[Life Chapter 3 Companies] 'SangsangWoori' Helping Middle-Aged Reemployment... Half of Employees Are in Their 50s and 60s

"Replanning Life from Mid-40s"
Operating 'WorkWiz', a Specialized Employment Platform for Middle-Aged and Older Adults
"Various Jobs Needed for Middle-Aged and Older Adults to Work Longer"

Shin Cheol-ho, CEO of SangSangWoori. / Photo by Younghan Heo younghan@

[Asia Economy Reporter Heo Midam] "Turning the experience and wisdom of the middle-aged and older generation into a resource for social innovation."

Founded in June 2013, 'Sangsangwoori' is a social enterprise pursuing this goal. Shin Cheol-ho, CEO (46), who had long been interested in social issues, discovered during consulting lectures for the middle-aged and older generation in his 30s that they were most worried about life after retirement. With the pace of retirement accelerating every year and the number of retirees increasing, CEO Shin believed that someone needed to solve the employment issues faced by the middle-aged and older generation. However, at that time, no company was actively addressing this problem. Thus, CEO Shin decided to start a business to directly solve the employment problems faced by the middle-aged and older generation.

Sangsangwoori helps the middle-aged and older generation with entrepreneurship and reemployment. As a company that values middle-aged and older workers, it is common to see experienced employees in the office. They sit in front of monitors typing on keyboards like any other employees and sometimes brainstorm together with younger staff. CEO Shin said, "'Sangsangwoori' is an abbreviation of 'Sangbusangjo haneun Uri' (mutually helping each other)," adding, "'Sangsang' also means 'to imagine,' but it also signifies that the middle-aged and younger generations help solve each other's problems."

Sangsangwoori currently offers the middle-aged and older generation ▲capacity-building education ▲entrepreneurship and employment consulting ▲job matching services. One of its flagship projects is 'Good Job 5060.' This program, a collaboration since 2018 between Sangsangwoori, Hyundai Motor Company, the Ministry of Employment and Labor, and the Seoul 50 Plus Foundation, supports education and matching services to help the middle-aged and older generation find reemployment. CEO Shin said, "Planning for the third act of life is most important, and we also provide related education," adding, "We are striving to support the new challenges and initiatives of the 50s and 60s generation."

Additionally, Sangsangwoori operates 'WorkWiz,' a specialized employment platform for the 40s and 50s generation. WorkWiz is a platform that collects job postings from companies seeking workers in their 40s and 50s, offering various positions such as general affairs, human resources, and accounting. While middle-aged jobs often focus on simple labor like building security or delivery work, WorkWiz broadens options by providing job information across multiple fields. Furthermore, since 2014, Sangsangwoori has run an annual academy offering professional mentoring and educational opportunities to help the middle-aged and older generation start social enterprises.

Sangsangwoori prefers jobs that allow for "long-term" employment above all. While young people work primarily for financial gain, the middle-aged and older generation often work to avoid social disconnection, even if they earn less. CEO Shin said, "Money is not a priority for the middle-aged and older generation," adding, "especially as reemployment opportunities decrease with age, we do not aim for jobs that last only one or two years."

Half of Sangsangwoori's employees are in their 50s and 60s. An employee nearing seventy has been with the company for seven years. CEO Shin said, "By 2030, more than half of the working-age population will be over 50, so many companies will have no choice but to work with the middle-aged and older generation," adding, "We also want to play a role in creating and spreading a culture where multiple generations work together."

Shin Cheol-ho, CEO of Sangsangwoori. / Photo by Younghan Heo younghan@

Below is a Q&A session.

- You were in your 30s when you founded the company. Were there any objections when a 30-something decided to start a company to help the middle-aged and older generation?

▲ Yes. I heard a lot of sarcastic remarks questioning how someone in their 30s could solve employment issues for the middle-aged and older generation. In fact, until about 3 to 4 years ago, there was a lot of criticism. People said how could a private company solve employment problems that even the government couldn't. However, I saw it as a national waste and loss that the middle-aged and older generation, who have sufficient experience and wisdom, lose opportunities to demonstrate their abilities after retirement. Many criticisms have subsided recently as the issues of middle-aged employment and aging population have become more serious.

- How should the middle-aged and older generation plan for the third act of their lives?

▲ We advise that life planning should start again from the mid-40s. Many people vaguely think, "I'll manage somehow after retirement." But they need to receive professional education and experience various paths. Usually, people say the middle-aged and older generation must change. But realistically, it is difficult for them to change, so we often say they should expand rather than change. To expand, they need to meet many people. Through various experiences, they can find the path that suits them and decide on a second career.

- What should be done to solve the employment issues of the middle-aged and older generation?

▲ The retirement age for workers in Korea is 60, but the actual average retirement age is 49.1. Since pensions start at 65, there is a gap of about 16 years. Also, nearly 800,000 people are eligible for retirement. Compared to the 260,000 births last year, the number of retirees is very high. With this birth rate, the youth population will decrease, so the middle-aged and older generation must continue working. The problem is that there is no domestic market that hires the middle-aged and older generation. Also, middle-aged jobs are usually limited to security or cleaning. Therefore, we strive to create diverse jobs for the middle-aged and older generation. Good jobs are those where they can work as long as they want, receive sufficient pay, and feel pride while working.

- What are the advantages of middle-aged and older workers compared to younger generations?

▲ They have diverse experience and can work for a long time. Young people tend to change jobs once they build their careers. From a company's perspective, they lose talented employees when they try to utilize them. In contrast, the middle-aged and older generation, compared to young people, want to work longer at one company even if they earn less. If the conditions between the company and workers match, middle-aged workers are valuable long-term assets for companies.

- What kinds of jobs does Sangsangwoori provide for the middle-aged and older generation?

▲ We provide various jobs in welfare, tourism, overseas, and local small and medium enterprises. There are also middle-aged workers engaged in digital-related tasks. Usually, digital work is considered difficult for the middle-aged and older generation. However, tasks like data labeling are easy for them. This involves naming data so that artificial intelligence (AI) can learn from it. Since it is simple work, the middle-aged and older generation can easily approach it. Next year, we plan to expand our business so that the middle-aged and older generation can work in the mobility sector. Currently, there is a high demand for taxi drivers and automobile mechanics. We plan to help the middle-aged and older generation enter these fields as well.

- What kind of company do you want to become?

▲ The aging population is accelerating worldwide. Especially in Korea, the aging speed is the fastest among OECD countries. I hope Korea becomes a leading country that innovatively solves aging problems, and I hope our company can play an important role in this.