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 👀 Today’s Email about:

• Can women fairly play leadership roles at Korean companies?

• Job gains exceeded 100,000 for the second consecutive month in August.

• Celebrity photo booths are winning over fans by offering more than just a simple pose..

NEWS 📰

Can women fairly play leadership roles at Korean companies?

Korean companies have made strides in promoting gender equality. However, they still have a long way to go regarding women's representation in leadership, according to Women in Innovation (WIN), a group of female executives. A recent analysis by WIN’s Leaders Index, which examined 353 of Korea’s 500 largest firms by revenue, revealed that the proportion of female executives reached 7.3% in 2024, up slightly from previous years (7% in 2023 and 6.3% in 2022). This gradual improvement is mainly attributed to the 2020 amendment to the Financial Services and Capital Markets Act, which requires companies with assets over 2 trillion won ($1.5 billion) to have at least one board member of each gender.

However, most companies have bypassed the intent of this law by appointing women as outside directors rather than promoting female employees to executive roles. While the proportion of female outside directors increased from 5.5% in 2020 to 16.4% in 2024, female inside directors only saw a minor increase, from 2% to 3.8%.

The overall proportion of female employees in these companies has remained steady at around 26% from 2019 to 2024. WIN President Suh Ji-hee emphasized the need for follow-up measures to nurture female executives, stressing that diversity and equality are crucial in today's complex business environment.

Some progress has been seen in industry organizations, such as the Federation of Korean Industries (FKI), which recently appointed two female vice chairpersons, Samyang Roundsquare CEO Kim Jung-soo and Youngone Holdings CEO Sung Rae-eun, marking the first such appointments in 25 years. Despite these advancements, most leadership roles in major business lobbies, such as FKI and the Korea Enterprises Federation, remain dominated by men.

In contrast, foreign business chambers in Korea show a higher representation of women in leadership roles. The American Chamber of Commerce in Korea has nine women on its 29-member board of governors, and Deutsche Bank Seoul Branch Manager Park Hyun-nam serves as a chairperson of the Korean-German Chamber of Commerce and Industry.

Job gains exceeded 100,000 for the second consecutive month in August.

In August, Korea added over 100,000 jobs for the second consecutive month, according to data from Statistics Korea. The number of employed people reached 28.80 million, an increase of 123,000 from a year earlier. This follows a similar rise of 172,000 jobs in July, marking a recovery from lower job growth earlier in the year.

Despite these gains, overall job growth remains moderate compared to early 2024, when over 300,000 new jobs were created in the first two months. The recent growth was primarily driven by jobs for older adults, with employment for those aged 60 and older rising by 231,000. In contrast, younger people faced a decline, with 124,000 fewer jobs for those in their 20s and a 68,000-job loss for those in their 40s.

Sector-wise, the information and communications industry saw a 9.7% rise in jobs, while the science and technology services sector experienced a 7% growth. However, the manufacturing and construction sectors struggled, with the manufacturing sector losing 35,000 jobs and construction shedding 84,000, the latter marking its largest decline since 2013. The construction job losses were attributed to poor industry performance, monsoon rains, and extreme heat.

The employment rate for people aged 15-64 increased to 69.8%, and the overall employment rate for those aged 15 and older reached 63.2%, the highest for any August since data collection began in 1982. The jobless rate fell slightly to 1.9%, but challenges remain for the construction sector, the self-employed, and young people. The number of self-employed individuals without employees fell by 64,000, continuing a 12-month decline due to weak domestic demand.

ENTERTAINMENT 🌄

Celebrity photo booths are winning over fans by offering more than just a simple pose.

Four-frame photo booths have become increasingly popular among young people, with celebrities frequently sharing their own booth pictures on social media, making this trend a new cultural phenomenon. A notable aspect is the emergence of celebrity-themed photo frames, which offer fans a unique way to connect with their favorite stars.

Celebrities like actor Byeon Woo-seok, known for his role in the drama Lovely Runner, have contributed to this trend by sharing their photos taken with personalized frames. Fans have followed suit, posting their own pictures with the Byeon-themed frame, turning it into a viral trend.

Idol groups such as Xikers, ONEWE, ILY:1, and NMIXX have also participated in these collaborations, creating special memories for fans. Additionally, singers like Yang Hong-won, K.Will, and Giriboy, as well as actors Shin Hye-sun and Im Soo-hyang, have teamed up with four-frame photo brands to engage with their audiences in a fun, creative way.

Even veteran comedian Park Myung-soo has joined the movement, adopting his playful alter ego "Face Genius Cha Eun-soo" in a photo frame. His social media post, "Would you like to take a picture with me?" sparked enthusiastic responses from netizens.

The process of collaboration between four-frame photo brands and celebrities involves several steps. According to a staff member from an instant photo booth brand, they begin by discussing the collaboration concept with the celebrity. The frame design, photoshoot concept, and release date are finalized through meetings. Once the frames are launched, they are made available in photo booths across the country.

Brands typically select celebrities who can create a positive synergy with their brand or who are currently trending with engaging content. Management companies see these collaborations as valuable fan service, offering fans the chance to "take a photo" with their favorite artist, creating a personalized and memorable experience. Fans have responded with enthusiasm, further boosting the popularity of this trend.

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