Professional Documents
Culture Documents
Hyundai Group
Hyundai Group
Hyundai Group
Group Members
Harshad Hegiste (F 08)
Hussain Tinwala (F 09)
Vijay D'souza (F 25)
Kevin Pinto (M 04)
Glen Pinto (F 06)
Issues / Scenario:
Downslide in the economy
Automobile segment most effected
Domestic sales down by 55%
Exports crashed by 74%
200 billion won loss
Operating at only 40% of the entire capacity
Year - 1998
Solutions opted by Hyundai
Layoff 27% of 46,000 workforce
Cut pay bonus and benefits to employees
Repercussions
Massive agitations not only in Hyundai but also in
other companies
Rallies & participation of 125 other companies in
demonstration
Suggestions to Hyundai Management
Management to discuss with union representatives on the current scenario.
Work out ways in which to cut on costs by improvement in productivity &
reduction in expenses.
Suggest to unions, reduced / no increments, bonus & benefits until situation
improves & compensate for the same during subsequent profitable years.
Management & unions to jointly address the workforce & allay the fears of
insecurity of job.
Use this period for technical skill enhancement, Research & Development and
wider range of products.
Strategic tie-ups with automobile companies in Europe.
Year - 2000
Steps taken by Hyundai
Hyundai cut ties with Parent Group
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