Park Jae-hyuk is a seasoned journalist who has provided comprehensive coverage of South Korea's corporate dynamics, economic policies, industry challenges and the global positioning of Korean companies. Based on the articles he has written since joining The Korea Times in 2016, his investigative approach has helped readers understand corporate governance, economic trends and business strategies shaping South Korea’s economy.
POSCO to hire 6,000 regular workers by 2020
By Park Jae-hyuk
POSCO Group will offer 6,000 permanent positions through 2020, the nation’s leading steelmaker said Tuesday.
To secure human resources for the era of the Fourth Industrial Revolution and to keep pace with the administration’s job policy, it has decided to hire 1,500 regular employees annually for the next four years.
The group has employed around 1,000 new regular workers every year up to now, but has decided to increase the number of new employees to take the initiative in the operation of its smart factories with IoT and artificial intelligence technologies.
It will also reduce working hours to enhance the work-life balance of its employees.
Instead of demanding existing employees work extra hours to supplement the others on their vacations, POSCO will fill the vacancies with new hires.
The new employees will be selected through various means of recruitment, including school-work links, employment of honorably discharged military personnel and open recruitment.
In addition, POSCO will raise 550 billion won ($481 million) to support its affiliates and small- and medium-sized enterprises (SMEs). It has administered 500 billion won in funds so far this year.
The funds are expected to allow financially strapped affiliates and SMEs to pay their bills in cash, instead of in promissory notes.
To vitalize the nation’s industries, POSCO said it will monitor whether the payments of its affiliates are made in cash and will offer incentives to the firms that raise the rates of payments in cash.
The measure is in line with the policies of the Moon Jae-in administration, which has stressed the significance of shared growth between big companies and their suppliers since its inauguration in May.
POSCO is the country’s dominant iron maker and one of biggest in the world.
The Pohang, North Gyeongsang Province-based company has developed innovative products to compete with its global rivals.
For example, it developed “giga steel,” a lighter but more solid product based on its latest technology.
The company is working with many automakers that are striving to take advantage of the new steel to help them make better cars.