- Announced the 2020 Business Strategies and Major Issues of Each Affiliate
- 21 CEOs including Chairman Mong-gyu Chung Discussed Ideas for Sustainable Growth for Two Days
HDC Group (Chairman Mong-gyu Chung) held a presidential board meeting to discuss 2020 management strategies at Oak Valley, Wonju, Gangwon-do, for two days from October 23.
CEOs including Chairman Mong-gyu Chung had an in-depth discussion about the methodology for responding to the changes in the business environment while creating synergy among affiliates of HDC group even though the economy is slow.
On the 23rd, the first day of the meeting, the presidential board of HDC Group began the schedule in earnest with echoing the necessity of establishing business strategies in order to secure differentiated competitiveness and profitability. It was critical because the global economy is expected to continue to stagnate due to trade disputes and financial instability and the domestic economy is forecasted to record the lowest growth rate of 1% after the financial crisis in 2020. Each company shared its 2020 business plan and key strategies. Moreover, they discussed ideas for collaboration and concrete practices to achieve their goals.
The next day, small group meetings were conducted by selecting issues worth discussion based on the business plan of the affiliates and external lectures. The CEOs of HDC Group had a hot debate on the topics of “How to create synergy through collaboration with affiliates and outside companies”, “Issues related to the group’s HR and ways to improve them”, “How to cope with the digital era”, and “Changes in business demands” that exceeded the originally scheduled 180 minutes. The CEOs of HDC Group agreed that it is urgent to reorganize the company into a “blue ocean creation business structure”, which can reduce waste elements below industry standards, remove unnecessary elements, increase relative competitive advantages, and create new values by creating differentiated competitive factors. They decided to create business synergy through more active communication and cooperation among group companies and continue to promote the “Digital Transformation” to respond to the shift in the digital paradigm more quickly.
Chairman Mong-gyu Chung said, “We have established a horizontal discussion culture as a result of the corporate culture innovation workshop and the facilitation training for all our employees since 2017. We were able to discover a lot of good ideas today and we did not have enough time to finish the discussion because there were too many good ideas.” He also mentioned, “We will continue to deepen our mutual trust by having deeper conversations centered on the presidential group. I also hope that these contents will be spread to all employees of the group."
Meanwhile, since 2018, HDC Group has been carrying out the “Big Transformation” project under the leadership of Chairman Mong-gyu Chung to fundamentally transform the corporate structure. As part of this effort, a cloud collaboration platform service was first introduced to HDC Hyundai Development Company with the reorganization of groupware in the second half of this year and a new enterprise resource planning (ERP) was open for more efficient process management. HDC Group is now accelerating the digital transformation across its affiliates.