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Human Resources in South Korea - Essay Example

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Human Resources in South Korea

(Zimmermann and Sparrow, 2008)
To start, operate and close a business is well protected by South Korea's regulatory environment. Starting a business takes an average of 17 days compared to the world's average of 43 days. Obtaining a license will take less than the world's average of 19 procedures and 234 days. Closing a business is also easy. (Hesketh and Fleetwood, 2006)
The investment climate is increasingly open. The government offers incentives such as cash grants and zero-corporate tax zones; has a one-stop-shop for foreign investments; and assigns an official to facilitate each project. Residents and non-residents may have foreign exchange rate accounts. (Hesketh and Fleetwood, 2006)
Trade, fiscal and labour freedoms are relatively weak. Monetary score is hurt by government subsidies of several sectors. Non-tariff barriers are very common. The labour market remains rigid despite the government's effort to enhance market flexibility in recent years. There are burdensome employment regulations that hinder employment opportunities and productivity growth. The non-salary cost of employing a worker is low, but dismissing a redundant employee is costly. The high cost of laying off a worker creates a risk aversion for companies that would otherwise hire more people and grow. Regulations related to the number of work hours are not flexible. (Zimmermann and Sparrow, 2008)
For outsiders language barriers and tight social or business circles make the Korean labour market difficult to enter. Business relationships have traditionally been built upon personal ties and valuable introductions. The South Korea labour laws are mentioned below:
Foreign workers: pursuant to the immigration control act, professional or skilled foreigners can be employed in Korea after being issued with visas; in other particular occupations which include the hospitality and hotel industry (E-7) visa is issued. (Hesketh and Fleetwood, 2006)
General procedures: the parties concerned sign an employment contract. A related minister makes a recommendation. The minister of Justice issues a visa issuance certificate. (Hesketh and Fleetwood, 2006)
Working standards and welfare: the labour standards act, which stipulates minimum working standards for workers, covers all employees. However, some provisions (relating to employment contracts, restrictions on dismissal, working hours, leave, etc.) are not applied to work places with four workers or less given economic conditions and administrative capacity. (Hesketh and Fleetwood, 2006)
Restrictions on dismissal: employers cannot dismiss employees without justifiable causes. If dismissed without justifiable causes, an employee can apply for redress to a labour relations commission. Employers may be subject to punishment for unjustifiable dismissal. If an employer is to dismiss a worker, he or she should meet strict conditions and procedures. First, the employer should have urgent managerial reasons, make every effort to avoid such dismissals, select those to be dismissed by rational and fair standards and sincerely consult with the trade union or workers' representatives in advance. Even when an ...Show more
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First of all, to set up a branded concept in South Korea, the economy must be evaluated. Its economic freedom according to the Index of Economic Freedom is 67.9% making it to be the world's 41st freest economy. This means that it has high levels of business freedom, investment freedom and property rights freedom…
Human Resources in South Korea
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