16 Researchers and Managers Retired This Year
Bank of Korea: "Record Your Own Performance in Excel When Working from Home"... 2030 Generation: "Is This Personal Information Surveillance?"
Bank of Korea to Announce 'Mid- to Long-Term Management and Personnel Innovation Plan' at the End of December
[Asia Economy Reporter Jang Sehee]"There are many smart people at the Bank of Korea, but it's a waste of resources. It's right for smart people to leave."
This post was uploaded on the 18th on Blind, an anonymous community for office workers. Only Bank of Korea employees can join this Blind community. The days when it was called a 'God's workplace' due to high wages and status are long gone.
According to the Bank of Korea, a researcher who reached their 5th year at the bank this year recently moved to NICE Investors Service, one of the top three domestic credit rating agencies. As of November, 16 researchers at grade 5 and managers at grade 4 have resigned. Last year, 14 people already submitted their resignations and moved elsewhere.
Following a 5th-year researcher’s move to an asset management company in May, the resignation rush has continued to this day. They emphasize that the Bank of Korea has no future due to superficial innovation, a culture that pursues stability, and low wage increase rates.
Posts titled "Delusion about Innovation" and "The biggest problem of this company is amateurism in organizational management" have been uploaded on the Blind board. Nearly 2,000 people have viewed these posts, and comments have been actively exchanged.
The author stated, "With so many people rushing to limited tasks, naturally the work gets fragmented," and "They keep creating work for the sake of work by splitting tasks endlessly." Another author lamented, "The common perception of the Bank of Korea in both the market and government is basically 'What does the Bank of Korea even do?'" and added, "No matter how much we internally revise spacing with pencils, it doesn't mean much externally."
2030 Generation: "Individual performance reporting? Is this Big Brother?"
This resignation rush is closely related to the Bank of Korea’s 'organizational restructuring.' After distributing the results of the 4th meeting of the Organizational Innovation Promotion Committee to employees on the 9th, the Bank of Korea implemented a 'continuous evaluation system.' Under this system, team members working remotely fill out their performance in Excel, and team leaders provide feedback. The Bank of Korea plans to gradually expand this continuous evaluation system after further discussions.
Young employees agree that while their authority and welfare remain stagnant, only their responsibilities have increased. One researcher emphasized, "We should design with the big direction of work efficiency in mind, but being hasty with reforms has led to an outdated Excel-based performance reporting system that is even more old-fashioned than the weekday system." Another researcher added, "They tell us to write individual performance reports. Is this Big Brother (personal information surveillance)?"
Among employees, there is talk that the wave of young employees leaving is related to the Bank of Korea’s vision. Several insiders said, "Researchers and junior managers find it difficult even to voice opinions about their work," and "Efforts to improve compensation must accompany organizational expansion and status enhancement." In conclusion, employees cannot actively express their work-related opinions, and reports focus more on format than content, increasing work inefficiency.
Private sector reduces evaluation systems, but Bank of Korea establishes new ones
Low wage increase rates are also a problem. Over the past five years, the Bank of Korea’s wage increase rates were 0.8% in 2019, 2.7% last year, and 0.7% this year. Annual salaries differ by up to nearly 20 million KRW compared to institutions like the Korea Development Bank.
The Bank of Korea plans to release a mid- to long-term management and personnel innovation plan by the end of this year. Earlier, global HR consulting firm Mercer Korea submitted a report to the Bank of Korea that included measures such as differentiated bonus payments for clear recognition of employee compensation, continuous evaluation, and the establishment of 10 senior positions related to digital currency.
However, these innovation plans are far from the direction of organizational innovation in the private sector. A Samsung Electronics official said, "The purpose of the personnel system to be announced on the 25th is to create a horizontal and flexible organization," adding, "It includes eliminating some evaluation systems that employees have to pay attention to but have no practical benefit."
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