|LG Innotek's headquarters in Magok, western Seoul / Courtesy of LG Innotek|
By Baek Byung-yeul
|LG Innotek CEO Jeong Cheol-dong|
LG Innotek, established in 1970, was Korea's first electronic component company, and has since become a global firm generating more than 90 percent of its profits overseas. The company has secured the largest market share for several electronic components including camera modules, package substrates for communication, tape substrates and photo masks.
To make the company more profitable and consistent, Jeong has come up with a goal to boost employees' "pride," the company said.
"LG Innotek recently announced a plan called PRIDE Activity to boost its employees' pride in the company," an LG Innotek official said. "The plan came after its employees asked Jeong to build pride in the company when he was appointed as the new CEO in 2018."
LG Innotek said PRIDE Activity has five parts ― working on improving the performance of the company; providing better treatment and reward to employees; enabling employees to have individualized work plans; having an innovative and dynamic working system; and helping employees grow into experts.
In terms of company performance improvement, LG Innotek will continue to make the company sustainable by generating high profits. "Achieving a higher performance is the most basic element a company should have to boost its employees' pride in the workplace," Jeong said.
To help employees be more professional, LG Innotek is also committed to providing better treatment and rewards to them. In the medium to long run, LG Innotek employees will be able to receive the highest benefits in the electronic component industry, it said.
With regards to working systems, LG Innotek has been creating a more individualized working culture to maximize employee productivity.
"We are trying to improve the flexibility of our working system by adopting flexible working hours, letting employees work from home and introducing other policies that can help employees optimize their own working environment," the company official said.
By successfully implementing the PRIDE Activity policy, LG Innotek expects it can boost employees' pride in the company and consequently make it "a global No. 1 material and component company."
"When employees have pride in their work, they will be able to concentrate on their jobs passionately and the company will be able to provide differentiated value to its customers," Jeong recently told employees via video message.
In addition to the new working system policy, LG Innotek is rapidly changing its business structure to better fit the fast-changing business trend.
In 2019, the company withdrew from the high-density interconnection and electronic shelf label businesses in a bid to concentrate on more profitable areas. It is also trying to focus more on the lucrative automotive lighting modules in LED business.