Survey by Korea Economic Research Institute Targets Unemployed Youth
Difficulties Stem Not Only from Job Shortages, But Also Recruitment Practices
Among unemployed young people who are currently seeking jobs, half cited the "preference for experienced candidates" as a major obstacle. The minimum pre-tax annual salary desired by unemployed youth was found to average 34.68 million won.
The Korea Economic Research Institute announced on the 22nd that these results came from a job perception survey of 500 unemployed young people, conducted by the polling agency Mono Research.
Unemployed youth are facing difficulties not only due to a lack of job opportunities but also because of the structure of recruitment itself, such as the focus on hiring experienced candidates. When asked about the difficulties faced by unemployed youth who are currently job hunting, the responses were as follows: ▲ lack of quality jobs (30.0%), ▲ recruitment structure favoring experienced candidates (20.4%), ▲ excessive qualification and credential requirements (19.6%), and ▲ declining motivation due to repeated failures (14.6%).
For unemployed youth who are not currently seeking jobs, the reasons for not looking for work were: ▲ preparing for certifications or employment exams (19.6%), ▲ lack of suitable jobs (17.3%), ▲ taking a break for a certain period (16.5%), ▲ excessive requirements for credentials or experience (13.8%), and ▲ repeated failures in finding a job (9.2%). Excluding voluntary reasons such as exam preparation, the factors causing difficulties in job searching were largely consistent.
When asked about the conditions that define a "quality job" from their perspective, the largest proportion cited salary level (31.8%). This was followed by ▲ job security (17.9%), ▲ work-life balance (17.4%), ▲ workplace organizational culture (7.3%), and ▲ alignment with personal aptitude (7.2%). In response to the question of whether there are enough "quality jobs" in Korean society, 76.4% answered that there are not enough, indicating a significant perception of scarcity.
Job seekers are looking at the job posting board at the 2024 Busan ICT Job Fair. Photo by Yonhap News
When asked about their expected timeline for employment (or starting a business), the largest proportion, 20.4%, answered "within 3 to 6 months." This was followed by ▲ "within 6 months to 1 year" (14.2%), ▲ "within 1 to 2 years" (13.2%), ▲ "within 3 months" (8.4%), and ▲ "more than 2 years" (8.2%). Calculating a weighted average by reflecting the response rates for each time segment, unemployed youth expect to find employment (or start a business) in an average of 11.8 months.
The minimum pre-tax annual salary level at which they are willing to work averaged 34.68 million won. By educational background, those with a high school diploma or less hoped for an average of 32.27 million won, while those with a university degree or higher desired 36.22 million won on average.
As for policy priorities to address youth employment issues, "expanding the number of quality jobs" (32.7%) received the most responses. Other responses included ▲ strengthening economic support such as covering job search expenses (18.2%), ▲ providing more opportunities for practical experience such as experiential internships (16.0%), and ▲ offering tailored education, training information, and opportunities (11.3%).
Lee Sangho, head of the Economic and Industrial Division at the Korea Economic Research Institute, emphasized, "As new hiring decreases due to the prolonged economic downturn and an uncertain domestic and international business environment, the difficulties faced by young people are intensifying. To expand the number of quality jobs, we must support the development of new industries, enhance corporate vitality through deregulation, and increase employment capacity."
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