HYOSUNG TNC

What makes a company complete?

Emergence and success of companies are largely based on pioneering technology or the establishment of robust hardware, but we observe their gradual maturation into a comprehensive organization as well. To become a complete company, a 'corporate value system' must be established.

A corporate value system encompasses the corporate ideology, mission/vision, core values, strategies for attaining them, and the behavioral standards and support systems. Corporate culture is defined as how the company will be operated and guided by its values. A company’s core values are aligned with its mission/vision and business strategy to guide the implementation of strategies and form the foundation for all management activities.

Corporate value systems go beyond simply articulating core values. In addition, it defines behavioral guidelines and support systems, which are then applied to actual business operations. This comprehensive approach is imperative to create a positive image of the company, not only among employees but also in the public eye.

Hyosung Way, A Path toward a Better Future

Hyosung, a global company in innovation, has a value system called Hyosung Way, designed to share competencies and capabilities needed by all employees. Throughout our company and our employees, Hyosung Way has served as a standard of value assessment by which we demonstrate our values, judgment, and behavior internally and externally. Hyosung Way aims to lead a better life for humanity based on the best technology and management capabilities.

Hyosung Way is an important milestone in our mission and vision, solidifying our value system. All Hyosung employees around the world have united our strength and will to make our dreams a reality. Our actions have contributed to Hyosung’s global leadership and improvement of customers’ lives. The mission of Hyosung is to provide the best products and services to maximize customer value through the best human resources and management capabilities.

Hyosung's goal remains the same, but many of the values needed to achieve it have changed. Integrating Hyosung Way with the brand identity was urgent, as well as the avoiding emotional disconnect due to the gap between the current system and the management situation and merging new generations/trends with the identity. Ultimately, internal branding was designed to align the company and employees’ philosophies, so we created the "New Hyosung Way," which maintains our path while applying new social values.

Redefining Hyosung Way

Hyosung's management philosophy, Hyosung Way, represents the culmination of our direction and core values throughout our founding and management journey. Even though Hyosung’s identity has undoubtedly strengthened its brand, it has also presented challenges regarding the rapid changes and disconnections caused by the new brand. Adapting to the changes brought about by the new corporate brand required reinterpreted the existing Hyosung Way to reflect the new brand’s core values. While still upholding Hyosung’s core values over the years, we were able to make agile decisions and actions aligned with the new corporate brand identity.

Establishing New Hyosung Way and the brand activity system required defining the development direction. It was important to interpret the new concept from various perspectives, incorporating specific expressions and contents to ensure employees and marketing efforts consistently demonstrated the defined core values. Additionally, we aimed to give the brand a distinct appearance and attitude through external expressions while keeping a consistent brand code of conduct throughout the organization.

It was necessary to redefine the long-established values of "Global Excellence," "Innovation," "Accountability," and "Integrity," which had been cherished over the years. Thus, in New Hyosung Way, the meaning of "Global Excellence," "Innovation," "Accountability," and "Integrity" has been redefined to reflect changing customer requirements as well as the current era.

Instead of aiming to be the "Global Excellence" in the market, we now strive to earn recognition from global customers by implementing the necessary changes and innovations that enhance their lives. The concept of "Innovation" has shifted from merely challenging the new with a positive mindset to continuously pursuing change by fearlessly overcoming challenges and difficulties through novel approaches. "Accountability" not only involves completing tasks with a strong sense of ownership, but also fulfilling our commitments to customers, and contributing to a sustainable future society through our unwavering dedication. As for "Integrity," it no longer solely pertains to conducting work in a fair and transparent manner. It now encompasses building flexible and dynamic synergy based on mutual respect, trust, and equitable distribution of resources.

New Hyosung Way represents a reinterpretation of the existing values, providing clearer and more specific expressions and an action-oriented vision. In the previous value system and behavioral framework, the core elements of the corporate culture were strongly linked to achievement-oriented "results" and "order" while neglecting values such as "caring," "learning," and ESG-related "goals" that are crucial within Hyosung. This limitation hindered effective communication, collaboration, creativity, and the individual capabilities that arise when the stability-focused and result-driven mindset of a B2B company becomes excessive.

To overcome the cultures overly focused on results and stability, a shift was necessary towards values that foster a more flexible and adaptive "agile process" of change and growth. The ideology of the "agile promise" emerges as a new management philosophy, combining the two core values of "pioneering innovation," and "promising a better future through innovation" which is expected to illuminate Hyosung's vision.

