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| Part-time workers promote CU's Early Wage Payment service introduced by BGF Retail at its convenience store in Seoul, Monday. Courtesy of BGF Retail |
By Kim Jae-heun
Local convenience stores are increasing welfare benefits for young part-time workers to convince them to become future franchisees.
Retailers came to realize that if they raise the job satisfaction level of young employees by instilling positive perceptions of the convenience store business and boost their confidence that they can earn a stable income from it, then it will increase the possibility of these part-timers becoming potential franchisees. In fact, the number of new franchisees in their 20s is increasing every year.
The proportion of new 20-something franchisees for CU, the country's largest convenience store chain operated by BGF Retail, rose to 3.7 percent in 2018, followed by 7.4 percent in 2020, 10.3 percent in 2021 and 16.2 percent last year. The rate has nearly quintupled in the last four years.
CU has recently introduced the Early Wage Payment service for its part-time workers, allowing them to easily receive salaries in advance through a mobile application called Pay Watch if they urgently need money before payday.
Employees can use this service simply with a QR code that is issued to workers and proof of their salary account. CU set the basic monthly withdrawal amount at 150,000 won ($113.60). The convenience store plans to expand the withdrawal limit in the near future.
"There have been many cases where part-timers quit their job at convenience stores in a short period of time. So companies have decided to increase welfare benefits so as to solve the distress of franchisees. But there is also another reason, in that retailers want to bring young part-timers back as franchisees in the future," a local retail firm official said.
CU is also providing lifelong study support for current franchisees and part-time workers. It recently established a scholarship fund providing a maximum of 50 percent for tuition fees for a bachelor's degree at Chung-Ang University.
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