The employee sentiment survey – commissioned by global financial and human-resources applications provider Workday – revealed that 26% of South Korean employees had plans to leave their jobs within a year due to workplace unhappiness. The findings are contrary to the country’s tradition of lifetime employment.
At least 60% of South Korean respondents felt that employers and managers were not encouraging them to “future-proof” their careers, while 39% felt they were not equipped with the right skills for the digital economy.
David Hope, President of Workday Asia Pacific, said: “The research shows that employees feel they don’t have the right skills for the digital economy, and they are apprehensive about digital transformation.”
“This is an opportunity for employers to reconsider employee engagement and retention strategies including training and career development,” said Mr Hope, who spoke at the launch of Workday’s cloud-based HR services in South Korea in August.
Innovative employers are have adopted “effective human capital management strategies” which are helping businesses retain valuable employees by making them “digitally ready” for the future, Hope said.
Inadequate compensation, job security and work-life balance were cited as factors contributing to workplace unhappiness, in the survey conducted by research firm IDC Asia Pacific.
The Workday survey included a wide range of respondents from all backgrounds and age groups. It collected 1,404 responses from workers in Hong Kong, Australia, New Zealand, Thailand, Singapore, Malaysia, Japan and South Korea.
South Korea, which has a population of more than 51 million, is a major exporter of electronics, automobiles, telecommunications, chemicals and steel. According to the World Bank, South Korea had a gross domestic product of US$1.53 trillion in 2017.
The Organization for Economic Cooperation and Development (OECD) estimates that the South Korean economy will grow by 3% in 2019. Although its working-age population peaked in 2017, labour productivity has lagged at 46% below the top half of OECD countries.
Workday’s technology can help South Korean businesses thrive by leveraging HR and financial data, Mr Hope said. Workday’s cloud applications also help HR managers to better understand the different values and priorities of a new generation of employees.