Focus on MZ Generation Ideas as 'Corporate Core'
Launching In-house Ventures, Holding Auditions, and Rewarding Achievements
Efforts to Create Work-Life Balance and Horizontal Corporate Culture
[Asia Economy Reporter Kim Bo-kyung] Recently, as the MZ generation (born between the 1980s and 2000s) has emerged as key talent in companies, a horizontal corporate culture where they can freely express their opinions is spreading. Some companies have launched in-house ventures composed of MZ generation employees, while others are discovering fresh ideas and linking them to business.
Timon Forms Team Directly Under CEO... Developing Content Targeting MZ Generation
E-commerce company Timon launched a special in-house venture team called the so-called 'Isam Team' directly under CEO Jang Yoon-seok on the 14th. A Timon official explained, "The purpose is to build positive relationships with consumers and partner companies in the rapidly changing commerce environment and to create a new type of platform that grows through mutual prosperity." On the 21st of last month, CEO Jang also said at a town hall meeting with Timon employees, "We need to redefine the relationship with customers and partners, satisfy each of their needs, and build services based on mutual prosperity for a win-win outcome."
The role of the Isam Team is to develop content, which is a core weapon that can approach customers with innovative services while strengthening Timon's distinctiveness and competitiveness. Normally, a task force (TF) would be formed to work alongside existing duties, but due to the challenging market situation, it was decided to form a dedicated team focusing solely on the Isam Team until the end of this year. CEO Jang said, "It will definitely be a difficult task," but appealed, "We need you who will strive for Timon's innovation," personally recruiting members for the Isam Team. In the recruitment announcement, CEO Jang emphasized, "To change the direction of the huge Timon ship, a great energy to overcome inertia is needed." Special rewards based on future performance were also promised.
Within less than a week of recruitment, over 60 people applied, and CEO Jang personally conducted interviews over about two weeks to select members. It is notable that most applicants were MZ generation in their 20s and 30s. A Timon official said, "They are a generation full of will and passion to directly change the company," adding, "They can operate in the form of in-house ventures depending on the project." The final selected group consists of 30 people from various fields such as marketing, design, development, MD, and public relations. They are divided into teams by project and are focusing on upgrading Timon's systems and strengthening strategy and planning functions.
Lotte Homeshopping Holds In-House Contest to Commercialize Ideas
Lotte Homeshopping is engaging in innovative management by conducting an in-house contest called 'Game Changer Audition,' where MZ generation employees propose ideas that are reflected in new business strategies. In line with the era when the MZ generation becomes the main force in economic activities, the audition was planned in a contest format to discover innovative ideas that can change market trends. Junior employees from staff to assistant manager level were invited to propose ideas on topics such as ▲new business ▲sales activation ▲work improvement.
Lotte Homeshopping has launched innovative management initiatives by holding an internal contest called the 'Game Changer Audition,' where MZ generation employees propose ideas, and reflecting them in new business strategies. Lee Wan-shin, CEO of Lotte Homeshopping (center), is taking a commemorative photo with the award-winning employees. Photo by Lotte Homeshopping.
About 40 teams applied in April, and after preliminary screening, idea refinement, and proposal presentations, a total of five teams were finally selected. For objective evaluation, the judging was conducted mainly through multi-faceted assessments by experts from Lotte Group’s corporate venture capital (CVC) Lotte Ventures, along with executives and employees.
On the 20th, Lotte Homeshopping held the 'Game Changer Audition' awards ceremony at its headquarters in Yangpyeong-dong, Seoul, attended by CEO Lee Wan-shin and employees. Among the five teams that made it to the final round and presented proposals, the team (Choi Mi-ryeong, Kim Beom-gyu) that proposed 'Developing MZ Generation Targeted Self-Planned Products' emphasizing differentiation from existing products won first place.
They planned and produced superfoods using plant-based proteins targeting the vegan trend and refined the product development process tailored to the value-conscious MZ generation, earning high scores. The team proposing 'Eco-friendly Upcycling Planning,' considering ESG (environment, social, governance) issues, took second place. The winning team received prize money, and if the idea leads to commercialization, a portion of the increased profits will be provided. Lotte Homeshopping plans to commercialize these ideas by forming specialized organizations or linking with related departments and to regularize this audition twice a year.
Lotte Homeshopping operates various programs to reflect young employees' opinions across company management. They run an in-house task force (TF) composed of junior employees, striving to commercialize creative ideas, launching the online specialty store for single-person households 'LETIT' and the first health food private brand 'Daily Balance.' They also established the organizational culture TF 'Junior Board,' which shares field opinions from the MZ generation perspective with the CEO, and operate the 'Talent Academy' to select core personnel for each major business and nurture them into top-level experts.
Eduwill Encourages Free Idea Proposals... Strengthening Work-Life Balance Culture
Eduwill, a comprehensive education company famous for its four-day workweek, operates a suggestion system called the 'T.G.I.F' program, where employees can freely propose ideas that are reflected in management. 'T.G.I.F' is Eduwill's in-house platform for idea proposals, an acronym for 'Thank God, It's Fresh Idea.' Through the platform, all employees can freely submit ideas, and adopted ideas are reviewed by relevant departments and reflected in actual work.
An Eduwill official said, "Brilliant ideas from the MZ generation are pouring in related to work and organizational culture improvement, product development, and marketing," adding, "It was effective to increase accessibility by approaching with the frame that even small ideas can be a turning point for someone." They added, "We plan to continuously strive to create a corporate culture that can increase communication among members so that we can grow together with employees."
In addition, Eduwill operates family-friendly programs such as the industry's first four-day workweek 'Dream Day,' flexible working hours, focused rest time, Family Day, and early leave on anniversaries called 'Chukha Handae,' becoming a workplace that satisfies the MZ generation who value work-life balance.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
