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Article: Foreign bodies in South Korea. (giant South Korean companies are hiring more foreign managers, seeking their expertise in an attempt to grow on a global level)(Brief Article)
- Article from:
- The Economist (US)
- Article date:
- December 14, 1996
CopyrightCOPYRIGHT 1996 Economist Newspaper Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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SEOUL
FOR the past three decades, the recipe for success for managers in most big South Korean companies has been simply to follow orders. Few, except those at the top, have the ability to develop global strategies or make decisions in overseas markets. But now the economic downturn is driving the chaebol, South Korea's giant companies, abroad in search of growth. The chaebol are also keen to hire more foreign managers and fire incompetent local employees- something that South Korea's new more relaxed labour laws, introduced on December 10th, will make much easier.
The largest group of foreigners employed by South Korean firms at home consists of low-wage ...