In Korean society, attempts by office workers in their 50s to leave the company are gradually decreasing. Let’s explore why this phenomenon is occurring and what choices 50s office workers are making.
Changing Workplace Culture and Realities of Workers in Their 50s
Senior employees at Company A, often called ‘elders,’ remain in the company without promotions. In the past, those who missed promotions left to start their own businesses, but recently, there is a strong trend of staying with the company until retirement. This is closely related to the desire to continue working under younger supervisors.
Elders, who are older but hold lower positions, are treated differently in office and production roles. In office roles, they handle simple tasks, while in production roles, they are grouped into separate teams to handle quality inspections.
Increase in Average Years of Service and Decline in Entrepreneurship Among 50s
According to the National Statistical Office and the Ministry of SMEs and Startups, the average length of service for regular wage workers reached a record high of 98 months last year. This coincides with a decrease in entrepreneurship among those in their 50s. The number of 50s starting new businesses, either as individual proprietors or corporations, has been declining for three consecutive years, reaching about 260,000. This indicates that more 50s are opting to stay with their companies instead of starting their own businesses.
50s who choose to remain with their companies until retirement do so due to the uncertainties of entrepreneurship and fears of the challenges outside the company.
Company Stability vs. Entrepreneurship Uncertainty
Mr. Kim, a department head at a large company, noted, “There has been a noticeable increase in the number of senior employees retiring,” highlighting a strong atmosphere against entrepreneurship. This is because the stability within the company is perceived to be greater than the risks of starting a new business. In the IT field, while those in their 20s and 30s attempt entrepreneurship, those in their 40s and 50s tend to aim for retirement.
Frequent retirement announcements and advice from seniors serve as motivation for employees in their 40s and 50s to persevere in their companies. This is also related to the responsibility of supporting their children.
50s Choosing to Move to Another Company
Some office workers in their 50s choose to move to another company instead of starting a business, continuing their salaried life. Previously, senior managers and department heads would open wholesale or retail shops, but nowadays, they move to small or new brands to pass on their expertise while continuing their employment.
50s office workers who seek to avoid the risks of entrepreneurship and prefer a stable salary often choose to move to another company. This stems from the perception that corporate life is more stable than starting a business.
Conclusion
Office workers in their 50s tend to avoid the challenges outside the company and aim to maintain their employment until retirement. This is primarily due to the uncertainties of entrepreneurship and the stability provided by their current jobs. 50s office workers choose the stability of their companies over external uncertainties, finding solace in the belief that their current stability is a better choice.
Reference: Chosun Ilbo, “Outside the Company is Hell, Elders Persevering Under Junior Leaders”