ABSTRACT
Korean firms should engage in additional efforts in order to further advance Tiger Management and strengthen their future competitiveness. Corporate governance systems should be further modernized and upgraded, and chaebol owners should delegate more competencies to professional managers and consider a leadership transition to non-family members when necessary. Business portfolios of diversified groups should be kept lean, focusing on areas of true competitive strength. Within Korea, human resource management systems and workplace practices should be further modernized, creating more relaxed, less hierarchical, gender-equal, and family-friendly corporate cultures. Through a stronger performance orientation, companies can become more attractive for top talent. Bottom-up initiatives and creativity should be nurtured more strongly. In the global context, Korean firms can strengthen their long-term competitiveness through further decentralization by providing top-level career perspectives to non-Korean managers, and by strengthening two-way communication between global headquarters and international subsidiaries. Eventually, Korean firms should work towards creating an equal playing field for all their employees across the world by introducing English as their internal global communication standard. The more Korean firms can work in these directions, the brighter their future.
