More employees, fewer executives at South Korea’s top 30 conglomerates

South Korea’s top 30 conglomerates reduced executive positions while increasing their workforce in 2024 amid an economic slowdown, according to Leaders Index. The number of executives at 235 affiliates fell 0.7% to 9,746, while employees rose 1.7% to 983,517. As a result, the employee-to-executive ratio increased to 100.9 from 98.5. Retail and construction firms saw the sharpest declines in executive roles. Shinsegae Group’s ratio jumped to 228.5 from 197, while construction firm DL E&C’s rose to 86.2 from 70.7. Hyundai Motor Group also reported an increase to 149.1 from 138.8. The trend reflects companies’ focus on retaining working-level staff while cutting high-paying executive jobs.