[Gwanga in] "Not enough workers"... Bank of Korea, large-scale new recruitment

Bank of Korea Hired 152 New Employees Last Year
Largest Scale Since 2000s
Increase in Retirees and New Projects
Large-Scale Hiring Expected This Year

The Bank of Korea hired the largest number of new employees since the 2000s last year. This was due to an increase in retirements causing manpower shortages across departments, as well as a growing demand for IT personnel needed to advance new projects such as Central Bank Digital Currency (CBDC). The Bank of Korea is expected to continue actively recruiting both new graduates and experienced professionals this year.

According to the Bank of Korea's 2023 annual report released on the 1st, the bank hired a total of 152 new employees last year, including both fresh graduates and experienced hires. This is the first time since the 2000s that the Bank of Korea has hired more than 150 new employees in a single year. The number represents about a 35% increase compared to the 113 hires in 2022.

The Bank of Korea explained that the increase in hiring was due to a rise in mandatory retirements recently, as well as the need to actively recruit personnel for new projects such as the introduction of CBDC and the establishment of an integrated data platform. The expansion in hiring was also driven by actively recruiting external experienced professionals, including PhD-level researchers. Last year, the bank hired 24 experienced employees, an 85% increase compared to 13 in the previous year.

The rise in new hires is also attributed to an increase in young employees leaving due to dissatisfaction with salaries and the vertical organizational culture. Last year, the Bank of Korea had a total of 38 mid-term resignations, of which 22 were employees in their 20s and 30s. The resignation rate among young employees in their 20s and 30s has noticeably increased compared to the past.

This trend is analyzed to be influenced by the Bank of Korea’s relatively low salary increase rates, resulting in lower wage levels compared to commercial banks and large corporations. As of 2022, the average annual compensation per employee at the Bank of Korea was about 103.3 million KRW, which is less than that of commercial banks. Similar situations are observed in other financial public institutions such as the Financial Supervisory Service and KDB Industrial Bank. A financial sector official said, "The phenomenon of young employees leaving due to dissatisfaction with treatment is common not only at the Bank of Korea and the Financial Supervisory Service but also in key government departments like the Ministry of Strategy and Finance and the Financial Services Commission. It is a time when the government needs to consider measures to prevent the loss of high-level talent."

The manpower shortage at the Bank of Korea is reflected in the total number of employees. The total number of employees was 2,468 in 2019, then decreased to 2,430 in 2021, 2,377 in 2022, and 2,374 in 2023. While the scope of the Bank of Korea’s work is expanding due to new projects, the number of employees is decreasing, causing manpower shortages in several departments.

As manpower shortages continue, the Bank of Korea is expected to actively recruit personnel again this year. The bank is currently conducting mid-year recruitment for experienced professionals, aiming to hire up to about 50 people. This is a 67% increase compared to 30 hires during the same period last year. The bank plans to hire PhD-level personnel to be assigned to regional headquarters, as well as more than 10 experienced IT professionals due to increased IT demand.

New hires may also increase compared to last year. A Bank of Korea official said, "Due to the expansion of new projects and the increase in retirements, there is a long-term need for more personnel. We plan to expand our workforce considering the manpower needs of each department."