INTERVIEW Igniting employees' passion key to ensuring success

Many firsts are associated with Cho Kyoung-sun.

Among these, her most notable achievement is becoming the first female CEO of Shinhan Financial Group. Starting her career in 1983 as a bank teller, a position she secured through Shinhan's inaugural open recruitment, she took the helm of Shinhan Digital Solutions (DS), the group's IT subsidiary in November 2021.

When Cho first entered the banking industry, numerous barriers impeded the ascent of women to senior management positions. The industry even required women to sign pledges promising to leave their jobs upon marriage. Women were paid less than men, despite having similar levels of education. Additionally, women seeking to transition into roles traditionally dominated by men had to undergo testing.

Still, Cho remains modest.

"There were limited career options for women back then, mainly roles like teachers, pharmacists or bank tellers. I tried hard to find other jobs because I wasn't confident in customer-facing roles. But despite all my efforts, it was Shinhan Bank that hired me," Cho recalled during a recent one-on-one interview with The Korea Times.

"When people ask me how I entered the bank, I feel a bit guilty. Nowadays, young people meticulously plan and prepare extensively for their futures. As for me, I somehow found myself in this position."

Not content with just advancing her career, Cho has also been instrumental in supporting the growth and ambitions of female colleagues within the group. For five years, she led Gal Force, Shinhan's initiative for female employees that was active from 1982 to 2016. Additionally, Cho holds the distinction of being the first alumna of SHeroes, a women's leadership development program at Shinhan that began in 2018.

Cho believes that as time passes and institutions evolve, so do the barriers that women face.

"In my era, the barriers we faced were solid, yet visible. So if individuals had the courage and managed to overcome these barriers, the organization recognized their efforts. The institutions developed over time as well. It was a period where one could think, 'Wow, if I put in the effort, I could become the head of a department or a branch,'" Cho said.

Cho's leadership role at Shinhan Bank's branches came at a time when performance evaluations relied heavily on quantitative metrics, particularly whether an individual met the group's Key Performance Indicators (KPIs). Cho excelled in her performance, which led to her promotion alongside her male colleagues.

"Nowadays, a variety of policies and institutions are in place to support women in the workforce and facilitate their advancement within organizations. However, with these advancements, many 'invisible' hurdles have emerged. These obstacles are particularly challenging because they're not easily recognized. Overcoming them can be even more frustrating because society often fails to acknowledge these efforts," Cho added.

Cho reflects that every experience she encountered at Shinhan has played a crucial role in shaping her into who she is today.

"When I was first assigned to a branch, there was intense competition among my colleagues to work at the front counters. Being assigned to support roles behind the bank tellers was seen as less prestigious. However, I chose to start early in a supporting role. From that position, I could observe all the activities at the front and learn each teller's working style. This experience proved invaluable, both in my branch work and later at the headquarters," Cho explained.

There were times when she emulated the characteristics of male leaders as there were no female role models to follow. If male leaders consumed large amounts of alcohol during business meetings, she did too. But, she soon realized that such a style did not suit her. Instead, she sought support from her employees.

"I brought my entire seven employees for an open hearted discussion. I acknowledged their natural apprehension, being accustomed to male leadership. I assured them that, although my style differed, I was committed to delivering the same level of performance and asked for their trust. Their candid feedback about their anxieties and my leadership approach was incredibly valuable," Cho shared.

As the scale of her responsibilities grew, from leading a team of seven to managing thousands, Cho remained committed to her fundamental questions: Do the employees have a spark of passion? How can I ignite that passion and turn it into a roaring flame?

This philosophy was also central to her role at Shinhan DS, a subsidiary that prominently took charge of the group's internal IT system.

"After first reviewing the organizational chart of the firm, I felt confident, thinking, 'this will work.' Shinhan DS, being an IT firm, experiences a high employee turnover. Its diverse and inclusive work environment is like a living organism in itself. In my one-on-one discussions with employees, I discovered that they possessed latent passion," Cho said.

"To spearhead development, I realized the importance of enhancing our ability to reach beyond Shinhan. I encouraged our employees to strive for significant contracts outside the group, expanding our influence and capabilities."

In August 2022, Shinhan DS secured a major contract, valued at approximately 25.8 billion won ($19.5 million), to develop the next-generation card system for Hyundai Department Store. Emphasizing areas like Cloud services and global expansion, Shinhan DS is experiencing the most successful year since its inception. Revenues have exceeded 300 billion won, with a target net profit of 8.8 billion won.

"One phrase I often use is, 'let's stop if it becomes too burdensome.' But I'm confident that if I can ignite the employees' passion, they'll continue to push forward despite my suggestion to pause. This belief has once again proven true. They sought more support from the company but did not cease their efforts," Cho said. "My aim is to create an environment where employees, even after leaving Shinhan DS, look back on their time here with passion and no regrets."

Cho also believes that a similar set of questions can guide an individual's rise to a leadership position: Have I fully expressed my passion and realized my potential? Have I helped to unlock the potential in others? Most importantly, have I harnessed both these elements to advance my organization's strategy and performance?

"Often, women overlook the last but most crucial question. The critical factor is that the company's selection of a management figure is not based on gender. What counts is whether an individual can execute in alignment with the organization's strategies and financial performance," Cho emphasized. "It's common sense that I can't be the MVP of a match if my team doesn't win the tournament. There's no such thing as a 'good defeat.' A defeat is simply that – a defeat."

"Leadership is important, but what's even more important is to precisely understand what leadership entails," she added.