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Human Resource Management

In: Employment Relations in South Korea

Author

Listed:
  • Sang-Min Lee

    (Hanyang University)

  • Gyu-Chang Yu

    (Hanyang University)

  • Se-Ri No

    (Hanyang University)

Abstract

Korean firms have traditionally leaned toward HR decisions based on seniority and on policies of compensation and job assignment that emphasize the role of the person more than the job itself. This traditional model of HR management changed dramatically with the imposition of “global standards” in the form of western HR management practices on Korean society in the aftermath of the financial crisis that hit the country in 1998. This led to the introduction of profit-sharing plans, promotions, and evaluations that increased motivation by encouraging competition between individuals. This trend can be clearly seen in the example (see Figure 3.1) of an annual Ministry of Labor survey of workplaces with 100 or more employees that reveal a sharp increase in the proportion of workplaces that introduced a system of compensation based on an annual salary or a merit-based pay system after the 1998 financial crisis. Subsequent surveys do not tell us, however, whether this trend continued or whether there has been a fundamental paradigm change in HR management areas other than merit-based pay. As the figure shows, the increase in the number of workplaces adopting the annual salary system has slowed since 2005, and the proportion of workplaces adopting a profit-sharing plan has decreased after peaking in 2005.

Suggested Citation

  • Sang-Min Lee & Gyu-Chang Yu & Se-Ri No, 2014. "Human Resource Management," Palgrave Macmillan Books, in: Kiu Sik Bae (ed.), Employment Relations in South Korea, chapter 3, pages 27-52, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-42808-0_3
    DOI: 10.1057/9781137428080_3
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    Citations

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    Cited by:

    1. Lee, Jeoung Yul & Yang, Young Soo & Park, Byung Il, 2020. "Interplay between dual dimensions of knowledge sharing within globalized chaebols: The moderating effects of organization size and global environmental munificence," International Business Review, Elsevier, vol. 29(6).
    2. Egor V. Dudukalov & Natalia D. Rodionova & Yana E. Sivakova & Elena Vyugova & Irina V. Cheryomushkina & Elena G. Popkova, 2016. "Global Innovational Networks: Sense and Role in Development of Global Economy," Contemporary Economics, University of Economics and Human Sciences in Warsaw., vol. 10(4), December.
    3. Yuzhe Miao & Yuping Zeng & Jeoung Yul Lee, 2016. "Headquarters Resource Allocation for Inter-Subsidiary Innovation Transfer: The Effect of Within-Country and Cross-Country Cultural Differences," Management International Review, Springer, vol. 56(5), pages 665-698, October.
    4. Lee, Jeoung Yul & Jiménez, Alfredo & Yang, Young Soo & Irisboev, Ilkhom, 2022. "The evolution of emerging market firms and time until subsidiary exit: Competitive dynamics of domestic market followers and contingency factors," Journal of Business Research, Elsevier, vol. 145(C), pages 694-704.
    5. Lee, Jeoung Yul & Choi, Byung Chul & Ghauri, Pervez N. & Park, Byung Il, 2021. "Knowledge centralization and international R&D team performance: Unpacking the moderating roles of team-specific characteristics," Journal of Business Research, Elsevier, vol. 128(C), pages 627-640.
    6. Svetlana S. Morkovina & Alexandr S. Natsubidze & Margarita S. Irizepova & Nikolai G. Sinyavsky & Vladimir V. Chashchin, 2016. "Transnational Business as a Manifestation of the Integration of the Global Economy and a Driving Force of its Development," Contemporary Economics, University of Economics and Human Sciences in Warsaw., vol. 10(4), December.
    7. Lee, Jeoung Yul & Jiménez, Alfredo & Bhandari, Krishna Raj, 2020. "Subsidiary roles and dual knowledge flows between MNE subsidiaries and headquarters: The moderating effects of organizational governance types," Journal of Business Research, Elsevier, vol. 108(C), pages 188-200.
    8. Vanya Antonova, 2023. "Dynamics of human resources and labor productivity in the Construction and Real Estate Operations sectors for the period 2005-2021," Economics and computer science, Publishing house "Knowledge and business" Varna, issue 1, pages 15-30.

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