Factors to take into
account when thinking about business in South Korea.
Power Distance
(score 60)
Korea is a
hierarchical society, therefore, they are accepting of hierarchical structures
where and individual has specific role and place. Subordinates in are most
likely expecting to be told what to do and what the boss says, goes.
Individualism
(score 18)
Korea is overall a collectivist society. Some of the inherent characteristics may be:
-
Long-term
commitment to the member “group”
-
Loyalty is of
highest importance, often outweighing other social rules
-
Shame and loss of
face can occur from offenses, which is avoided at all cost
Masculinity/Femininity (score 39)
Korea is considered a
feminine society. This leads to the attitude of “working in order to live” and
seeking consensus, equality, solidarity and quality. If conflicts were to
arise, they most probably will be resolved by compromise and negotiation. Free
time and flexibility are well favored as incentives, and managers are
characterized as supportive. Status is
not of high significance and focus is on the well-being.
Uncertainty avoidance (score 85)
The high score
represents the grave importance of avoiding uncertainty in the Korean culture.
There is intolerance for “unorthodox behavior” and ideas, and a specific need
for the set of rules and conducts that are closely followed. Hard work, precision,
punctuality and security are highly valued while innovation may be resisted.
Long term orientation (score 75)
Being a long-term
oriented society, Korea gives priority towards a steady growth of market share,
instead of a quarterly profit. The underlying idea isn’t for companies to make
money every quarter for the shareholders, but to serve the stakeholders and the
society as a whole for the future generations.
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