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More than 60% of large firms' hiring plans uncertain or nonexistent in H1, poll finds

Published: 27 Feb. 2025, 09:34

Job seekers check an employment notice bulletin board at a job fair in Mapo District, western Seoul, on Feb. 21. [NEWS1]

More than 60 percent of large corporations have no plans for hiring new employees or are undecided on hiring in the first half of the year, a poll showed Thursday.

According to the survey conducted by Research & Research from Feb. 4-13 on the country's top 500 companies by sales, 61.1 percent said they either had no hiring plans until the end of June or had yet to decide. The study was commissioned by the Federation of Korean Industries (FKI).

Among companies planning to hire, 28.6 percent said they would reduce hiring compared to last year, while only 12.2 percent planned to increase recruitment.

By sector, the highest proportion of companies with no hiring plans or undecided hiring status were found in construction, at 75 percent, followed by petrochemicals at 73.9 percent and metals at 66.7 percent.

The primary reason cited for hiring freezes or reduced hiring plans was tightened management strategies amid declining profitability at 51.5 percent.

"As the prolonged economic downturn and concerns over protectionist trade policies persist, companies are tightening their management strategies, leading to a hiring freeze," a FKI official said.

Yonhap