A group of male and female professionals in discussion at the workplace (123rf) Women reached executive ranks at South Korea’s largest companies in record numbers in 2024, with their average pay surpassing 70 percent of men’s for the first time, according to new research released Wednesday.
The study, compiled by Seoul-based business data platform Leaders Index and the nonprofit Women in Innovation, found that women accounted for 8.8 percent of executives at 376 companies that file public business reports. That was up from 7.9 percent the year before and 6.8 percent in 2022.
In absolute terms, the number of female executives grew by 108 in a single year to reach 1,221, while male executives fell by 196 to 13,889.
The pace of change stood out. Female executives rose by 9.7 percent year-on-year, compared with a 1.4 percent decline among men.
The report, based on the 2025 Diversity Index, also highlighted progress on pay. Female employees at the surveyed companies earned an average of 78.8 million won ($56,780) in 2024, compared with 111.1 million won for men. That meant women earned 71 percent of men’s salaries, up from 68.5 percent in 2023. It was the first time since the index was introduced that women’s wages crossed the 70 percent threshold relative to men’s.
Board representation moved upward as well. Female registered directors increased 16.6 percent to 344 in 2024, compared with a 1.5 percent rise for men to 2,344. Leaders Index noted, however, that some of this growth reflected an increase in female outside directors, which can boost figures without reflecting broader internal promotion.
Female executives at the rank of executive vice president or higher rose from 184 to 209, a 13.6 percent jump. Male executives in the same tier increased only 1.3 percent, from 3,464 to 3,510.
Industry trends diverged. Pharmaceuticals, banking, telecommunications, services and consumer goods scored highest on diversity. Construction, shipbuilding, machinery, energy and auto parts remained the lowest, while petrochemicals and steel showed modest improvement. Consumer goods, batteries, shipbuilding and IT hardware slipped.
Ten companies were identified as top performers in female empowerment: Maeil Dairies, Youngone Corporation, Samsung C&T, Aekyung Chemical, SK Innovation, Yuhan Corporation, Krafton, Standard Chartered Korea, NH Investment & Securities and Hyundai Motor.
A Leaders Index official noted that Hyundai Motor, known for its male-heavy culture, showed marked improvement in board appointments. SK Innovation was highlighted for narrowing gaps in tenure and pay. Hyundai’s own sustainability disclosures in July reported that female executives earned more than men in 2024 once performance bonuses were included.
Despite these advances, the broader context remains challenging. Data released in August from the Korean Women’s Development Institute showed that women in South Korea earned 29 percent less than men on average in 2024, the widest gender wage gap in the OECD and more than double the OECD average.
mjh@heraldcorp.com