Lee Yeon-woo is a financial journalist at The Korea Times. Her wide range of reporting includes policies, macroeconomics, stock market, companies and even crypto. She is passionate about connecting the dots in Korean finance and making it easier for foreign nationals to understand. Based on her previous experience as a national reporter, she also has a keen interest in social issues within the sector, including gender equality and ESG. Your tips and insights are always appreciated. You can send them to yanu@koreatimes.co.kr.
How far will Korean companies go to attract tech experts?
Job seekers check recruitment postings at a job exhibition for software developers in this October 2023 photo. Yonhap
By Lee Yeon-woo
There is no shortage of tech workers out there, but the ones who can jump straight into real-world projects and make impacts are rare. That’s why Korean companies are offering big perks to attract such high-level professionals.
One notable example came recently from Viva Republica, operator of the financial app Toss. In a hiring campaign that opened through Sunday, Toss vowed to offer 1 million won ($713.07) in cash to all candidates who complete a first-round technical interview. The event focuses on recruiting skilled server developers and machine learning engineers with expertise in advertising and commerce.
Viva Republica founder and CEO Lee Seung-gun wrote on LinkedIn that the offer was intended to "make the process more accessible" as Toss aims to recruit over 1,000 new team members.
Competition for artificial intelligence (AI) experts among Korean startups is intensifying. While more job seekers are showing interest in the field, the supply of professionals with the expertise to deliver immediate, real-world impact remains limited.
Industry officials explain that tasks like simple programming are increasingly being taken over by AI, while the top experts are leaving the country in search of broader opportunities.
According to the Software Policy & Research Institute under the Ministry of Science and ICT, a survey of 2,354 AI-related companies showed that as of 2024, Korea faced a shortage of 8,579 AI professionals. This figure has surged 5.3 times compared to three years ago.
Lee Seung-gun, CEO and founder of Viva Republica, speaks during a press meeting at a gallery in Seoul, Feb. 26, marking the 10th anniversary of its app, Toss. Courtesy of Viva Republica
The talent gap is driving companies to offer various incentives, including cash bonuses, in their push to attract quality workers.
Korean AI startup Wrtn Technologies launched an intensive hiring session on April 23, aiming to recruit several dozen new employees through June. The company is offering a one-time payment of 20 million won to anyone who successfully completes the full-time hiring process — regardless of whether they ultimately decide to join.
"We promise top-tier treatment and compensation befitting the very best workers," said Yoo Young-joon, the company's chief operating officer.
Signing bonuses, which had largely disappeared during the economic downturn that began in 2023, are now making a comeback. Last September, Korean cryptocurrency exchange Coinone offered a welcome bonus of 3 million won to newly hired developers.
In March, KT also reportedly eliminated the salary cap for the highest level within the IT job category. With the cap removed, the company can offer even developers in their 20s and 30s who have strong work experience at least 100 million won per year.
"As the top experts become increasingly scarce, companies will offer a growing range of incentives. In some cases, they could even go as far as doubling the usual salary," an industry official said. "To keep up with the competition, businesses will have to grapple with the resulting labor cost shock."