00:02You're listening to AI Prism from Seoul Economic Daily.
00:06If you're in your first five years at a Korean company, today's numbers affect your next salary conversation.
00:1262.7% of Korean graduates quit their first job, mostly over pay and hours.
00:19And it now takes 11.2 months just to land that first job in the first place.
00:24One bank just decided to do something about it.
00:27Subsidized housing for its youngest staff.
00:30It's Friday, July 24th.
00:32Let's talk about a trend affecting young professionals in Korea.
00:36Youth unemployment has climbed to its highest share since the 2009 financial crisis,
00:41as companies shift toward hiring experienced staff over fresh graduates.
00:46That's made the first job harder to land and, once landed, easier to walk away from.
00:52Woody Bank's new housing plan is one employer's answer to a market where young talent has more leverage than the
00:58hiring data suggests.
01:00Here's what the numbers show.
01:0248.6% of unemployed graduates have been job hunting for over a year, the highest share since 2009's 51
01:10.7%.
01:11Korea's average time to a first job sits at 11.2 months, barely changed from a year ago despite fewer
01:18openings.
01:1962.7% of employed graduates quit their first job, and 44.4% of them cite dissatisfaction with pay
01:28and hours as the reason.
01:29Civil service exam prep rose to 22.1% of job seekers, up 3.9 points and reversing five years
01:37of decline toward private sector applications.
01:40Woody Bank will spend 75 billion won, about $50.7 million, building 200 subsidized housing units in Seoul for unmarried
01:50junior employees.
01:52Average tenure at a first job rose slightly to one year and 6.8 months, up 0.4 months from
01:59last year.
02:00So what does this mean for early career professionals in Korea?
02:04Earlier, we said 6 in 10 quit their first job over pay and hours.
02:08That's your leverage point heading into any review or offer negotiation.
02:12A tight entry-level market cuts both ways.
02:16Harder to get in, but companies like Woody are already competing on perks to keep you once you're there.
02:22Watch whether other banks and conglomerates follow with their own retention benefits this quarter.
02:27That's today's A-PRISM, early career.
02:30This episode was produced with AI Assistants, based on Seoul Economic Daily reporting, and reviewed by a human editor.
02:38A-PRISM is a Juan Ifra award-winning series.
02:41We'll be back tomorrow.
02:43You've been listening to A-PRISM from Seoul Economic Daily.
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