up on promotion ambitions often engage in self-development activities such as studying for certifications or enjoying leisure activities after work.

Jung, a 28-year-old office worker studying Japanese and Chinese characters with study materials, said, "Working hard at the company doesn't necessarily mean getting a higher salary. When I first joined, I tried to take the initiative and work hard even on tasks not assigned to me. But the more I worked hard, the more the company demanded." Jung added, "I decided to focus more on my life than the company. Now, I am preparing for the Japanese Language Proficiency Test (JLPT) at the end of this year."

Experts analyze that the reason young office workers are not obsessed with promotion is related to a bleak future. Professor Kim Taegi of Dankook University's Department of Economics said, "The reason young people do not necessarily pursue promotion is connected to their uncertain future. Nowadays, it is difficult to get a job, and even if you do, labor income is quite low. So how can they just trust the company?" He added, "Some people do not care about promotion to pursue 'Wolrabal.' However, this is a story that comes only from some office workers with stable employment."