韩国央行-向有经验员工的转变：对青年就业的影响（英）

1Minsok Chae1⋅Soo Jung Chang21. Recently, an increasing number of companies have been favoring experienced hires over entry-level candidates, shifting from regular public recruitment to occasional hiring methods that benefit seasoned professionals. This trend appears to reflect two broader changes: a decline in lifetime employment practices and a growing demand from employers for applicants with advanced skills and capabilities.2. Although an increase in experienced hires may help companies retain competitiveness amid the rapidly changing business environment or allow existing employees to develop their careers, it inevitably leads to negative impacts on young people who are just entering the labor market.① Analysis results showed that with the rising number of experienced hires, the probability of inexperienced individuals securing regular positions has declined to approximately half (1.4% per month) of that for experienced individuals (2.7% per month).② Individuals in their 20s, who generally have limited or no work experience, have an employment rate for regular positions that is 17 percentage points lower than that of those in their 30s, and the analysis indicates that 7 percentage points of this gap can be attributed to the expansion of experienced worker hiring.③ Moreover, as young people experience delays in securing their first job, their total lifetime employment period is reduced by an average of two years. This delay consequently leads to a 13% decrease in the total income they earn over their lifetime.No. 2025-01 BOK ISSUE NOTEFeb. 4, 2025 The Shift Toward Experienced Hires: Implications for Youth Employment2 1. Economist, Labor Market Research Team, Research Department, Bank of Korea (Tel: 02-759-4434, e-mail: minsok.chae@bok.or.kr) 2. Junior Economist, Macro Forecasting & Research Team,, Research Department, Bank of Korea (Tel: 02-759-4254, e-mail: crystalj@bok.or.kr)▪ Disclaimer: The views expressed herein are those of the authors, and do not necessarily reflect the official views of the Bank of Korea. When reporting or citing this paper, the authors' names should be always explicitly stated.▪ We would like to extend our gratitude to Oh Sam Il, head of the Research Department's Labor Market Research Team, and Lee Hong Jig, director of the Research Department's Inflation & Labor Market Division, for their invaluable assistance in preparing this paper. Any errors in the main text should be attributed to the authors. 3. Hence, various measures need to be prepared to help youths adapt to this increase in experienced hires in the labor market and enable them to turn this challenge into an opportunity for their career development.① Schools, businesses, and the government should provide opportunities for young people that enable them to accumulate diverse work experiences through various job training systems, including university-industry cooperation programs and experience-focused internships.② Furthermore, it is import