Woori Financial’s Goodwill Store model earns US headquarters’ recognition

Woori Financial Group Chairman Yim Jong-yong, right, and Goodwill Industries International (GII) President and CEO Steven C. Preston pose at GII headquarters in Rockville, Maryland, Oct. 16 (local time). Courtesy of Woori Financial Group

Woori Financial Group’s version of the U.S. Goodwill Industries International (GII) social responsibility program model has been recognized as a benchmark for creating jobs for individuals with developmental disabilities, the group said Wednesday.

Woori is the first Korean financial institution to receive such recognition from Goodwill’s U.S. headquarters, with its model now being considered for global adoption across the Goodwill network, which includes 165 affiliates and more than 3,300 stores worldwide.

The group’s model centers on creating stable, paid jobs for individuals with developmental disabilities in collaboration with local welfare organizations, aided by funding and operating donation-based stores.

The stores generate revenue through sales of donated goods, in turn funding salaries and training programs for disabled employees.

According to Woori, chairman Yim Jong-yong presented the group's “Woori-style Goodwill Store” model to GII President and CEO Steven C. Preston and senior executives during a meeting at its headquarters in Rockville, Maryland, Oct. 16 (local time).

The model was praised for fostering inclusive employment, the group said.

The U.S. headquarters said it would like to introduce Woori’s model as a best practice to its global branches.

“The Woori’s version is a powerful example of how financial entities can lead inclusive growth,” said Preston. “We will share this success throughout our global network as an inspiration.”

In response, Yim said the group’s mission aligns with that of the U.S. entity by empowering individuals with developmental disabilities and strengthening their sense of self-reliance.

“Woori aims to be a global financial leader that advances inclusive growth,” he said.

In 2023, Woori announced plans to invest 30 billion won ($22 million) over 10 years to build 100 Goodwill stores in Korea.

Goodwill stores hire individuals with developmental disabilities, using proceeds from selling goods donated by businesses and individuals. It has 165 branches and over 3,300 stores worldwide. In Korea, over 500 individuals with developmental disabilities work at 46 Goodwill stores.