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Abstract
South Korea needs to actively implement work-family balance policies to increase both the low employment rate of women and the low total fertility rate. This study analyzes the quantitative benefits that the implementation of work-family balance policies provides to employees and employers. We conducted a choice experiment that asked 633 participants about their stated preferences for a hypothetical company with different work-family balance practices. The analysis was performed by using a hierarchical Bayesian model that considered preference heterogeneity according to the respondents’ characteristics. The results indicate that the availability of parental leave provides benefits equivalent to an increase of 5.80 million won in annual salary and that offering childcare in the workplace has an effect equivalent to an increase of 5.37 million won in annual salary. Further, low-income groups, women, the younger generation, and parents of preschool children are most sensitive to the policy. Finally, small and medium-sized enterprises are less desirable to work for than large companies, but the implementation of work-family balance policies could change this preference.
Highlights
South Korea, which has grown rapidly over a short period of time, has experienced difficulties in achieving sustainable development on various fronts
Overtime and weekend work are common in the country; Shin pointed out that 45% of South Korean employees work more than 50 h per week, 63% of whom work more than five days per week and 13% work overtime more than three times per week, making juggling work and family difficult [5]
The active implementation of work-family balance (WFB) policies offers a potential solution to these problems
Summary
South Korea, which has grown rapidly over a short period of time, has experienced difficulties in achieving sustainable development on various fronts. South Korea’s low fertility rate stems, in part, from aspects of its social structure [4]. The country’s rapid economic development has been accompanied by long working hours; the average annual working hours in 2012 were 2163 (the highest among OECD countries since the early 2000s), and promotions at South Korean companies largely hinge on long working hours with limited long-term vacations. Overtime and weekend work are common in the country; Shin pointed out that 45% of South Korean employees work more than 50 h per week, 63% of whom work more than five days per week and 13% work overtime more than three times per week, making juggling work and family difficult [5].
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