1 After independence from Japanese ruling (in 1954), south Korea was rated to be the second- poorest country in the world.
2 Democratization and heavy industrialization laid solid foundation for economy's solid growth.
3 Information technology boom in 1990 did help and about 2011, they were recognized to be technologically advanced and digitally connected country.
4 Scarcity of natural resources led the country to focus on human resources -NHRD (economic development and become nationally competitive)
5 15th largest economy in the world (By 2010)
1 One of the oldest continuous civilization (Despite of being influenced by many other cultures) - Confucianism (Uphold social values) a Collectivist a Egalitarian a Avoid conflicts, masked strong feelings and concise communications. Hard work (hours) and Speed (Ppally - ppally)- Key Factors for success ! a Samsung - a major catalyst i 20% of exports i 18% of national GDP a Samsung Grew - Sales and employees charts… (Page 10 and 11) a 21st among world leading companies.
1 Economic contribution to the nation. -High Opportunity outlook although risky - Semiconductor sector and high-tech-oriented structure.
1 Top priority to the people - a company is its people (value peoples values, attract, retain and train talent) - Hire the best, ignore cost!
2 Pursuit of rationality - develop mindsets for rational decision making.
Decent education and unique culture. Culture:
1 Feel pride in what ever you do and have a sense of accomplishment in contributing for well being of the society. 2) Open to ideas, technology and innovation. Avoided technology gaps and encouraged openness (overcome inferior inhouse technology) by encouraging research at the place of birth of the idea.
1 Technically savvy employees were given managerial responsibilities- Strategic decision making. Single Samsung - 1993 - 26 businesses
Centralized imitative to unite all its employees across the world to address advancements in technology by the day and stay in par with the competition.
Page 12 - "People, excellence, change, integrity, co- prosperity"
Human Resource Development Center:
Visits to plants/gifts to employees/ meeting managers/ role model
Competitive recruiting only/ no referral connection recruits SHRDC:
1 When home base didn't have enough knowledge to work on semi conductor business, they looked for American- Korean engineers a Paid good amount a Emotional and material support - help them adapt to lifestyle in Korea. 1 Complete autonomy in developing projects.. Good team leads led many complex large scale projects.
1 Recruit high caliper operators.
1 Efficient training… Operators --> Newly hired graduate engineers (in few years)
1 Revamp Hr policy - promotion, compensation and performance apprisal. (new individual incentive- signinng bonus)
1 SVP - Shared Value Program- ensured that entire company followed one direction by sharing samsund's values.
1 SBLP(business leader program)- developed next generation leaders.
1 SGEP (global expert): develop global competencies amongst samsung empployees.
1 NEO (new emp. Orientation) - helped adjust to Samsung culture.
1 Samsung spirit, values, history, philosophy ( Samsung people, culture, samsung way, real life business challenges through simulations)
1 Personal and professional basis connections ( third year employees as mentors to 10-15 new employees)- offered continued support post training also.
1 NEO follows SHRDC (job related skills and knowledge training), followed by closely working with senior professionals, followed by summer festival celebrations aligned employees across Samsung affiliates to Samsung's strategic direction - samsung culture
Cooperation and performance - results.
Challenges: (First mover than