South Korea's Industrial Technology Workforce Shortage

Last year, South Korea experienced a significant shortage of approximately 40,000 industrial technology workers, despite the total workforce growing for the third consecutive year to around 1.72 million. This growth was notably supported by a rebound in the shipbuilding industry after eight years, thanks to favorable market conditions.

Survey Insights on Workforce Trends

The Ministry of Trade, Industry, and Energy (MOTIE) released the '2024 Industrial Technology Workforce Supply and Demand Survey' results, highlighting a 1.0% increase in the workforce from 2022. Despite a decrease in 2020 due to the COVID-19 pandemic, the workforce has been growing steadily. The survey revealed a 1.9% increase in the number of workers lacking in industrial sites, totaling 39,190.

Key Industries and Workforce Growth

Among the 12 key industries, the workforce saw a 1.2% increase, with significant growth in the semiconductor and biohealth sectors. The shipbuilding industry also experienced a modest rise. However, the textile and display industries faced declines. The shortage rates were highest in software, chemicals, and biohealth, with the semiconductor industry's shortage rate at 1.7%.

Understanding the Industrial Technology Workforce

The term 'industrial technology workforce' encompasses individuals with at least a high school diploma employed in roles related to R&D, technical positions, production, information and communications, or executive management in manufacturing and service industries. The MOTIE's survey covered 21,086 sample businesses, providing a comprehensive overview of the workforce landscape.