POSCO INTERNATIONAL CORPORATION POSCO INTERNATIONAL Searches for New Growth Drivers
- Discovering new growth drivers for the future through business proposals submitted by employees
- Selected ideas will be pushed forward as part of the company's new business portfolio and the distinctive organizational culture
- Prepared various compensation and support perks that consist of profit sharing and expert coaching
POSCO INTERNATIONAL (Vice Chairman Jeong Tak) will be implementing a 'New Business Proposal Program' for approximately 1,800 employees working at its headquarters and overseas offices. The idea is to directly capture the voices of employees in discovering new businesses that will drive the company's growth.
In light of this vision, the company plans to accept and evaluate proposals for new ventures until the end of the year. The ideas submitted by employees will be evaluated and selected as part of the company's future business roadmap through the following process: ▲1st round - document evaluation, ▲2nd round - presentation evaluation, ▲1-year business incubation (business nurturing program), and ▲final evaluation. The new business proposals that are selected through this process will be pursued either through in-house commercialization or spin-off entrepreneurship.
For those ideas selected for in-house commercialization, an independent entity will be created so that the businesses are run as CIC (Company in Company). This is expected to create various business opportunities that can eventually become a core part of the company's business portfolio by leveraging its comprehensive business capabilities as an integrated corporation, business expertise, and business networks to 'develop,' 'connect,' and 'complete' new businesses. The company also plans to introduce a profit-sharing concept for the business ideas selected for in-house commercialization, aiming to encourage active participation from employees and share the profits of the business with them.
For those proposals selected for spin-off entrepreneurship, the company will provide support to facilitate their concrete implementation by integrating it with POSCO Group's in-house venture program called 'POVENTURES.' At the same time, the company will review the possibility and potential of investing in the companies created through spin-off entrepreneurship and developing a collaborative business model to enhance business synergy.
In addition, the company anticipates providing ongoing support through lectures given by outside experts and expert coaching programs to ensure active employee participation in the program so that the new proposals will meet both quantity and quality standards.
The company believes that the 'New Business Proposal Program' will help the company discover new entrepreneurial talents. The program will create and promote a distinctive company culture that welcomes difficulties and is unafraid of mistakes.
"The New Business Proposal Program is not only for enhancing work efficiency and internal processes. It's a system intended for creating high-potential new businesses with employee involvement," a POSCO INTERNATIONAL official said. "This goes in line with the company's new vision, namely 'Green Energy & Global Business Pioneer,' as we hope this program will help us create opportunities for growth as a platform company."
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Posco International Corporation published this content on 19 September 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 September 2023 00:55:06 UTC.
