Business · Economy · 4 hrs ago

Salary gap between large and small Korean firms grows with experience

Salary gap between large and small Korean firms grows with experience

A South Korean salary benchmark found pay gaps widen with experience between employees at large companies and small and medium-sized businesses.

The report compared company data and résumé information from the past three years.

Average salaries were 61 million won at large firms and 36.62 million won at small firms.

For workers with up to one year of experience, the gap was 5.44 million won; for those with at least 10 years, it reached 27.26 million won.

The widening was especially sharp after workers reached seven to nine years of experience, when salaries rose by 46.2% at large firms and 22.6% at small firms.

Experienced workers at small firms averaged less than mid-career workers at large firms: 51.35 million won compared with 53.77 million won.

The findings offer employers a benchmark for setting pay and recruiting, but no policy changes or next steps were stated.

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Jung Eun-hyeHead of the Worksphere Insight Strategy Team
Companies also need a benchmark to check where their offers stand in the market
via Donga Ilbo
Reviewing the role’s responsibilities, experience and compensation across the industry together can make salary design and talent recruitment effective
via Donga Ilbo