A Major Job Fair Opens in the Financial Sector...58 Financial Companies Recruitment Expo

[Asia Economy Reporter Song Hwajeong] The curtain has risen on the joint recruitment fair for the financial sector, involving 58 financial companies and over 15,000 job seekers. This recruitment fair, held face-to-face for the first time in three years due to COVID-19, is expected to bring warmth to the frozen financial sector job market. However, since financial companies have yet to finalize their hiring plans for the second half of the year, there are also forecasts that it may fall short of leading to substantial employment.

On the 24th, the "2022 Financial Sector Joint Recruitment Fair" opened at Dongdaemun Design Plaza (DDP). Now in its sixth year since its inception in 2017, this fair is hosted by six financial associations (the Korea Federation of Banks, Korea Financial Investment Association, Life Insurance Association, General Insurance Association, Credit Finance Association, and Korea Federation of Savings Banks) and features participation from 58 financial companies. The event runs for two days until the 25th.

In his opening remarks, Kim Kwangsoo, Chairman of the Korea Federation of Banks, stated, "Despite the recent decrease in manpower demand, the financial sector has increased its hiring scale to fulfill its social responsibilities," adding, "We will continue to strive for national economic growth and youth job creation through fierce innovation." Baek Hyeryun, Chairperson of the National Assembly's Political Affairs Committee, mentioned in her congratulatory speech, "We expect this fair to become a new platform for shaping the future of youth." Kim Soyoung, Vice Chairman of the Financial Services Commission, also said in her speech, "Securing jobs is the first step for youth independence, and as major countries are paying close attention to this, the government recognizes the importance of creating such jobs and is making efforts across ministries to support startups and employment," adding, "We are actively promoting financial reforms to create jobs in the financial industry."

On the day of the fair, on-site interviews were conducted by the six major banks (IBK, NongHyup, Shinhan, Woori, Hana, and KB Kookmin), attracting many job seekers. Applications for the document screening were accepted through the fair's website last month, and those who passed the document screening were given the opportunity for on-site interviews. Outstanding candidates among the on-site interviewees will receive benefits such as exemption from document screening in future recruitment. Notably, to encourage active interview motivation, the proportion of outstanding interviewees selected has been increased from the usual 30% to about 35% this year.

Additionally, a metaverse mock interview system is operated, allowing participants to experience financial sector interviews and receive expert feedback. Fifty-two financial companies provide recruitment consultations for attendees. Employment consulting based on pre-job aptitude tests and overseas employment counseling for Hong Kong are also conducted.

Although the recruitment fair is held, it remains uncertain how much it will translate into actual hiring. Most banks have yet to finalize their new hiring plans for the second half of the year. Due to digital transformation, branch closures are inevitable, leading to workforce reductions, and recruitment is limited mainly to IT-related fields. The scale of hiring in the banking sector is steadily decreasing. Last year, the five major commercial banks?KB Kookmin, Shinhan, Hana, Woori, and NH NongHyup?hired 1,248 new employees, down from 3,474 in 2018, showing a yearly decline. In particular, the number of employees hired through open recruitment last year was 936, about one-third of the 2,979 hired in 2018.

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