Hyosung has always believed that competitiveness of the partners is the competitiveness of all. The leaders that have empowered Hyosung employees throughout the years are none other than the members of the Win-win Growth Promotion Team.
“Our company has managed a variety of partnership programs to foster the competitiveness of our partners. We’re supporting task development and education to increase sales of our partners and share the outcomes. We’re also providing financial support for the partners in need of funds to develop technology or invest in facilities. Such efforts to reinforce our partnership help enhance competitiveness of the partners and lead to the outcome of coexistence.”
<It is reassuring to have the Win-win Growth Promotion Team that seeks coexistence with partners based on sincerity and trust. (From the left) Strategy Division Win-win Growth Promotion Team Section Chief Moon Chang-soo, Power & Industrial Systems PG Department Head Nam Kyeong-hyeon, Construction PG Department Head Jeong Jin-myeong, (Fiber/Industrial Materials/Chemistry)Purchase Planning Team Department Head Lee Seong-soo, Strategy Division Win-win Growth Promotion Team Department Head Park Jong-ho, Hyosung R&DB Labs Department Head Jeong Ho-gyu, Power & Industrial Systems R&D Center Research Support Team Department Head Gong Sang-ju.>
Having strived unceasingly to achieve coexistence and win-win management, they have acted as a bridge for the Ministry of Trade, Industry and Energy, Korean Commission for Corporate Partnership, Korea Fair Trade Commission, Large & Small Business Cooperation Foundation, and Federation of Korean Industries, keeping up their end by passing on requirements between companies and resolving difficulties in work-site operations. Perhaps that is why they say, without hesitation, that ‘communication’ is the key element that is necessary to realize the dream of coexistence.
“Communication is absolutely necessary for win-win management. It must be the type of communication that conveys sincerity, not just a perfunctory process of asking stereotyped questions and giving answers in a meeting room. To this end, we implemented the concept of hiking to meetings, thinking outside the box. Spending time doing outdoor activities together created a comfortable atmosphere like we’re family, enabling us to truly communicate by exchanging our opinions freely.”
<The gesture made by the Team to coexist with the partners led to a virtuous cycle of actually exchanging substantial help. Sincere communication actually paved a shortcut for the mutual growth of both the partners and Hyosung.>
The keys to coexistence, as stated by the Win-win Growth Promotion Team, are ‘mutual trust’ and ‘sincerity’. Construction PG Department Head Jeong Jin-myeong emphasizes that it is necessary to share the long-term vision and have patience since building trust is not something that can be done overnight.
“Win-win management must begin from building mutual trust between the company and its partner. It’s impossible to do it in a short period of time. So the Construction PG has constantly organized informal get-togethers such as joint hiking as well as all kinds of meetings. We also set aside some time for frequent one-on-one talks to listen to the opinions of the employees in our partner companies, all the while printing the sincerity on their minds that we want to go a long way with their company.” These series of processes led to strong mutual trust and win-win growth with multiple partners. Power & Industrial Systems PG Department Head Nam Kyeong-hyeon also stresses that trust must be the foundation for the true sense of coexistence instead of performance.
“Since we deal with big transactions, we’re liable to build our relations with the partners based on performance. But this is not performance but loss in the long run. We must see coexistence and win-win growth in a long-term perspective. If we treat each other with sincerity based on slowly built trust, the company will be able to help the partner while the partner can further grow and supply high-quality products to the company, thereby resulting in a virtuous cycle.”
The Win-win Growth Promotion Team believes that constantly proceeding toward coexistence instead of clinging to short-term results is a true win-win strategy. (Fiber/Industrial Materials/Chemistry)Purchase Planning Team Department Head Lee Seong-soo emphasizes the need to break away from this paradigm of purchase of the past for exactly that reason.
“The paradigm of purchase of top-notch companies must change into a function that creates new competitiveness by cooperating with the supplier and managing the supply system in general instead of providing stable supply as did in the past. In this perspective, coexistence must be accompanied by cooperation in all areas including production technology and R&D based on mid- to long-term goals.”
Listening to their story that is focused more on achieving long-term goals than on immediate stability makes us wonder about their goals as members of the Win-win Growth Promotion Team. “I would like to make the best use of the core competences of our suppliers and apply the processes in which they can participate since the early stage of product development in Hyosung, instead of settling for short-term cost reduction effects by discovering low-cost suppliers,” said (Fiber/Industrial Materials/Chemistry)Purchase Planning Team Department Head Lee Seong-soo. The goal of the Construction PG Department Head Jeong Jin-myeong is to enhance cost competitiveness and strengthen technological skills of both Hyosung and the partners based on mutual cooperation. “We’ll also make efforts to strengthen the relationship as a true business partner, away from the subcontractor relations that had existed in the past,” he added. Power & Industrial Systems PG Department Head Nam Kyeong-hyeon said, “We mustn’t increase the size of our partners for immediate profits. I’d like to build high-quality win-win relations with our partners by strictly selecting outstanding companies every year, thinking quality comes before quantity.”
Almost 4 years since foundation, the Win-win Growth Promotion Team is bound to be particularly emotional. Strategy Division Win-win Growth Promotion Team Department Head Park Jong-ho also expresses how proud he is about the outcomes of their efforts that began to take shape with the stable operation of the partner support program.
“It’s true that setbacks have been reduced compared to the past as a result of listening to and promptly providing continuous feedback for the setbacks reported by the partners through the hotline system. The fund is still small, but we’re constantly increasing it every year, which is met with good response. When meeting with the employees of the partner companies, we try to listen to their difficulties before talking about cost issues. These small practices help improve the quality for the partners and as a result produce positive outcomes for us as well. This is the kind of win-win growth that we want.”
Coexistence with partners may not have been so smooth all the time, but the efforts to communicate with them based on trust and sincerity have been consistent. The mighty footsteps of the Team that did not settle for immediate outcomes solidified the firm grounds for win-win growth. Like the results achieved today by everyone’s efforts, Power & Industrial Systems PG Department Head Nam Kyeong-hyeon requests the other members to continue to open new ways for coexistence in unison.
“Win-win growth is rising as the basis of sustainable management. Growing together is the true outcome and success. To this end, all departments must communicate with the partners and all employees must build trust in unison. Coexistence is the direction that must be followed by all the departments, and that is the path to everyone’s success.”