| Jonathan Humphrey |
Home to the most educated yet most unhappy group of young people in the developed world, Korea has a problem.
To be clear, this is not a problem specific to young Koreans. Failing to employ these underutilized workers allows their skills and their ability to contribute to the economy to diminish. That affects every Korean resident.
However, there are a number of measures that can be taken (and are, in some cases) to improve on the current situation.
On paper, Korea's young people have impressive credentials. Almost 70 percent of 25 to 34 year olds have completed tertiary education, the highest of any country in the OECD and the number of PhDs in the country is amongst the highest in the world.
A survey by Korea (a jobs website) found more than 60 percent of Korean workers have a good understanding of a second language, similar to the European Union but significantly higher than the 25 percent of U.S. residents with second language skills.
It seems likely that the portion of young Koreans with language skills is higher still, given the thriving language schools attended by school-goers in recent years and numerous classes at Korean universities in which English is needed.
Despite the impressive education recorded on their resumes, young people have been finding it harder to find employment recently.
Youth unemployment rose above 10 percent this year and this statistic likely misses many more unemployed young people. Some choose to stay in education because they cannot find work while others may have given up on their job search altogether. Of those who do work, a significant number are "underemployed," stuck in part-time positions when they would prefer full-time employment.
This suggests at least part of the problem is related to demand for young workers, which will further suffer this year due to weak economic growth.
To address the demand issue, the government announced new measures to encourage firms to hire young people last year. These include increasing subsidies for firms who hire young workers, tax exemptions for small- and medium-sized enterprises and assisting soldiers with job searches.
Offering more support for startup companies could be another very important source of support for young workers both now and in the future. Young people have increasingly turned to entrepreneurship in recent years, as many have become frustrated with traditional career paths.
While there is much risk associated with financing startups, the investment is worth the risk. Supporting today's young people in business ventures not only supports those jobs today, it could also help to nurture the big Korean job providers of the future.
Additionally, more support for young people who are not in education or employment could be beneficial.
A recently published OECD report argues that much of the government's attention has been overly focused on supporting young Koreans already in work rather those without a job. Unemployed young people may then feel compelled to take the first job that comes along.
According to the OECD, 45 percent of university graduates in work are overqualified for the job they get. This is a problem because such workers typically earn less than workers who are well-matched for the job they get.
Of course, demand is not the only issue in the market for young workers. The impressive educational experience amassed by young Koreans masks issues.
As mentioned, some students choose to stay in education for longer not because they want to study more but because they cannot find a job they want. The time and money spent at graduate school does not always provide a reasonable return, as evidenced by the large percentage of graduates who end up in jobs for which they are overqualified.
In order to better assist young people with job searches, careers counsellors and guidance are so important. Picking a career path is not an easy task and it benefits nobody to blindly follow a path without considering if it worthwhile. These resources can help students better identify what they want to do and work towards it. They can help introduce students to new ideas and vocational courses which are too often overlooked.
Unsurprisingly, those who do study at schools with vocational training and graduating from university courses which are obviously tailored for specific job paths (like medicine or accounting) tend to be better-suited (i.e. less overqualified, again according to the OECD) for their jobs. Helping students find a vocation and making sure they can easily access the courses of interest would likely improve job satisfaction, putting people where they most want to be.
In addition, students should look for job skills. A complaint many firms have with schools and universities is that they do not teach skills which are important in the workplace. Team-working, time management, presentation and soft skills more generally are essential for survival in the workplace but can be taken for granted by schools and students. The understated importance of using telephones, emails and word processing software proficiently should not be overlooked.
Jonathan Humphrey is a student at Korea University Graduate School.