Thoughts on Korean Business by Don Southerton

Like many Asian countries, South Korea has two different New Year days—one that follows the solar calendar and one that uses the lunar calendar. Traditionally the lunar New Year's, called So-nal, has had greater cultural and familial significance (In 2017 the 3 day holiday will be celebrated on January 27 - 30). As for the solar New Year’s celebration, in 1896, as part of reforms instituted to Westernize and modernize Korea, the Gregorian calendar was adopted, along with some of the West’s holidays such as the January 1st New Year’s celebration.  Today I find South Korea’s celebration of the Jan. 1 New Year similar to celebration in America. For example, Koreans make New Year’s resolutions where they promise to exercise regularly, eat fewer sweet things—such as chocolates and candy—or endeavor to study harder. It’s appropriate to wish your Korean colleagues a seasonal greeting this week prior to the holiday, just as you will wish your non-Korean friends “Happy New...

In reflecting on my meetings, I found some groups wanting to hold back on discussing new initiatives, their organization tied to the recent president scandal--the mood to lay low until the storm passed. In other instances I saw annual restructuring underway and teams in a “wait and see” mode. As is common, restructuring bring with it changes in leadership, management and working teams. More so, on-going programs might be revisited and for the new year may be entirely dropped, downsized, or upgraded… again warranting teams waiting to see what unfolds. For others, it is business full speed ahead, tight timelines requiring action even before the holiday break. In several instances my meetings centered on plans for 2017, colleagues discussing our next steps and now reporting them to the leadership before year-end. As for my thoughts on what 2017 will bring, look for my upcoming year-end commentary due out over the holiday break. Questions, Comments?

“Knock on the door a 100 times!" I share much on business norms and expectations with Korean, American, and global teams and management. I, too, have learned much in exchange. In fact, I've been fortunate to have a number of senior Korean leadership share their opinions and thoughts. For example, I was asked by a Korea client to find out if a successful and high profile American brand was interested in the Korean market. If so, the Korean firm would like to be considered as a potential partner. After talking to the American brand's Founder and CEO, a legend in the QSR industry, he politely shared that their plans were to focus on the US market. Any Asia expansion would not be for at least years away. A few months later while they were visiting the US, I hosted the Korean client's Chairman and his wife at a VVIP lunch meeting with an iconic American restaurant. Over the meal, the Chairman's wife quizzed me on my progress with the American brand. ...

Year-end Promotions, Re-structuring, and New Assignments: Korea's Corporate Culture 2016 Year-end organization wide promotions, re-structuring, and new assignments for teams are part of Korean corporate culture. Top to bottom within Korean companies they occurs sometime between early December and early January, with the changes to senior leadership happening first, and team level changes as a norm made known the week just before or between Christmas and New Year's Day. After the Holidays, teams then report back to work. Some assume new roles frequently in departments they have little experience--requiring employees to acquire new skills--sink or swim. Meanwhile others are en-route to assignments in overseas operations; a challenge for those working outside Korea for the first time. In the days that follow those shuffled brief their replacements, as staff remaining in their jobs update new management teams on the status of projects and issues. Some y...