South Korea acquired democracy in the early 1990’s, its labor practices are politically organized, and employment laws are quite different from those in the United States. Besides, labor market in South Korea adheres strictly to the government laws and regulations. For any company to succeed with no obstacle, they must be well educated and follow the current government regulations and also manage any disadvantages associated with south Korean labor policies.
South Korea has grown as an economy and is one of the most successful economy since the end of world war 2 ( Hart-Landsberg et al. 2017) . Even though the rates of unemployment gave remained quite low the average income has increased steadily.
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In terms of employment of workers, gender had had reduced meaning that both men and women can participate in jobs. Secondly, since the recovery of the economy from 1998 crisis, average earnings of workers s have greatly increased with weekly working hours reducing significantly. Besides, the gender gap issues in the education sector have reduced and the number of college level employees has increased significantly. Also, the number of unemployment in south Korea has remained steady and low even during the global crisis ( Shin 2013) .
Despite several advantages, south Korean market has a long way to go. Firstly, unemployment of youths had greatly increase as compare to that of adults. Even though female’s participation in employment has increased, the number are still quite low as compared to that of men and the gender earning gas are still quite high ( Lee 2015) . Moreover, inequality in terms of income has increased due to unequal distribution of funds especially in small firm workers. Labor force workers are getting older which might lead to shortage of labor and mismatch is skill in future.
After going through the case study and the labor market practices some of the things that need to be addressed are, the long working hour adult employees should be addressed since they work an excess of at least 12 hours.
References
Hart-Landsberg, M., Jeong, S., & Westra, R. (2017). Introduction: Marxist perspectives on South Korea in the global economy. In Marxist perspectives on South Korea in the global economy (pp. 17-46). Routledge.
Lee, Y. (2015). Labor after neoliberalism: The birth of the insecure class in South Korea. Globalizations , 12 (2), 184-202.
Shin, K. Y. (2013). Economic crisis, neoliberal reforms, and the rise of precarious work in South Korea. American Behavioral Scientist , 57 (3), 335-353.
