Thoughts on Korean Business by Don Southerton

Happy Memorial Day…. some thoughts for a holiday read. Contracts, legal agreements, and business plans go hand in hand with global business. I was once told that in Korea the purpose of signing a contract or agreement was essentially to formalize the partnership. Over time terms would be subject to change and re-negotiation. My Korea facing experience has been that agreements fundamentally solidify the working relationship. However, to maintain any partnership contractual obligations will require on-going changes to reflect business conditions. In contrast, a legal agreement in the West is immutable. This week, I’d like to elaborate and bring into a broader cultural dimension. This Culture (with a big C) lesson is Koreans in the workplace and business see and prefer most things as “ gray” ever-changing and subject to revision. What’s set on paper matters, but as just as a Roadmap. This ties into the  “balli-balli”  mindset, too. In fact, Koreans in contrast to the...

Over the year, I share my thoughts on Korea-facing business.... sometimes the topic overlaps with issues I see during the week.., other times it's something in the news. LG's heir's rapid succession caught my eye this week and well as the implications for their Old Guard. Generations is also a topic I have covered often in my books and articles... My weekend read.... Generational influences in the Korean workplace 2018. Today we are witnessing an increasing generational divide in the Korea workplace.  Many firms are adapting to this change, as the workforce is increasingly a younger generation. Much of the change is driven by the Old Guard vs. the New Guard.  The Old Guard, people in the 60s and 70s, holds to values and norms once common business practices in Korea. With the rise of the New Guard, the older generation is increasingly marginalized as well as their influence. This marginalization has accelerated with the latest round of Chaebol family succession well...