Korean Job Discussion Forums

[Whistleblower]

I have had a keen interest in the global economy as it does effect everyone of us. Since the UK is now in a technical recession, I saw things from last year that confirmed my suspisions with the UK Economy.

First; the cost of living was absurd and bankers were willing to provide mortgages six to eight times someone's salary.

Two; the housing bubble burst and the housing market suffered their biggest drop in 10 years.

Three; 10 years was the last economic recession in the UK and umm Korea.

Four; people lost their jobs, businesses were going bust and record numbers of people were filling bankruptcy.

Five; the Government decided to help the ailing banks and major UK Corporations lost millions and some ceased trading.

Now I don't like to be a scare-monger but some of what has happened has also occurred in Korea. The housing market suffered and the price of apartments in this country has dropped for the first time. This has affected construction companies (just like the UK) with some preparing bankruptcy. Cash is short and businesses are making record losses (just read the local rag to get an idea of Samsung Electronics and their record losses). I can envisage in about 6~12 months civil servants shall be made redundant, companies will become bankrupt and there will be mass unemployment. This will be worse than just 10 years ago which affected isolated countries but the global economy is stalling and people are preparing for the worst.

As humans, we all don't like to hear bad news but I would recommend that teachers in Korea save up for a rainy and yet stormy day. The fact the economy is not being really reported well in the English Language Korean Papers doesn't mean everything is a bed of roses. Think about it, things only last so well for so long. Korea has had previous good years of economic growth but it is time now for people to realise that an economic decline is natural.

Hagwons shall be closing due to the lack of income from what was working families but are now out of work. The first thing that it will affect would be us but I would recommend that teachers try to secure a position with a public school (EPIK, etc) or decide to pack their things and call it a day which was once a nice country to work in.

Now apologies for the rabbling but now I have gotten that off my chest, it would be nice to hear the opinions of others. Are you apprehensive about working in Korea? Do you really think you will have a job here in the next 6 months? Have others decided to leave Korea till the global economy picks up again?

[Ya-ta Boy]

[saram_]

[quote="Ya-ta Boy"]

[aka Dave]

http://www.nytimes.com/2009/01/25/us/politics/25regulate.html?hp

What we need is Bretton Woods II. The financial system where China loans us money to buy their exports is messed up. The scary thing is no economist foresaw this mess. Hopefully someone smarter than I can figure this shit out.

[reedtea]

I can say without a doubt that going back home to find a job is out of the question. I came back to the states in July and have found a part time job, that barely covers my most basic expenses. I cannot find another ANYTHING. The job market is for crapola here. So whatever you do, dont go back home thinking it will be easier to find a position than it is there.

[sarbonn]

I, too, question the wisdom of anyone to go back home without a job first lined up when you already have a stable job here (if you have a stable one here). I'm currently looking for a much more solid position back home for when my time ends here, but if I don't find anything, I really won't have that much of a problem continuing here.

I think the people who do the blind leap back home are the ones who really just decided Korea isn't for them and pretty much can't take it anymore. It can be anything from missing familiar surroundings, to missing the ability to find the stuff you like and eat, to getting constant headaches from hearing an unfamiliar language that one doesn't want to waste his or her time learning, because it will never be useful again to them.

I've managed to get over most of the problems by compensating some other way. I used to get headaches on the train because of the constant chatter in a language I didn't understand. An iPod fixed that. Now, learning the language would be an even better solution, but I'm one of those that believes that he probably won't be here for a very long time, so I hate to pick up another language (I am already fluent in five others). But I haven't completely counted it out.

But I certainly understand when someone has reached rope's end and can't take it anymore. Then I guess the economy makes little difference to them, even though the rest of us would never do the same.

[GwangjuParents]

[Big Pun Lives]

[TL]

I thought about teaching in Korea but the bad economic news coming out of Korea has convinced me that it's not a good idea. Korean exports have been falling sharply since fall 2008. Consumers in the west are in saving mode or survival mode at the moment and don't have the money to purchase a new LCD/plasma TV or car. My concern is the effect of falling exports on the strength of the Won. I can forsee a lower demand for the Won due to lower demand for korean goods on the world market. The Won has already dropped 32% against the dollar in the past 12 months. I can't see any signs that would support a stronger Won in 2009.
But if you are already in Korea and teaching then there is no point in returning home where the job market is worsening. Unemployment has been rising steadily since last fall in G8 nations. Based on the indicators and trends, the world economy has just begun to unravel.
I agree that a government teaching position will be more secure than one at a private language school in the near to medium term.

[slideaway77]

I can't understand people going home at the moment. Going home to what? The UK /USA are both knackered in the short to medium term. Unless you have contacts and a job lined up surely you are better staying in Korea in a paying job? I can see the UK being another Iceland basketcase economy in the not to distant future. At least they still make things in Korea!

I have a PS job for March, the Hagwon I was working at were losing so many kids it was scarey. If things get as bad as the UK I can see alot of hagwon teachers getting laid off. No kids=No classes -simple as..

I am considering putting down money for a deposit on a decent place when I start my ps job. The way the won is going though I might just get back toilet paper when I get the deposit back and decide to leave Korea. Even if you send your money back to the UK its toilet paper as well though. What do you do with your money? Buy assets? Whats considered an asset now??
You might as well just enjoy your money..

[Whistleblower]

The whole point of this thread is that even though Europe and North America are going through a rough time with their economy, Korea seems to shrug their shoulders and look away even though it will affect them in the near future.

Do you really believe that your job is safe in Korea? Think again, there is going to be a really really big economic crisis in this country. It will be difficult to find a suitable job to help during this period. There will be major competition for Public Schools and Universities whilst the hagwons will be verging on bankruptcy.

Now a little in sight. I used to work for an adult hagwon and from December 2007 to December 2008 they lost two thirds of their total revenue. This means they were losing money 12 months ago. When they reacted, they reacted too little too late. Considering most businesses in Korea are run this way with a perception that things will get better, they won't, but when things change they change fast. You will lose your job quicker than you expect.

[slideaway77]

I agree. My experience of hagwons suggests the same they seem oblivious to economic conditions.
I have prepared this year. I done a CELTA to help me secure work and luckily I got a PS job.
Many people I speak to seem oblivious to whats around the corner...
I expect a "hagwon holocaust"

[marlow]

If you can't find ANY job in NA, then perhaps you belong in Korea. It's not like unemployment is 30% back home.

Anyway, the only thing more annoying than a condescending Korean is a condescending Korean that thinks you need him or her. Unfortunately (or fortunately) my current VP is condescending, and I have plans for home. I'm doing some more schooling, as it is possible. I'd even consider going to trade school over staying here.

[slideaway77]

Do they have trade school hagwons for wayguks? It would be great to learn plumbing/building just need to get my Korean up a level or two..

[Whistleblower]

Now you gotta think, why would the Korea Government be willing to imprison someone who predicted the Economic Crisis within Korea (I am talking about Miverna (sp???))? The reason is that Korea is going to face an economic crisis not seen since the 1950's and the economy in this country is going to suffer.

There could be a social uprising, riots, etc. The thing is, the government (no matter the country) are willing to use you for their benefit but are unwilling to provide information about the (true) economy for fear of retribution.

I hope the government and people learn that you cannot borrow more than what you earn.