Europe, South Korea and China

Small incoming talent pool: South Korea is short of almost 3,000 graduate degree-level positions in areas such as research and design (Korea Battery Industry Association). Battery specialists with newly graduated with doctorate degrees can earn as much as 100 million won ($85,000) a year, and those without that level of qualification average about 80 million won after gaining a few years of experience, according to two sources at major South Korean battery firms. South Korea's average annual salary was 37.4 million won in 2019, according to tax agency data. Talent competition with overseas companies: Talent shortage is compounded by some existing employees moving to foreign competitors for better pay (Reuters). More immediately to address this talent shortage, Korean companies are recruiting more strongly overseas. LG Energy Solution CEO and his managers went to Los Angeles while the SK Innovation CEO and staff hosted an event in San Francisco. Build in-house training pipeline: LG Energy Solution (South Korea’s #1 battery maker by volume) plans to launch a new "battery-smart factory department" at the prestigious Korea University in Spring 2022 with guaranteed jobs for graduates.

Source: Reuters

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