Jin Ok-dong, Shinhan Bank President: "To Avoid Obsolescence, 'Leadership in Change' Is Essential"

[Asia Economy Reporter Kim Hyo-jin] Jin Ok-dong, CEO of Shinhan Bank (photo), conveyed a message to employees that "to create a sustainable company that does not fall behind, the role of leaders along with continuous change is important."

According to the banking sector on the 8th, CEO Jin expressed this thought during a YouTube live lecture held the previous day for executives and department heads nationwide.

CEO Jin emphasized, "The world will be divided into B·C (Before Corona) and A·C (After Corona)," and diagnosed, "Observing various successes and failures of countries responding to the spread of COVID-19, the standards of advanced and backward, that is, first-class countries are changing."

CEO Jin believes that the efforts to constantly change subsequently manifest as corporate culture.

As a method to properly manage corporate culture, he cited three elements: ▲clear value ideology ▲cultural mechanisms reflecting the ideology (rituals and ceremonies) ▲leaders' efforts to properly operate these, along with repetitive communication of these three elements.

CEO Jin also stated, "Rather than educating about corporate culture, leaders should enable employees to experience what Shinhan's vision is and how we should proceed through their actions," adding, "Ultimately, the size of a leader is determined by the size of their followers, so effective communication must create many followers."

Shinhan Bank plans to operate a 'Culture Week' every July on the theme of 'corporate culture' involving all employees, and as the first event, arranged CEO Jin's leadership lecture.