South Korean firm pioneers 24/7 childcare to boost employee retention

Hana Financial Group’s dedication to childcare spans beyond new initiatives, with 100 daycare centres built since 2018.
By: | March 22, 2024
Topics: Compensation and Benefits | Employee Experience | News | South Korea

In a first for the South Korean financial services industry, Hana Financial Group has announced a significant allocation of 30 billion won (US$22 million) towards the operation of 50 childcare centres across the country over the next five years.

This initiative addresses the challenge of South Korea’s declining birth rate by offering much-needed support for working parents. Three of the 50 centres will operate 24/7, providing flexibility for employees with non-traditional work schedules. The remaining 47 centres will cater to weekend and holiday needs, operating from 9am to 6pm.

Hana’s commitment to childcare extends beyond the new programme. Since 2018, the group has embarked on a mission to build 100 daycare centres nationwide, with the 100th centre scheduled for completion this year. This dedication has resulted in childcare support for over 9,166 children and the creation of 1,983 jobs.

Addressing the challenges faced by working parents, particularly mothers, in balancing career responsibilities with childcare needs, Hana emphasised the positive impact of the initiative on achieving a better work-life balance post-childbirth.

At the launch event, a mother expressed her gratitude, saying, “Having a child was a joy but it has been a source of great concern with my career on the line. I, like many other parents, will gratefully use the programme in case of emergencies.”

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Moreover, within the group headquarters, Hana operates the Hana Mom Care Centre, providing nursing rooms for pregnant women and mothers with infants. Additionally, Hana and its affiliates provide the Hana Grand Hall – a free wedding venue for employees, firefighters, small business owners, single parents, and multicultural families, reported The Korea Times.

Ham Young-joo, Chairman of Hana Financial Group, concluded, “Hana Financial has been making committed efforts to build 100 daycare centres since 2018. Our efforts will contribute to improving the quality of childcare services. This project is expected to aid parents who are struggling to find childcare facilities that run outside of regular working hours.”