Bo-eun leads the digital content team. She has covered foreign affairs, North Korea, tech, economy and gender issues at The Korea Times. She did a short stint at the South China Morning Post in Hong Kong, where she obtained a new perspective on news production and life. Small sources of joy for her are lounging in the sun, having a good latte and swimming.
Hyundai Card breaks hierarchy to spur innovation
Hyundai Card Vice Chairman and CEO Ted Chung speaks with employees during a town hall meeting in this photo provided by the company, Thursday. / Courtesy of Hyundai Card
By Kim Bo-eun
CEO Chung seeks to foster 'open' corporate culture as company's 'DNA'
This is the second in a series of articles about firms leading innovative corporate culture in the finance sector, which has been considered one of the most conservative industries.
By Kim Bo-eun
Numerous books have been published on how companies with happy employees end up being successful. In addition to enhancing work performance, this is also a key means to retaining talent at a time securing competent employees has become an essential but difficult task.
This is by no means a new idea, but making employees happy is no easy feat.
Hyundai Card, one of the leading players in the credit card market, has accomplished this by maintaining an open culture within the company, creating programs for employees' growth and offering superior welfare benefits for employees.
Vice Chairman and CEO Ted Chung describes this corporate culture and HR as the company's "DNA."
"Depending on the philosophies and cultures sought, talented individuals join the company, grow and act accordingly," he said.
Chung defines corporate culture as “the way members of the company think and work, as well as strategic competitiveness for new attempts and innovation.”
Communication
Communication with employees is a very basic but crucial way to ensure the success of any business. Hyundai Card seeks to know what employees are thinking about and what their expectations are, to figure out how the company can better meet those needs to help them to grow and enhance their work performance.
Chung holds a town hall meeting with employees regularly, to share the company's strategies and casually discuss pending issues.
Hyundai Card's leadership has also been reaching out to the millennial generation ― employees in their 20s and 30s ― within the company to enhance communication.
It holds "Millennial Lunch Talks," where this generation employees can seek out executives they want to meet and have lunch with them.
In addition, the company holds hackatons in the first and second half of the year, where millennials pitch ideas. Winners are provided the chance to take part in a week-long "silkroad program," an insight-seeking trip spanning 2,300 kilometers from Xian to Urumqi in China.
The company also holds a monthly mingling day among executives of Hyundai Card, Hyundai Capital and Hyundai Commercial, to promote affiliate-wide communication and idea sharing.
Perhaps one of the most important issues for employees is being able to work at the division they want to.
Hyundai Card enables this by hosting an event in which each division promotes themselves. At the event, which the company has hosted since 2014, new hires can approach and notify the division they are interested in of their strengths. This creates a win-win situation for both sides.
Hyundai Card Vice Chairman and CEO Ted Chung, second row first from left, poses with millennial employees on an insight-seeking trip to China in June. Participants were winners of a contest held within the company. / Courtesy of Hyundai Card
Innovative culture
In May 2018, Hyundai Card got rid of designated desks for individuals and separate rooms for executives.
The office instead has a common working area and lockers where employees keep their personal belongings. Executives mingle with working-level staff in the work area.
“It was awkward at first, but communication has become easier and faster as we work next to each other,” Kim Keun-man, head of the corporate service division, said.
The company is also in the process of simplifying titles from the existing five down to three _ senior manager, manager and associate.
Another notable initiative is eliminating PowerPoint presentations, which were considered time consuming and rigid. Instead communication is done through email.
This year, Hyundai Card is focusing on paper-free meetings, where participants bring their content in digital form.
In a survey conducted two months after initiation, 88.9 percent of executives and employees said meetings and reports have been simplified and 63.9 percent said the speed at which they process their work has gone up.
Every Wednesday is "Zero Paper Day," when employees meet without printing any documents.
This is also in line with the company's eco-friendly culture. Hyundai Card has eliminated the use of paper cups inside the office.
A working space at Hyundai Card / Courtesy of Hyundai Card
Welfare
A core part of welfare is the company's daycare center, as childcare is a major concern for every parent.
Many companies have their own daycare centers for employees, but Hyundai's run for longer hours and with a superior staff-to-child ratio of roughly 1:3.
Hyundai Card takes pride in that the center has the best educational programs, facilities, services and monitoring systems for parents.
This allows employees to focus on their work.
“The daycare center is a huge plus. I was really happy when I was selected to be able to send my first child,” said an employee. Selections are based on a draw.
The company also has its own clinic where employees can receive treatment and healthcare.
As a company placing enormous value on design, Hyundai Card also has its own upscale hair dressing shop and nail salon, where employees can get services at discounted rates.
In the first half of this year, Hyundai ranked fourth out of seven card firms, in terms of card expenditure, with a 15.2 percent market share.