ABSTRACT
Korean society and economy has rapidly changed throughout the last few decades, creating a strong need for Korean firms to continuously update their managerial practices. Government support for business has decreased, and regulation of business practices has become much stricter. Labor unions have become vocal representatives of workers’ interests and rights. Moreover, the value systems of Koreans have shifted towards stronger individualism and giving higher priority to their personal lives, resulting in a gradual weakening of the traditionally strong dedication to their work and their companies. In response, Korean companies have worked towards strengthening their corporate governance systems, being more supportive towards their suppliers, shortening working hours, modernizing human resource management systems, and giving better career opportunities to female managers and employees. As a result, while there is a clear need for further improvement, the companies have largely succeeded in staying in tune with a rapidly changing Korean society.
