Title: The Korea Times-Korean banks 1) shift hiring to digital specialists
While Korea's state-led financial institutions are currently 2) implementing 3) a series of large-scale recruitment drives to hire new full-time employees, major local commercial banks do not appear to be joining the trend due to decreased demand. Only openings for digital specialists are expected to be available at the banks later this year.
According to the financial industry, many state-led institutions, such as the Financial Supervisory Service, Bank of Korea and the Korea Deposit Insurance Corporation, have begun 4) recruitment drives for new employees, with a plan to complete hiring by the end of the year or early next year. They are expected to hire 700 new employees.
However, no local banks, with the exception of Shinhan, have announced new recruitment drives, although Shinhan does plan to introduce "digital literacy" as one of its new 5) criteria for hiring.
6) Given that the banks used to begin "annual recruitment drives" in September, it is likely that most do not plan to hire a large number of new employees this year. Many market watchers 7) attribute this situation to the rapid transformation to a contactless digital environment that banks have had to adapt to amid the global pandemic.
As more people now 8) opt to do their banking transactions through mobile apps, the need to hire a large number of branch staff has 9) dwindled. In fact most major commercial banks have continuously reduced the number of their 10) branches nationwide ― as of the end of last year this was 3,139, over a 27-percent decrease from 2019.
Banks are also encouraging employees who wish to retire voluntarily to do so, providing them with relatively generous retirement packages. Around 2,500 employees are estimated to have left the country's five major banks between the end of last year and June of this year. The positions left vacant by retired employees are expected to be filled by staff with strong digital capabilities and work experience, rather than by new recruits fresh out of university. Computer programmers, artificial intelligence specialists and cloud engineering experts are some of the most 11) sought-after employees at local banks that are seeking to strengthen their digital competitiveness.
Source: The Korean Times
1) shift: (장소를) 옮기다, 이동하다[되다]; 자세를 바꾸다
2) implement: 시행하다 (carry out)
4) a recruitment drive: 신입사원 모집
7) attribute: (~을 …의) 결과로[덕분으로] 보다
11) sought-after: 수요가 많은, 인기 있는
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