) September 12, 2017 -- Hyosung’s core value of shared growth can be summed up by a “we are in the same boat” spirit. Hyosung Cho Hyun Joon President has taken a policy to listen carefully to its contractors and lavish support on them in a whole range of fields including technology, systems, marketing and finance. It is because the competitiveness of contractors influences that of Hyosung.
Cho Hyun Joon President said emphatically when he took office, “I will make Hyosung an attentive company…What our customers say is the alpha and omega…All contractors with Hyosung are our precious partners, and we must build win-win relations with them.”
Hyosung has adopted and carried out four shared growth practices as part of its regulations to strengthen fair trade with its contractors. The practices call for Hyosung to create and manage an internal board to review the fairness and legality of (1) contract conclusion, (2) the selection and management of contractors and (3) transactions with contractors. They also require Hyosung (4) to document and archive contracts and transactions. Hyosung has announced guidelines to build trust and strengthen partnership. The guidelines ban Hyosung employees from taking retaliatory actions such as unilateral restriction on or suspension of transactions with contractors.
◇Hyosung boosts its contractors’ competitiveness by participating in trade shows together and supporting their system improvements.
Hyosung has participated in trade shows at home and abroad with its contractors in a bid to help their marketing activities. For instance, Hyosung has set up its joint booth with its contractors in “Preview in Daegu,” an international textile exposition, for 16 years in a row since it was inaugurated in 2002. Besides, Hyosung has held monthly meetings with its contractors region by region to discuss ways for mutual growth, find points to improve and strengthen their friendly ties.
◇Hyosung holds meetings on shared growth in order to expand communication with its contractors.
Power & Industrial Systems Performance Group has held meetings with its contractors at least twice a year. In the first half meeting, the group’s employees do voluntary services with working-level employees of its contractors in an effort to forge a bond of friendship. In a yearend meeting, the group awards outstanding contractors, offering them a chance to participate in its overseas training programs.
Construction Performance Group created the “shared growth consultative body” involving its contractors in 2013 to strengthen cooperation for co-prosperity. The panel holds a meeting each year. On March 23, the consultative body held a meeting on the Floating Island, dubbed “some Sebit,” on the Han River. The meeting was attended by about 150 representatives of major contractors and those companies which agreed to provide technology services to the group. The group briefed them on its shared growth project. It awarded model contractors and also concluded technology service agreements. It was a meaningful time to remind them of the importance of shared growth.
Hyosung Cho Hyun Joon President has signed “shared growth cooperation agreements” with its contractors to promote technology-based win-win relationships. His shared growth accord with Korea Welding Industry Cooperative to cooperate with each other regarding arc welders reflects his concrete action to develop the local arc welder industry and help the growth of small and mid-sized enterprises. Cho Hyun Joon President did not settle for declarative principles such as “large companies give way to small and medium-sized companies to protect them.” Instead, he specified ways for mutual growth, so he focused on developing and selling technology-intensive arc welding products and sponsored overseas marketing, technology seminars and equipment.
◇Hyosung lays the groundwork for growth by supporting its contractors’ efforts to improve financial status
Hyosung Cho Hyun Joon President does not spare support for the financial improvement of its contractors. President Cho signed a “Network Loan” agreement with financial institutions, while providing funds they need to secure equipment and facilities and develop technology to raise their productivity. The loan scheme between Hyosung and banks enables Hyosung contractors to borrow money needed to carry out their contracts. Hyosung plans to make contributions to the Large & Small Business Cooperation Foundation to support management innovation efforts by a total of 100 contractors by the end of this year.
In 2014, Hyosung introduced a “shared growth settlement system” in which the contractors of large companies, their subcontractors and second-tier subcontractors can cash in large companies’ bonds at discounted fees. The system is expected to give the benefits of saving financial costs to subcontractors and their subcontractors as well as contractors.
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