As resignations pile up at the Financial Supervisory Service, often called a "god-tier workplace," a 500 million won consulting project commissioned under former Governor Lee Bok-hyeon has drawn sighs inside the agency after producing what staff called platitudes. Some employees even said, "They should have just split the 500 million won among us."
According to the financial sector on the 9th, the former governor signed a contract with Deloitte Touche Tohmatsu Limited (DTTL) in mid-2024 to conduct an organizational diagnosis consulting project. The plan was to analyze organizational culture through interviews with Financial Supervisory Service (FSS) executives and employees, and the expense was set at 500 million won, drawing attention.
The consulting results came out in the second half of last year. Although the details were not disclosed, it reportedly included predictable items such as ▲ establishing mid- to long-term plans based on the organization's vision and core values ▲ digitizing work ▲ reducing inefficient tasks.
The Financial Supervisory Service (FSS) has about 2,300 employees in total, and roughly 100 leave each year. By year, the number of departures was ▲ 86 in 2021 ▲ 102 in 2022 ▲ 103 in 2023 ▲ 110 in 2024. Last year, 67 people resigned through the third quarter. About 4%–5% of all FSS employees leave each year, and considering that annual departures at the Bank of Korea, Korea Development Bank, and Export-Import Bank of Korea—also called god-tier workplaces alongside the FSS—amount to 1%–2% of total staff, the FSS's attrition rate is relatively high.
FSS employees complain that their compensation is becoming relatively worse. In 2024, the average compensation per FSS employee was 108.52 million won, down from 110.61 million won in 2023 and 110.01 million won in 2022. It is 18% higher than 91.96 million won in 2012, 12 years earlier, but considering that prices rose about 30% over the period, real wages have actually fallen.
The FSS is subject to the public institution budget guideline known as the total personnel cost system and receives annual budget approval from the Financial Services Commission. Personnel costs for the year are calculated by multiplying the previous year's personnel costs by the wage increase rate in the public institution budget guideline, making it difficult to quickly increase headcount and budget even if workload rises. The FSS budget is funded not by the state treasury but by contributions from financial companies.
Recently, as the possibility of the FSS being redesignated as a public institution has been raised, discontent has emerged among employees. If designated a public institution, controls over the budget and personnel would tighten further. An FSS official said, "Some people avoid promotion because overtime pay is not provided after promotion, and if we are designated a public institution, the trend of resignations among junior employees will likely intensify."