Only 10.5% work at same company for 10 or more years

Aug 04, 2017, 06:40 am

		0
Employment retention rate./ Source: "Workplace Stability Analysis of Paid Workers" by Korea Employment Information Service

By AsiaToday reporter Jang Min-seo

A survey found that only 10 percent of workers stay at the same workplace for more than 10 years. In particular, those workers with higher levels of education and income tended to stick with the same job longer than others.

According to the "Workplace Stability Analysis of Paid Workers" by Korea Employment Information Service on Thursday, only 10.5% of workers have been working in the same workplace for more than 10 years. 57.5% of workers stay in one company for more than a year, 38.2% stay for more than 2 years, and 28.2% for 3 years or more. The employment retention rate showed a steep decline until the end of three years, and the maintenance rate declined moderately afterwards.

By gender, male workers tend to stay longer than female workers at a job. The retention rate for male workers over 3 years is 30.5% and over 10 years is 12.0%, while those for female workers are 25.2% and 8.2%, respectively.

Looking at the 3-year retention rate by age group, the rate of those in their 20s was 25.3%, and those in their 30s and 40s was 31-33%, while those workers aged in their 50s and older was 26.4%. The retention rate below 20s is lower than the 50s due to the frequent turnovers in the early labor market, the report said.

Among those who worked for more than 10 years, employees in their 40s stayed in their jobs more than other age groups with 13.1%, followed by those in their 30s (12.6%), 20s and younger (9.7%), and 50s and older (5.4%). More than half of the respondents said they would leave or switch from their current job within a year. Only 10.5% of workers stayed in their jobs for more than 10 years.

Employees with higher level of education showed higher retention rate. Among those who worked for more than 3 years, the retention rate was 36.1% for university graduates, 28.8% for college graduates, 26.6% for middle school graduates and 24.2% for high school graduates.

The higher the income, the higher the retention rate was. Looking at the 3-year retention rate by income, the rate of those who earned less than 1.5 million won was about 20% while the rate of those whose income was between 1.5 million and 2 million won was about 30%. The retention rate of relatively high income group (2 million won or higher) was 40-50%.

Looking at the 3-year employment retention rate by industry, employees in the financial and insurance industry tend to stay longer than those in other industries with 46.1%, followed by those in the science, technical service, manufacturing and transportation industries.

#retention rate #employees #turnover rate #Workplace Stability Analysis #Korea Employment Information Service