Anyone who has been in a Korea for a few years (or a decade in my case) has seen the decline of the ESL industry as a whole. 10 years ago, anyone with a pulse could get a hagwon (private institute job), public school jobs were plentiful and uni jobs were being handed out like candy to those with just a Bachelor's degree and perhaps a year of experience at a public school or hagwon.
These days, even hagwon jobs seem to be pretty scarce and it seems to be a race to the bottom for the lowest salary and weakest job positions. There are just too many decently-qualified people looking for work. Public schools have been bleeding jobs for the past 3 or 4 years, with almost all middle and high-schools cutting their native English speaker positions. And of course unis-even those with a Master's degree and a few years of non-uni experience are sometimes not getting jobs.
Anecdotally, I have three friends here in Busan who've lost their jobs recently and while they've found other positions, it certainly was not without a struggle and they were competing against other quite well-qualified applicants for okay positions.
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The Glory Days are Done
What am I saying? The happy days of Korea as a prime ESL teaching destination are indeed over, much the way things went with Japan, just a few years later in the case of Korea. Only the most qualified (someone like me! Ha! Masters+Celta+Delta+years of uni experience) will get those prime uni jobs with low teaching hours, motivated students, high pay and full vacations while everyone else will be left fighting for the okay or crappy stuff. Salaries and benefits like free plane tickets and housing will keep decreasing.
I, myself have planned my exit strategy that involves going back to Canada and changing careers because I think the writing is on the wall. I would suggest that those who are making longer-term plans, thinking that Korea is going to be a winner for English teachers should perhaps reconsider. Another country like Vietnam? Upgrading qualifications and getting into teacher training? Changing careers? There are plenty of fish in the sea so why place your bets on the one flopping around on the dry-land?