Thoughts on Korean Business by Don Southerton

Part 3 Hyundai Heritage A company’s initial culture is usually determined by its founder’s mindset—the person’s values, beliefs, preferences… Jim C. Collins, author Built to Last and Good to Great Chung Ju-yung—Hyundai Founder and Honorary Chairman Growing up in rural Korea during the Japanese Colonial era, the future founder of Hyundai, Chung Ju-yung, exhibited entrepreneurialism early in life. Breaking free from Korean agrarian tradition that the eldest son remain at home to tend the family lands, young Chung’s desire to enter business led to his operating a rice store and then an auto repair business while still a young man. Following the liberation of Korea from Japan in 1945 and unshackled by draconian Colonial rule, Chung Ju-yung re-entered the auto repair business and soon after formed a construction company. He named these businesses Hyundai , which means Modern . The Early Years After several years of prosperity and capitalizing on expansion opportunities...

Hyundai Way: Hyundai Speed Article Series Overview  This week’s Part 2 will explore the ties between Korean and Hyundai heritage with deeply rooted culture and tradition still strongly impacting the modern workplace.  After sharing this background on Korea, an upcoming Part 3 will look at the rise of Hyundai under its founder Chung Ju Yung (1915-2001). With changing times, by the late 1990s, Hyundai Motors’ would witness a new era of leadership and renewed direction under the founder’s son Chung Mong Koo. Most significant was the new chairman’s hands-on approach to management and issues including quality and global expansion.  Next, Part 4 in the series will focus on Hyundai corporate culture, new and old—values that link Hyundai heritage, the Founder Chung Ju Yung, and current chairman Chung Mong Koo. Then, in Part 5 we look at the Hyundai Way through notable company management styles via interviews with current and former Hyundai and affiliate employees. ...

Hyundai Way: Hyundai Speed A New Article Series by Don Southerton Introduction The Hyundai name and brand have steadily gained global recognition. Established in the late 1940s, Hyundai’s growth over the next decades paralleled South Korea’s rise as an emerging and vigorous economy. By the early 2000s the highly diversified Hyundai Group restructured and split into a number of independent and specialized units, including Hyundai Heavy Industries (HHI), Hyundai Merchant Marine (HMM), Hyundai Engineering and Construction (HEC), and Hyundai Motor Company (HMC). As Hyundai Motor expanded into a highly integrated auto manufacturer composed of numerous sister companies and subsidiaries, the name, too, evolved. By 2011, with the latter company surpassing the original organization and former affiliates in overall global success, it was renamed the Hyundai Motor Group with focus on three growth engines—automotive, steel, and construction To avoid confusion, I use Hyundai Motor Group wh...

A Note from Don Southerton While my services have been well received and highly valued over the past decade, in 2013, I began shifting focus from training programs and coaching leadership to a deeper role with a few select clients. In other words, rather than standing outside the organization and giving advice, counsel and perspective, I actively facilitated and supervised projects that addressed the companies’ pressing needs. This approach, built upon my understanding the nuances of Korean-based business and their companies, has proven to be extremely successful for my clients. This new role was driven from ten years’ of listening to teams and leadership share (and, at times, vent) challenges. Frankly, after listening to this dialogue, I felt that this expanded value-added approach—one clearly within my skill sets ---would serve my clients well. As we begin 2014, I look forward to supporting you and would like to discuss how this new service can help you meet your firm’s strat...