Communication and acceptance were key components of the New Hyosung Way, which encourages mutual reinforcement between employees and the company. We identified fairness/transparency, member growth, and social and environmental values as key motivators for employees. The value of fairness/transparency is intended to drive employee motivation concerning direct compensation, while the value of member growth aims to promote a positive working environment by instilling a sense of happiness through respect and consideration. Social and environmental values will be actively practiced through ESG, eco-friendly practices, and CSR initiatives. In essence, we derived and redefined the values of the New Hyosung Way based on five key areas. 'Innovation' is a value-driving organizational growth, 'Accountability' is a foundation for building strong internal and external customer relationships, 'Fairness/Transparency' is a value to motivate employees, as well as 'Member Growth' and 'Social and Environmental' values.

Hyosung’s Future Plans

Hyosung’s brand value system has also evolved and adapted to changing goals, market dynamics, and societal environments. As a global top-tier company, New Hyosung Way comes at a critical juncture when the company has successfully navigated economic crises and resolved internal and external challenges. In addition to incorporating new perspectives, the new brand development also upholds the company’s past ideology and introduces a new management philosophy.

Hyosung Way represents a value system designed to foster the competencies and mindsets required by all Hyosung employees worldwide as we strive to become a global leader in innovation. By adhering to the principles of the Hyosung Way, we aim to spearhead digital, eco-friendly, and social transformation, enriching the lives of today with the technologies of tomorrow.

Our mission is rooted in being the first to fulfill our promises to customers, delivering innovative and sustainable solutions for a better future. We commit to leveraging our exceptional talent, pioneering technologies, and management capabilities to proactively meet our customers’ evolving needs and drive innovation and sustainability as we navigate future changes.

'Hyosung Way Credo', Hyosung's unwavering thoughts

A "Credo" serves as the foundational guidelines encompassing a company's values and principles. It encapsulates the company's vision, mission, and values and plays a crucial role in conveying these values to employees and consumers. New Hyosung Way will be ingrained within the company through the establishment of a Credo, guiding consistent behavior and decision-making.

The Credo also gives rise to the brand's Code of Conduct. The brand's Code of Conduct revolves around cultivating the desired brand value through specific behaviors. How the brand interacts with "customers," "internal organization," "society," and "innovation" as a unified entity becomes the focal point of the Code of Conduct. Therefore, the re-interpretation of Hyosung's core values of "Global Excellence, Innovation, Accountability, and Integrity" based on the new concept becomes the most significant aspect of the New Hyosung Way. Building upon the New Hyosung Way, which establishes the core values of the existing Hyosung Way as the foundation for reinterpreting the new brand concept, Hyosung has formulated the following Code of Conduct.

How do we deliver the excellence value to our customers?

Global Excellence – Customer Oriented - Global Excellence for Customers -

1.     We prioritize the voice of the customer above all else.

2.     We consistently deliver valuable products and services before others.

3.     We strive to be recognized as the best in the eyes of our customers.

4.     We adopt a global mindset to create a competitive advantage on a global scale.

How do we foster innovation inside and outside our organization?

Innovation – Striving for Innovation –

1.     We continuously learn and create new competitive opportunities.

2.     We embrace change and boldly implement better approaches.

3.     We foster a positive mindset to be at the forefront of innovation.

4.     We view challenges as opportunities for feedback and improvement.

How do we take responsibility for the future and society?

Accountability – Taking Responsibility for the Future –

1.     We lead our work as professionals and take ownership of our responsibilities.

2.     We are accountable and fulfill our promises to our customers.

3.     We consider the impact of our technology on society and the environment.

4.     We prioritize life and prioritize safety, never compromising safety measures.

How do we create flexible synergy based on trust within the organization?

Integrity – Flexible Synergy -Trust for Synergy-

1.     We foster organized teamwork based on common goals.

2.     We recognize and support each other's growth as individuals.

3.     We communicate concisely, transparently, and broadly.

4.     We collaborate with stakeholders based on respect and trust.

New Hyosung Way, built on the foundation of our Credo, is created with our customers in mind. It is a response to the evolving times and the feedback we receive from our customers. We are dedicated to fulfilling the needs of society, and through our values of excellence, innovation, responsibility, and trust, we strive to be the first to fulfill our promises to our customers and create a sustainable future.