Companies plan fewer hires in second half of 2024: Survey

Fewer companies will be hiring in the second half of this year, with even those that do plan to hire less, according to a survey by job listing platform JobKorea.

People look around the SeSAC Job Festival held at the DDP Plaza in Jung District, central Seoul, on August 2. According to a survey conducted by JobKorea, hiring managers said they plan fewer hires in the second half of this year, compared to the same period the previous year. [YONHAP]

Fewer companies will be hiring in the second half of this year, with even those that do plan to hire less, according to a survey by job listing platform JobKorea.

In a survey of 285 hiring managers conducted by JobKorea in July, 42.1 percent, or 120 respondents, said they would be hiring new employees in the second half of this year.

Another 45.6 percent said they haven't finalized their plans yet, and 12.3 percent said they do not plan to hire new employees in the second half of this year.

Compared to the same survey conducted by JobKorea in August 2023, there are fewer companies willing to hire.

In last year's survey of 187 hiring managers, 69.5 percent, or 130 respondents, said they planned to hire in the second half of 2023.

A total of 26.2 percent said they hadn't finalized their plans, and 4.3 percent said they did not have any plans to hire.

Companies that do plan to hire in the second half of this year will also be hiring fewer employees, with an average of 10.9 new hires planned. This figure is down by an average of 1.8 people compared to the previous year.

According to JobKorea, companies are planning to hire less due to uncertain economic conditions.

Of the 120 companies that will hire, 56.7 percent said they will hire both experienced employees and entry-level employees, including interns.

Another 27.5 percent said they will only hire experienced employees, and 15.8 percent said they will only hire entry-level employees.

New employees will mostly be hired to fill vacancies at the company.

A total of 45 percent of the respondents said they plan to hire because their existing employees have left. Another 34.2 percent said they need new employees due to business expansion, 10.8 percent said they are hiring to fill positions that were not filled in the first half of the year, and 8.3 percent said they hire annually during this period regardless of other factors.

BY LEE TAE-HEE [lee.taehee2@joongang.co.kr]