The New Year 2014 has begun. I sincerely wish you and your families to enjoy good health and happiness in the New Year.
Looking back on last year, there was a slow yet gradual recovery of the world economy as the recovery trend led by the U.S. spread out to advanced countries such as Europe and Japan. Though the economic sentiment in Korea is still not good enough, the increased investment and export led to the economic growth rate of 2%, showing an improvement to a certain degree in terms of index.
The world economy is expected to continue its growth in the New Year with the improved business conditions of advanced countries starting with the U.S. On the other hand, uncertainty of the world economy is also growing due to the U.S. government’s reduction of quantitative easing, slowdown of China’s growth, and increasing possibility of financial crisis of emerging nations. The Korean economy is expected to show a higher growth rate than last year, but issues such as consumer’s recession, slump in the construction and housing market, and youth unemployment will continue for a while.
As the global competition becomes more intense day by day, there is no knowing what will happen to our position in the market environment and competitive relations of businesses. Our biggest market China has now rather become our competitor that threatens us, and Japanese companies that had been in recession for long have now reinforced their competitiveness thanks to the weak-yen policy. North America is also recovering competitiveness in the manufacturing industry with the development of shale gas, further intensifying the competition in the global market while also causing our business profitability to decrease.
There are many other internal problems aside from the external environment. Some of us are stuck in a rut of the past, merely waiting for orders without willingness or self-motivation at work. Some are working with a lackadaisical attitude of simply asking for help rather than trying to find solutions on their own, even avoiding their responsibilities for their own jobs.
We must carry on business with legitimacy by obeying the regulations and principles for in-house tasks. All the employees must reflect on these actions in the New Year and make amends for the wrong practices and consciousness.
I have countlessly emphasized Responsibility Management, but it is still not being properly implemented. Working under your own responsibility refers to adequately reviewing necessary matters in advance for decision making, and making your own judgment through active communication with relative departments.
On the contrary, it is not a responsible attitude but rather a waste of time to research irrelevant things just to respond to your boss’s questions, without thinking about what kind of information is really necessary for your own judgment. We must make these changes thoroughly so that all employees can independently work under their own responsibilities.
Furthermore, we must do our best to obtain the business competences in the global standard level. Our businesses are already quite globalized and our business structure more complicated and diversified; but the level of our consciousness and competences is yet to reach a certain standard. Thus our work is not properly done in many cases. We must solve these issues in the New Year and improve the quality of work to the global level. We should also change regulations that are not appropriate for the reality, and establish a system to determine whether these regulations are legitimate externally.
In addition, we must accomplish the goals we set in new investment projects as well as old ones. Business normalization is yet to be done in some new business departments. Therefore, I request all of you to do your best to make your organization’s target profits.
Pursuing greater performance more easily by straying from the right path will lead you to follow practices rather than law and regulations, possibly resulting in jeopardizing the company’s existence. The company will tolerate no actions that hinder Ethics Management, so all the employees must pay particular attention to the issue.
Let’s all make efforts to make a reliable company that fulfills social responsibilities by enhancing win-win growth and management with our partners and actively participating in social contribution activities.
The company will never fail to reward a merit or let a fault go unpunished by establishing new systems such as personnel evaluation and reward system so that these matters are improved in the New Year. Therefore, organizations and employees working idly with no performance will be forced to bear the responsibility, while departments showing good performance and efforts will be adequately rewarded.
Dear employees, we will be celebrating the 50th anniversary of our company’s foundation in 2016. As I said before, I myself will take the initiative in making Hyosung take a giant leap toward development through change and innovation by breaking away from old customs, practices and idle attitude of the past. I request you to join me in creating a new corporate culture of Hyosung.
The New Year 2014 is also referred to as the Year of the Blue (Wooden) Horse. A blue horse indicates a unicorn, which brings luck in the Western countries. As our company’s color is blue, I hope we could have good fortune in our company this year. Let’s make the New Year fruitful and worthwhile with the firm resolution to fulfill our responsibilities by reflecting on the saying, “Good luck comes to those who work hard.”
Vice President Sangwoon Lee