July 21, 2014 08:20
University graduates faced a competition ratio of 28.6:1 to land a job last year, but one in four who did find work end up quitting in their first year, according to a study.
The main reasons are their failure to adjust to corporate culture and the demands of the new job.
The Korea Employers Federation on Sunday that a study of new hires in 405 small and large companies shows that 25.2 percent of university graduates quit during their first year on the job. The rate has risen 7.5 percentage points compared to a similar study in 2010.
The figure is 31.6 percent in small and mid-sized companies and 11.3 percent in large businesses. A Federation spokesman said, "In the case of SMEs, the main reason seems to be low pay and relatively poor work conditions."
The most cited reasons are inability to adjust to work conditions (47.6 percent); dissatisfaction with pay and welfare (24 percent); and inconvenient with location and unpleasant work environment (17 percent).
Kim Dong-wook at the Federation said, "For businesses that have to spend an average of 18 months training a new hire the rising dropout rate is quite a burden. This trend will prompt companies to look for recruits who are best capable of adjusting to new conditions."
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