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Whistleblower
Joined: 03 Feb 2007
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 Posted: Wed Apr 27, 2016 4:43 am Post subject: Wall Street English: Death of CEO & the ELT Industry |
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Hello all. It's been a while since I posted up here but the other week I was shocked at the death of a well-known CEO of Wall Street English Korea after he decided to commit suicide.
It was reported in the Korea Times but not extensively reported in the other news outlets. He leaves a wife and two children I believe but it was over seven years ago since I worked for Wall Street English in Korea. I feel sorry for him and his family. He was such a nice person to work for and he really supported the ELT profession in Korea.
Anyhow, last Christmas, I decided to have a holiday in Korea to see family and friends. I met up with some old work colleagues and when chatting to them, I was shocked to hear that Wall Street English now does split shifts rather than blocks of shifts. This was an immediate red flag for me as the company decided to focus on the finances rather than the work-life balance of their staff.
I also found out that the English teaching industry in South Korea has severely declined and the report that Wall Street English has made huge losses over the past few years really confirms my suspicion that English language teaching is effectively dead in South Korea.
What are your thoughts about this and where do you see the future of ELT in Korea? What was your thoughts about the CEO deciding to commit suicide? |
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edwardcatflap
Joined: 22 Mar 2009
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| Posted: Wed Apr 27, 2016 5:18 am Post subject: |
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| I also found out that the English teaching industry in South Korea has severely declined and the report that Wall Street English has made huge losses over the past few years really confirms my suspicion that English language teaching is effectively dead in South Korea. |
Well, as you say, your suspicions have already been confirmed. Nobody will be paying to learn English In Korea from tomorrow onwards.  |
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nicwr2002
Joined: 17 Aug 2011
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| Posted: Wed Apr 27, 2016 5:35 am Post subject: Re: Wall Street English: Death of CEO & the ELT Industry |
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| Whistleblower wrote: |
Hello all. It's been a while since I posted up here but the other week I was shocked at the death of a well-known CEO of Wall Street English Korea after he decided to commit suicide.
It was reported in the Korea Times but not extensively reported in the other news outlets. He leaves a wife and two children I believe but it was over seven years ago since I worked for Wall Street English in Korea. I feel sorry for him and his family. He was such a nice person to work for and he really supported the ELT profession in Korea.
Anyhow, last Christmas, I decided to have a holiday in Korea to see family and friends. I met up with some old work colleagues and when chatting to them, I was shocked to hear that Wall Street English now does split shifts rather than blocks of shifts. This was an immediate red flag for me as the company decided to focus on the finances rather than the work-life balance of their staff.
I also found out that the English teaching industry in South Korea has severely declined and the report that Wall Street English has made huge losses over the past few years really confirms my suspicion that English language teaching is effectively dead in South Korea.
What are your thoughts about this and where do you see the future of ELT in Korea? What was your thoughts about the CEO deciding to commit suicide? |
It's definitely not as easy as it used to be, but there is still some money to be made here. The government isn't making it easier though. They've made the English part of the SAT easier, and 1st year middle school students don't have to take exams for the first semester. They(government) want to continue to ease the burden of hagwon tuition fees for parents, so we'll see how much worse it can get. |
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candy bar
Joined: 03 Dec 2012
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| Posted: Wed Apr 27, 2016 5:51 am Post subject: |
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| edwardcatflap wrote: |
| Quote: |
| I also found out that the English teaching industry in South Korea has severely declined and the report that Wall Street English has made huge losses over the past few years really confirms my suspicion that English language teaching is effectively dead in South Korea. |
Well, as you say, your suspicions have already been confirmed. Nobody will be paying to learn English In Korea from tomorrow onwards. |
The word is out. That's okay. I quit my decent paying job yesterday to began a career of picking up cardboard. I decided to get a jump on other teachers who will soon follow. |
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Stain
Joined: 08 Jan 2014
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| Posted: Wed Apr 27, 2016 7:46 am Post subject: |
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| candy bar wrote: |
| edwardcatflap wrote: |
| Quote: |
| I also found out that the English teaching industry in South Korea has severely declined and the report that Wall Street English has made huge losses over the past few years really confirms my suspicion that English language teaching is effectively dead in South Korea. |
Well, as you say, your suspicions have already been confirmed. Nobody will be paying to learn English In Korea from tomorrow onwards. |
The word is out. That's okay. I quit my decent paying job yesterday to began a career of picking up cardboard. I decided to get a jump on other teachers who will soon follow. |
So that was you that picked up my hard earned cardboard? I thought English warnings would keep people away. Instead, it landed me a job to teach the homeless how to ask for money from a foreigner. |
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World Traveler
Joined: 29 May 2009
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| Posted: Wed Apr 27, 2016 2:34 pm Post subject: |
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| Picking up cardboard? Only 7% of the world's population has a college degree. For an American male with one, median income is $72,000 a year. |
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Zyzyfer
Joined: 29 Jan 2003
Location: who, what, where, when, why, how?
