HR Problems in Hyundai Motor Co.|Human Resource|Organization Behavior|Case Study|Case Studies

HR Problems in Hyundai Motor Co.

            
 
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Case Details:

Case Code : HROB058
Case Length : 12 Pages
Period : 1960-2004
Pub Date : 2004
Teaching Note :Not Available
Organization : Hyundai Motor Co.
Industry : Auto and Ancillaries
Countries : India

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This case study was compiled from published sources, and is intended to be used as a basis for class discussion. It is not intended to illustrate either effective or ineffective handling of a management situation. Nor is it a primary information source.



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Introduction Contd...

There was also mounting pressure from the IMF on the South Korean government to undertake strict economic reforms and restructuring measures. The labor unions, which have traditionally been very strong and influential in South Korea, felt threatened.

Since jobs were being cut, social unrest and a feeling of insecurity among the labor class was rising. The unions resorted to extreme measures in an effort to establish their authority. Although, all over South Korea, companies were facing labor unrest, Hyundai was among those that were hit the most.

Human Resource and Organization Behavior | Case Study in Management, Operations, Strategies, Human Resource and Organization Behavior, Case Studies

An Overview of the South Korean Economy

Until 1960, South Korea focused on agricultural development. But a series of five-year plans, the first of which was implemented in 1962, greatly altered the economic structure of South Korea. Starting from 1962, economic policies were geared towards industrial growth. Export promotion and import substitution were the key elements in South Korea's growth plans. The industries of electronics, telecommunication, automobile production, chemicals, ship building and steel were the major thrust areas.

Business in South Korea was predominantly controlled by a few large conglomerates or chaebols. Chaebols were industrial groups that were established after the Korean War in early 1950s. They differed from other corporate organizations in the sense that they were still largely controlled by their founding families and were not managed by professional corporate managers.

All decisions, expansion plans and company policies were made by the members of the founding families, who occupied the top positions in the chaebols. In 1995, the top 30 chaebols alone accounted for nearly 16% of South Korea's GDP.

The top four chaebols at that time - Samsung, Hyundai, Daewoo and LG contributed 9% of GDP. South Korea has shown an incredible growth pattern. Between mid 1960s and mid 1990s, the annual GDP expanded by more than nine percent annually.

From being at par with some of the poorer countries of Asia and Africa in 1960, its GDP per capita in 2003 was seven times that of India7, eighteen times that of North Korea8 and at par with some of the less prosperous economies of the European Union.

This remarkable success has been a result of close cooperation between the government and the chaebols. Government policies were framed keeping the industrialists' demands - availability of credit, import restriction, sponsorship of specific industries, import of raw material and technology, encouragement of savings and investment over consumption - in mind. To encourage domestic industry, the markets were heavily protected by quotas and tariffs...

Excerpts >>


7] South Korea Country Review 2003, www.countrywatch.com.

8] CIA, The World Fact Book, Korea South., http://www.odci.gov/cia/publications/factbook/print/ks.html.

 

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