Korean Job Discussion Forums

[Voyeur]

How could projected weakness for the ROK economy affect our attitudes- if at all?

Should we work a little harder to stay in the good graces of our boss?

Should we be a little less dismissive of some job offers that we previously would have not looked at?

Should we consider moving to other countries?


Especially for the Hogwon industry, how could a say 2 year downturn combined with a drop in the power of the US (and thus the perceived dominance of and need for English) affect the life and plans of a teacher?

[Yu_Bum_suk]

It makes no difference to how I approach my job, but if I were changing jobs I might be more inclined to see what other countries have to offer.

[Voyeur]

Do you think a possible recession makes public school jobs more attractive since they will feekl less pressure and are less likely to suddenly go snakey on the teachers if the school starts losing money?

[Otherside]

[marlow]

I think there is going to be a shortage of (intelligent) teachers coming here over the winter. Only an idiot would come over when the exchange is so terrible. And, if you are in NA and are feeling a pinch why risk getting stranded in a foreign country without money in the bank to get home?

[Monkey82]

Yup, I just left in Sept from a crappy hagwon where I was making 2.8 month (by teaching 180 classes/month). I was anxious to return, and I'm looking at public school jobs and I was ready to take a pay cut for all the extra perks, but now it just seems foolish. I think I'm going to wait a while and see if things start to get better.
I mean, if the exchange gets worse I won't be able to afford being in Korea. I'd rather try to find a job at home, which yes, might be difficult, but at least I know my salary won't change on a monthly basis. I agree with marlow, I'm not going to risk being stuck in Korea.

[jellobean]

I just did my taxes for the last 3 years which requires doing all the conversions to figure income. It was interesting to compare my current monthly salary in dollars to my salary the past 2 years.

Looking at salaries right now in dollars puts things in a whole new light.

I'm making about $1000 less per month right now than at this time last year at the same job (and I got a bit of a raise this year). I'm making a couple hundred less now that I did at my job two years ago where I made 700,000 won less than I do now.

The exchange rate makes a huge difference. I'll bet quite a few teachers decide to take off come March and those coming will likely be far fewer.

Of course this is only relevant for those sending money back home. My coworkers with families and no connections back home haven't blinked an eye.

Interestingly, conversion here has gotten so bad I could make more as a teacher back in the states.

[22tea77]

[I-am-me]

Interesting to see they are still advertising 2.1 salaries as equivalent to $2100. Today that 2.1 is about $1500. I wonder how many will jump the hoops for that?

[wylies99]

[asylum seeker]

[ontheway]

What will happen in Korea depends on how bad the economic situation gets, and noone can predict that with certainty.

One of my Korean business friends says that economic forecasts for Korea show a significant recession coming with 30% of small businesses failing over the next two years or so.

This would mean a reduction in government revenues and where would they cut back first? A good guess would be foreign teachers. Send them home and keep the money for the homies.

This would also mean a significant reduction in the hogwan business, and while English would fare better than the piano and art hogwans, there would be cuts everywhere.

At the same time, unemployment around the world will be rising, perhaps over 10% in much of the English speaking world, so teachers will become more plentiful at the same time that jobs are getting more scarce.

The demand for foreign teachers is likely to fall in every teaching market as this global recession gets rolling. And we can be thankful if it does not turn into a global depression.

All currencies will be falling, but the won is likely to remain depressed versus the dollar, so salaries will be lower due to unfavorable currency translation, and lower due to a falling demand for teachers coupled with an increasing supply.

Forecast: If you can get a good job and keep it, maintain your nominal salary in the local currency without cuts and only face losses due to deteriorating currency translation effects, you will be doing better than most.

[Oliver]

I am very worried. I am due to fly out tomorrow and economically speaking the world is in some state. I can definetely say no to sending money home. And if prices rise within Korea due to falling value of the won then I am screwed. It's too late to back out, fingers crossed that things will stable out.

[marlow]

[hari seldon]