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| Posted: Wed Apr 27, 2016 5:30 pm Post subject: Re: Wall Street English: Death of CEO & the ELT Industry |
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| Whistleblower wrote: |
| What are your thoughts about this and where do you see the future of ELT in Korea? |
It's been on a downturn since the 2008 financial crisis. You could blame jobseeker saturation, or rising qualifications, or the decrease in demand due to low economic growth, or the aging society issue, although I'd say they all have had an impact on the market.
I did a stint at an adult hakwon in 2009, and it was amazing how the place changed during my time there. Went from the sort of thing where you paid your dues for six months or so and got a decent time slot, to abandon ship, red alert! All in the space of my time there. Student numbers kept dropping so they had to reduce losses and streamline the whole operation.
I'm a bit of an outsider looking in, but I think it's still not a bad market necessarily if you have experience and bring some qualifications to the table. But the days of just hiring whoever had a pulse and degree in hand, or setting yourself apart just because you took a TEFL course, are fading fast. |
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pmwhittier
Joined: 03 Nov 2011
Location: Korea
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| Posted: Thu Apr 28, 2016 4:50 pm Post subject: Re: Wall Street English: Death of CEO & the ELT Industry |
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| Whistleblower wrote: |
| What were your thoughts about the CEO deciding to commit suicide? |
1 down, many, many more to go. I wish the CEO of my old school would do the honorable thing and follow the same path as this guy did. Sorry for the wife and kids, but not at all sorry for 95% of the ELT industry CEOs or managers in the Korea. |
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Zyzyfer
Joined: 29 Jan 2003
Location: who, what, where, when, why, how?
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| Posted: Thu Apr 28, 2016 5:32 pm Post subject: Re: Wall Street English: Death of CEO & the ELT Industry |
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| pmwhittier wrote: |
| Whistleblower wrote: |
| What were your thoughts about the CEO deciding to commit suicide? |
1 down, many, many more to go. I wish the CEO of my old school would do the honorable thing and follow the same path as this guy did. Sorry for the wife and kids, but not at all sorry for 95% of the ELT industry CEOs or managers in the Korea. |
This is legitimately fucked up. Who wishes people would kill themselves? |
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ArabicTeacher
Joined: 20 Jan 2016
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| Posted: Thu Apr 28, 2016 7:14 pm Post subject: Re: Wall Street English: Death of CEO & the ELT Industry |
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| Zyzyfer wrote: |
| pmwhittier wrote: |
| 1 down, many, many more to go. I wish the CEO of my old school would do the honorable thing and follow the same path as this guy did. Sorry for the wife and kids, but not at all sorry for 95% of the ELT industry CEOs or managers in the Korea. |
This is legitimately fucked up. Who wishes people would kill themselves? |
Don't ask me. I'm a mere moderate Muslim whose best waygook friend is a Jewish guy.  |
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saram_
Joined: 13 May 2008
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| Posted: Thu May 05, 2016 2:41 am Post subject: |
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I think teaching here is safe for the foreseeable future though as long as you have been here for a while- built up experience/ know the ropes and so on.
Demand is not just going to stop suddenly.
There are always going to be plenty of people and groups in Korea to teach English to. |
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Yaya
Joined: 25 Feb 2003
Location: Seoul
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| Posted: Thu May 05, 2016 2:56 am Post subject: |
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The ESL industry in Korea won't die but has significantly declined over the years. Koreans still want and need to learn English but I hear parents are now much more choosy about the hakwons they send their children to, as in they won't blindly just send them to one if they know their kids aren't learning anything.
I wonder if more collapses can be expected among the big chains like Pagoda or BCM... |
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Hatcher
Joined: 05 Jan 2007
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| Posted: Sat May 07, 2016 4:09 pm Post subject: |
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Many of the ELT companies lose money. Thats why so many open close.
Very tough biz and marketing is the key as you are constantly recruiting.
But thats separate from suicide which Koreans are world leaders in. No easy answer for it. |
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World Traveler
Joined: 29 May 2009
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candy bar
Joined: 03 Dec 2012
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| Posted: Sun Jan 08, 2017 5:35 am Post subject: |
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Become a Super Teacher in South Korea.
 $ |
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