Korean University Jobs are not what they once were, part 1
Yesterday, at my staff meeting I got a bit of new information which just further confirms what I originally thought. The head of my department was talking about how the Korean government is deadly serious about shutting down a good number of unis in Korea (although he didn't say this, due to a very low birth rate there are fewer and fewer Korean students going to uni so something truly does need to be done).
Starting this year, the government is instituting a ranking system with 5 grades: A, B, C, D, F. The F-rated schools will be forcibly shut down. The C and D-rated schools will have to reduce enrollment by 30 and 50% respectively, which will in essence mean their closure because it will just be too hard for them to be profitable with such reduced numbers. The B-rated schools will have to reduce their students by 10% and the A-rated schools can do whatever they want.
The writing is on the wall, especially for those with working at lower-ranked universities. You could be losing your job, sooner rather than later.
Anecdotally, my school which is the 2nd or 3rd highest ranked in Busan (the second biggest city in Korea behind Seoul) lost a good number of students and some of the extra-curricular English programs that I would normally do for overtime got cut. There is just less money floating around and often the first thing to go is English programs.
Exit-plan = put into full effect. Want to know my choices for up-and-coming English teaching destinations? Check out: The Wealthy English Teacher: Teach, Travel, and Secure Your Financial Future