Strengthening Group Think Tank Role and Proactively Supporting Business Competitiveness
Increasing External Talent Recruitment and Unifying Titles as 'Nim' Instead of Ranks
LG Economic Research Institute will newly start as 'LG Management Research Institute' from January 1, 2022.
[Asia Economy Reporter Lee Hye-young] LG Economic Research Institute is changing its name to 'LG Business Research Institute' for the first time in 27 years. The strategy is to replace 'Economic' with 'Business' in the company name and strengthen consulting and research/support capabilities across overall management to enhance the group's competitiveness.
LG Economic Research Institute announced on the 27th that it will change its name to LG Business Research Institute (English name LG Business Research) starting January next year to proactively respond to change and innovation.
Since its launch as Lucky Economic Research Institute in 1986, the institute has transformed into Lucky Geumseong Economic Research Institute (1988) and LG Economic Research Institute (1995), and is now making a fresh start after 27 years. This is the first time in 36 years since its establishment that the word 'Economic' has been removed from its name.
LG has viewed the need to redefine the institute's role and change its name in response to the rapidly changing business environment, and has been preparing for this in earnest since the second half of this year. The decision to replace 'Economic,' which has remained through several renamings, with 'Business' is aimed at further strengthening the group's think tank role in supporting domestic and international economic analysis, industry research, innovation and transformation of affiliates, and future preparation.
While the other three major groups have reduced the roles of their research institutes, LG Economic Research Institute has been the only one to maintain some external functions, such as announcing economic growth forecasts to the public. Going forward, the institute plans to further expand its role as the group's think tank and maximize synergy with internal organizations.
An LG Economic Research Institute official explained, "The name change was made to clarify the organization's role and identity internally and to more clearly communicate the institute's role to outstanding talents who want to work with us externally."
As it embarks on a new start as LG Business Research Institute, the institute plans to strengthen its competitiveness by expanding recruitment of external experts with expertise in various fields such as business strategy and trend analysis.
The institute will also promote organizational culture changes. It will unify the existing rank system, which was divided into senior and responsible levels, and introduce a single form of address, 'nim,' starting next year. This aims to create an agile organizational culture by eliminating ranks and seniority. The institute plans to enhance work efficiency through horizontal communication and foster an autonomous and flexible workplace culture.
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