People with diverse perspectives, cultural backgrounds and experiences are leading ceaseless efforts for change and innovation at Hyundai Card and Hyundai Commercial.
Powerful synergy is created when new hires with unique strengths and passion, not standardized skill sets, collaborate with experienced hires who have built hands-on expertise across various industries. Being a financial service provider does not necessarily mean that we give way more credits to economics or business majors, or experiences in other financial business or branding/marketing although the branding/marketing is what Hyundai Card is widely known for. We look for diversity in our people as indicated below.
We also have a number of creative diversity programs including “Special Track” to look for talents with super-strong expertise in subject matters.
We integrated market principles in human resource management. Functions can select their own associates and employees can choose jobs they want, which is an effective way to ensure efficient HRM.
“Career Market” is a key HR program of Hyundai Card and Hyundai Commercial designed to cater to individuals’ needs for career development and organization’s needs for resources. When internal job postings are made by a function in need of resources, employees who want to join the function put themselves “on sale” and are transferred to the new function by mutual agreement, which is quite aligned with the market principle of supply and demand. The program incentivizes employees to develop job competencies and their value and be given a chance to join a function they’re interested in, and helps functions with staffing need to select employees who are the perfect fit for them.
“Job Selling” and “Job Fair” are a whole new approach based on market principles to new hire assignment, with the belief that it’s the company which should sell job opportunities to talented people, not the other way around. As a part of new hire orientation, each function has an opportunity to promote their roles and vision to new hires in the Job Selling session. At the Job Fair, promotion booths are set up by each function, and new hires walk in booths they came to be interested in during the Job Selling session and discuss required job competencies and their strengths as individual. The intensive search and informal interview is so effective for both sides to find the right team or colleague work with.
We select and develop talents who can seek sustained changes and innovation to win in this rapidly changing business environment and lead the changes themselves.
Hyundai Card and Hyundai Commercial run quite an unconventional promotion program to get bright minds with unique strengths and job competencies on board. In 2015, they significantly cut the required service year
for promotion from 4~5 years to 2 years to better evaluate individuals based on competencies and achievements.
It reflects our strong belief that the key factor in promotion should be merit, not seniority, and is well received as an innovative program to motivate talents and enable them to fast-track in career.
At the center of Two-track Evaluation lies a clear distinction between individuals’ achievement (performance) and competencies (quality). Employees of Hyundai Card and Hyundai Commercial go through two-track evaluation
on achievement and competency respectively on an annual basis. The achievement evaluation to measure short-term results is used as basis for financial compensation, whereas the competency appraisal is adopted as reference for promotion.
In particular, under the competency appraisal model, 3 qualities required for talents are defined: Work, People and Specialty. 360-degree assessment not just by supervisors, but also among peers is carried out, and the rating is databased into internal HR system called “My File” to track potential future leaders.
One strength of training programs at Hyundai Card and Hyundai Commercial is that there is no mandatory training sessions to take or credits to acquire for promotion. A variety of personal development opportunities
are offered, but employees choose which courses to take at their discretion.
The programs include Open Class where opinion leaders from culture and arts, science, liberal arts and other sectors are invited to speak; Digital Academy offering Basic and Advanced courses; and Functional Class featuring finance, marketing, IT, legal, case studies etc. which are designed to equip employees with in-depth knowledge and insights, and thereby enable them to lead changes and innovation with creative thinking and expanded horizon.