Global Experience and Korean Market Entry Strategies

 Global Experience? 

Songdo International Business District, Incheon South Korea

In my last post on issues that most hamper successful Korean market entry, partnership, JV or M&A we noted the common challenges western teams new to Korea endure. (Not to mention the mandatory 2-week quarantine for those traveling to Korea…)

 

I mentioned when issues surface laying on more western teams including lawyers and the “Big Four” to overcome an impasse rarely helps, incurs huge outlays, and at the very least is a costly time consuming, learning experience. 

 

This week, I’d add that the dynamics and experience of working for a Korean company here in the US, the EU, or globally is quite different from working in Korea. 

 

In fact, we see unique cultures develop in overseas offices that differ from the HQ. 

 

In particular, with all the workplace transitions underway in Korea, you can find many more progressive Korea business norms now common practice in Korea, but older norms continue to be found in the overseas subsidiaries’ offices.  

 

As someone who frequently works in Korea, and also in overseas operations the differences stand out. I’d add that observing and recording these differences has long been a topic of my research, writing, and coaching. 

 

Bottom line, for those having worked for a Korean company in an overseas operation or for that matter anyone working for a German, Japanese, or other international company, many do gain considerable cross-cultural insights. 

 

That said, although these insights are most helpful, valuable and not be discounted without ongoing mentoring and coaching even those aware there are differences will find it’s easy to miss the subtle when one is immersed in local Korean day to day work norms and practices. This includes language, high and low content communications, leadership styles, generational issues, and the nuances in how a particular company operates. More so, workplaces do differ from one industry sector, Korean company, division and affiliate to another. 

BTW  a huge part of the workforce is now between 26 and 35...

More forthcoming on this topic, so stay tuned-- including the hiring of Korean Americans, local domestic Korean teams and other alternatives. 

 

Always open to chat. Stay safe and healthy.