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Wall Street English: Death of CEO & the ELT Industry

 
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Whistleblower



Joined: 03 Feb 2007

PostPosted: Wed Apr 27, 2016 4:43 am    Post subject: Wall Street English: Death of CEO & the ELT Industry Reply with quote

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

PostPosted: Wed Apr 27, 2016 5:18 am    Post subject: Reply with quote

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. Rolling Eyes
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nicwr2002



Joined: 17 Aug 2011

PostPosted: Wed Apr 27, 2016 5:35 am    Post subject: Re: Wall Street English: Death of CEO & the ELT Industry Reply with quote

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

PostPosted: Wed Apr 27, 2016 5:51 am    Post subject: Reply with quote

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. Rolling Eyes


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

PostPosted: Wed Apr 27, 2016 7:46 am    Post subject: Reply with quote

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. Rolling Eyes


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

PostPosted: Wed Apr 27, 2016 2:34 pm    Post subject: Reply with quote

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?

PostPosted: Wed Apr 27, 2016 5:30 pm    Post subject: Re: Wall Street English: Death of CEO & the ELT Industry Reply with quote

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

PostPosted: Thu Apr 28, 2016 4:50 pm    Post subject: Re: Wall Street English: Death of CEO & the ELT Industry Reply with quote

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?

PostPosted: Thu Apr 28, 2016 5:32 pm    Post subject: Re: Wall Street English: Death of CEO & the ELT Industry Reply with quote

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

PostPosted: Thu Apr 28, 2016 7:14 pm    Post subject: Re: Wall Street English: Death of CEO & the ELT Industry Reply with quote

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. Shocked
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saram_



Joined: 13 May 2008

PostPosted: Thu May 05, 2016 2:41 am    Post subject: Reply with quote

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

PostPosted: Thu May 05, 2016 2:56 am    Post subject: Reply with quote

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

PostPosted: Sat May 07, 2016 4:09 pm    Post subject: Reply with quote

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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