Kyobo Life Insurance chairman emphasizes 'human-centered management'
Kyobo Life Insurance Chairman and CEO Shin Chang-jae speaks during a keynote speech at the International Council for Small Businesses held at the United Nations headquarters in New York, Thursday (local time). / Courtesy of Kyobo Life Insurance
By Jhoo Dong-chan
Kyobo Life Insurance Chairman and CEO Shin Chang-jae emphasized the importance of “human-centered management” during a keynote speech at the International Council for Small Businesses (ICSB) held at the United Nations headquarters in New York, Thursday (local time).
Shin was the first Korean to give such a speech at the council. Founded in 1955, the ICSB is an international organization studying a wide range of small business strategies and entrepreneurship in which about 70 countries participate.
“Human beings cannot live without oxygen, but we do not live for oxygen. Likewise, a company cannot live without profit. It is like fuel. I think a company should not live for fuel,” Shin said during his speech, “Sustainable Stakeholder Relationship Management based on Humanism.”
Inheriting Kyobo Life Insurance founder and his father Shin Yong-ho's management philosophy, he stressed the value of each employee and their contribution for company innovation, claiming communication for a consensus with them is the most important thing to realize the company's vision.
“I learned employees may distrust or even deny the vision and strategy without a consensus. I also learned that if we share a vision with everyone, it becomes an inspiration and passion for employees,” he said.
“To share the same goal, strategy and vision with employees, it is more effective to take an emotional approach rather than a rational conversation. This will allow employees to voluntarily engage in their goals.”
Shin is famous for his characteristic approach to company employees. In order to encourage their motivation, a Kyobo Life Insurance official said he sometime performs a small acoustic guitar gig, and bakes bread for workers.
He said his stakeholder relationship management refers to respecting each stakeholder as a human being, not as a business tool, providing the values that stakeholders expect and pursuing balanced development amongst all stakeholders for sustainability.
“Sustainable stakeholder relationship management based on humanism will generate profit where we put higher priority on its own goal rather than profit,” Shin said.
“I believe CEO is an abbreviation not only for chief executive officer but for chief empowerment officer, chief entertainment officer, chief energizing officer, chief envisioning officer, chief educating officer and chief encouraging officer for the employees. Especially, a CEO and management must back up words with actions and take the initiative to play all of these roles.”