Hyundai Motor's Senior Job Support Project 'Good Job 5060' Achieves 64.7% Reemployment Rate

[Asia Economy Reporter Suyeon Woo] Hyundai Motor Group's 'Good Job 5060' project, which supports job opportunities for middle-aged people in their 50s and 60s, has achieved successful results with a participant reemployment rate of 64.7%.

On the 17th, Hyundai Motor Group held the 'Good Job 5060 Performance Sharing Meeting' online and announced the project’s achievements over the past three years. Launched in July 2018, the 'Good Job 5060' project has supported the reemployment of 268 people as of September this year, achieving a 64.7% employment rate.

Notably, the project is meaningful in that it created sustainable jobs centered on full-time positions with four major social insurances, utilizing the expertise and experience of the participants rather than short-term, low-wage jobs. This project is a job creation initiative developed through cooperation among the private sector (Hyundai Motor Group), government (Ministry of Employment and Labor), public institutions (Seoul 50 Plus Foundation), and social enterprises (Sangsangwoori), addressing the employment issues of the middle-aged generation.

Hyundai Motor Group held the 'Good Job 5060' online performance sharing event on the 17th and announced the business achievements of the past three years. In the photo, from the front row left, are Shin Cheol-ho, CEO of Sangsanguri; Kim Hae-seok, Executive Director of Greenju (Good Job 5060 alumnus); Kim Hyun-mi, CEO of Greenju; Ho Gi-heon, CEO of Guidecoop; and Jung Joong-geun, Director of Sangsanguri, along with other event officials posing for a commemorative photo. Photo by Hyundai Motor Group

Average applicant age 55.2 years... Employment retention rate 81.3%

Out of 1,909 applicants, 414 participants were selected after screening. The participants had an average age of 55.2 years and an average of 23.9 years of experience, representing retired personnel. They are highly skilled talents who have built expertise in fields such as ▲Management, Accounting, and Administration 35% ▲Sales and Marketing 13% ▲Finance and Insurance 10% ▲Information and Communication 9.2% ▲Business and Management 7.5% ▲Others 25.3%. The employment retention rate of these reemployed individuals reached 81.3%, indicating successful integration into organizations. This was possible because they were able to perform related tasks by leveraging their existing experience through reemployment connections.

In addition to their existing professional expertise, participants were able to acquire various additional work competencies by engaging in core competency enhancement training, mentoring, and employment counseling activities provided by Good Job 5060. Notably, this year, new programs were operated, including the employment competency enhancement program '5 Weeks,' where the middle-aged generation collaborates with social economy enterprises to solve business issues faced by companies, and 'Middle-aged Employment Trends 2020,' which shares customized employment issues for the middle-aged generation.

Hyundai Motor Group Good Job 5060 creates 4.1 billion KRW in social value over 3 years

Meanwhile, an analysis of the 'Good Job 5060' project based on the United Nations Sustainable Development Goals (SDGs) social performance evaluation revealed that it created social value worth 4.1 billion KRW, which is 4.7 times the budget invested over three years.

First, by providing high-quality technical and vocational education free of charge, the project enhanced equal access to knowledge and skills acquisition for the middle-aged population, creating a value of approximately 790 million KRW. Additionally, by increasing the number of job seekers equipped with the competencies necessary for employment and entrepreneurship, it contributed to productive employment and the creation of quality jobs, as well as encouraging innovation and growth in small businesses and SMEs, generating a value of 1.106 billion KRW.

Finally, by fostering a favorable environment for small businesses and SMEs and promoting employment and entrepreneurship among the middle-aged population, the project contributed to strengthening social and economic inclusion for all, resulting in a social value of 2.15 billion KRW.

Good Job 5060 plans to provide education to 1,000 middle-aged individuals and successfully support the reemployment of 500 people by 2022. Hyundai Motor Group intends to expand programs to enhance the employment capabilities of the middle-aged generation and strengthen online-based educational courses to allow more participants to join.

A Hyundai Motor Group official said, "Based on three years of excellent results, Good Job 5060 is improving perceptions of the middle-aged generation and contributing to generational integration through collaboration with youth enterprises. Going forward, we will continue to create sustainable jobs by utilizing the experience and expertise of the middle-aged generation and grow together with social enterprises."

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