Manufacturers Dominating Nation`s Job Growth

Samsung Electronics created the most jobs in Korea between 2003 and 2006, as manufacturers created the majority of jobs over that period.

The electronics giant hired 37,392 people, followed by LG Philips LCD with 10,681 and GM Daewoo Auto & Technology with 7,589.

Manufacturers created 68.4% of new jobs, or 97,465 out of 142,580.

The Dong-A Ilbo conducted an analysis on the nation’s 1,000 largest firms by sales between 2002 and 2006 based on data released by the Korea Chamber of Commerce and Industry.

Of 900 of the 1,000 firms, 534 saw job growth over the four-year period, while 357 saw positions decrease. Nine experienced no change in staff.

The 900 firms created 237,263 jobs but eliminated 94,683, for a net figure of 142,580.

Forty-four of the firms each created more than 1,000 jobs, and 18 of them each created 96,030 jobs, or 67.4% of all jobs created over the period.

Samsung’s figure of 37,392 was higher than the combined number of the worst 401 job creators of the 534 firms whose employment increased (37,140).

Runners-up LG Philips LCD and GM Daewoo Auto & Technology are seen as two successful examples of foreign investment promotion and a recommended relationship model for management and labor.

Others in the top ten for job creation included CJ Foodville (7,239); LG Electronics (6,177); Ourhome (5,413); Hyundai Motor (4,856); Samsung Electro-Mechanics (4,226); Woori Bank (3,953); and Samsung SDI (3,846).

A source at the business chamber said, “Since the financial crisis, the Korean economy has undergone jobless growth. The analysis results show, however, that manufacturers are still driving job creation in the market via investment.”

The analysis included all data owned by the chamber, which began statistical research in 2002. Last year’s employment data will be released around May or June.