Hiring? Scale is Secret, Timing Undecided

Despite the Difficulties Caused by COVID-19, Hiring Doors Have Opened, but New Graduate Recruitment Faces Even Narrower Needle’s Eye Than Experienced Hires

[Asia Economy Reporters Kangwook Cho, Soyeon Park] Amid the resurgence of the novel coronavirus (COVID-19), major conglomerates and financial institutions have barely opened their doors for new graduate recruitment in the second half of this year. Although major conglomerates have set a policy to maintain hiring volumes close to previous years despite poor performance caused by COVID-19, the number of companies abolishing large-scale open recruitment, which used to hire thousands at once, is increasing, making it highly likely that the scale of new graduate recruitment will significantly decrease. Even companies that still conduct open recruitment are doing so in a 'blind' manner without disclosing hiring volumes, so new graduate recruitment is expected to decline compared to previous years. The financial sector, preferred by job seekers, is in a similar situation, making the gateway for new graduate employment truly a 'needle’s eye.' Related article on page 3

According to the business and financial sectors on the 15th, Samsung Group closed applications for new graduate positions at 20 major affiliates including Samsung Electronics, Samsung Display, Samsung SDI, Samsung Life Insurance, and Samsung C&T on the 14th. Afterward, written tests such as the Job Aptitude Test (GSAT) and interviews will be conducted in October and November, with successful candidates announced in December. However, the hiring scale by affiliate was not disclosed.

SK Group also began its second half new graduate open recruitment from the previous day. Applications are accepted online until the 25th, and the group is considering switching the written test, which was conducted offline until the first half of the year, to an online format. Starting with POSCO last month, CJ, Hyundai Oilbank on the 7th, and LS Group on the previous day also began their second half open recruitment. These companies, including SK Group and POSCO, keep their hiring volumes confidential.

On the other hand, Hyundai Motor Group, LG Group, Hanwha Group, and KT will not conduct separate new graduate open recruitment in the second half of this year but will hire new graduates on an as-needed basis depending on manpower situations.

Since major groups have decided to maintain hiring volumes at levels similar to previous years, the total number of hires is not expected to decrease significantly. It is known that Samsung Group plans to hire around 10,000, LG Group 10,000, SK Group 8,000, Hyundai Motor Group 5,000, and GS Group 4,000.

Samsung and SK Keep Open Recruitment Scale Confidential
Hyundai Motor and LG Group Shift to On-Demand Hiring

However, considering that each group is strictly keeping the ratio of experienced to new hires confidential and increasing the proportion of on-demand hiring, the scale of new graduate recruitment is expected to decrease compared to previous years. A representative from an economic organization said, "From insider talks within each group, the capacity for new graduate hiring is not large," adding, "It is practically an emergency situation now, and companies prefer skilled personnel who can be deployed immediately. Moreover, due to the atmosphere where voluntary retirement and restructuring are difficult, there is no room to nurture new graduates leisurely."

The employment bottleneck caused by COVID-19 is the same in the banking sector. Shinhan Bank and Woori Bank, which announced their second half open recruitment plans the previous day, reduced their hiring volumes to as low as one-quarter compared to last year. Shinhan Bank, which hired over 1,000 new employees last year, plans to recruit 250 in the second half, while Woori Bank’s recruitment shrank from 750 to about 200. This includes not only general new hires but also experienced hires and on-demand recruitment for digital and ICT personnel. The scale of general open recruitment is even smaller.

A financial sector official said, "With the activation of non-face-to-face services, manpower at branches is being redeployed, reducing the capacity for new hires," adding, "On the other hand, the acceleration of digital transformation in the financial sector is strengthening the preference for digital and professional talent."

This content was produced with the assistance of AI translation services.