What direction should Hyundai Steel take in the midst of a global economic recession and uncertainties in the future of the steel industry? As President & CEO Ahn Tong-il marks his first anniversary as the company’s CEO, he has prepared a message regarding the changes being made to the communication and work methods at the company so that employees can continue to enjoy a fruitful work experience.
Q. Is there a reason why you’re sharing this message with Hyundai Steel employees at this time?
The uncertain outlook of the global economy and the decline of company profits will dampen the business environment both at home and abroad. To survive these hardships and strengthen our competitive edge, I believe that now is the time to drastically change the way we communicate, and I wanted to share my thoughts about this with the rest of the company.
Q. What is your intended direction for these changes?
Inefficient tasks will be eliminated so that our employees can focus on meaningful and valuable tasks. We will also work toward creating a lateral communication culture based on mutual trust between team members. Additionally, we will increase work motivation and commitment through various training and performance programs designed to strengthen the competitiveness of every member. We will implement the following four changes to achieve these goals.
First, our meeting culture will be revamped. Meetings will now be focused on discussions rather than simple information sharing. When sharing information on your agenda, consolidate your information as much as possible. Refrain from using PPTs to share information. Instead, use a 1-page proposal to present important issues, and use discussions to address problems and come to conclusions.
Second, please consider electronic reporting as a rule and the new norm. Refrain from face-to-face reporting using paper documents. When electronic reporting or when making decisions, only report when approval is needed or previous decisions need to be changed.
Third, we are proud to announce the establishment of the ‘Hyundai Steel Challenger Award.’ Employees who contribute to the reduction of production costs or increased profits through innovative ideas will be rewarded. Up to 1% percent of the positive economic effects of the submitted idea will be given as a reward to the team or individual responsible. Teams can receive a maximum of $80,000, and individuals can receive a maximum of $40,000.
Finally, a communication channel called ‘TO. CEO’ will soon be opened. Through ‘TO. CEO,’ you can anonymously send mails to me, and I will read and answer them. More communication channels and opportunities are being created so that everyone has the chance to communicate with me in an open and honest manner. Please actively participate in helping us create a communication culture within the company that is marked by open-mindedness and respect for other people’s differences.
Q. Is there anything else you’d like to say to Hyundai Steel employees?
I will be the first to experience and put these changes into practice for our employees, and I will continue to implement changes for our company. I will monitor the results of these changes, and frequently share the results to everyone in the company. The participation of every employee is needed, so please actively help us implement the new changes.
Finally, in recent months, the new coronavirus has been severely impacting our daily lives. I would like to ask all employees and their families to be cautious and take good care of their health. Thank you.