The employment services sector in South Korea has shown notable fluctuations over the past decade, with year-on-year variations reflecting both growth and periods of decline. From 512.4 thousand employees in 2013, the number grew to 601.4 thousand by 2023. Early years saw high year-on-year growth rates, such as 7.53% in 2016, but also experienced downturns, including a -5.37% in 2018. Despite recent positive trends, with a 1.54% increase from 2022 to 2023, the sector exhibits a modest 2.16% CAGR over the last five years.
Looking forward to the forecasted period, the employment services sector is expected to continue this modest growth. The number of employees is projected to reach 644.1 thousand by 2028, representing a forecast 5-year CAGR of 1.08%.
Key future trends to watch for include:
- Automation and AI impacting recruitment processes.
- Increased demand for flexible working arrangements influencing employment service offerings.
- Government policies and their role in shaping the labor market landscape.