Hyundai Motor Group, which owns the Hyundai and Kia brands, said Thursday that it would hire an additional 10,000 workers indirectly through its suppliers and their subcontractors this year.
As part of the efforts, the Korean auto giant kicked off a two-day job fair on Thursday in Seoul for its 430 smaller partner companies.
About 20,000 job-seekers are expected to visit the exhibition floors of COEX in southern Seoul. The second annual event also will be held in Gwangju and Daegu in the coming weeks.
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Visitors browse around a job fair organized by Hyundai Motor Group in COEX, southern Seoul, on Thursday. (Kim Myung-sub/The Korea Herald) |
“We expect this event will create new jobs in the nation’s auto industry as well as easing the labor shortage at our suppliers,” said Hyundai Motor vice chairman Kim Eok-jo. “We will inject more resources into job creation.”
In line with the government’s shared-growth initiative, Hyundai is also stepping up efforts to better support its suppliers who, the company said, are essential for the carmaker’s product quality and sustainable growth.
According to the carmaker, its 300 direct suppliers made up 233.7 billion won of its total sales last year, up 10.6 percent from 211.3 billion won in 2011.
The average partnership period between Hyundai and a supplier was 27 years, more than doubling the average 11.1 years across industries, the company said.
Ninety-five percent of suppliers have maintained the business relationship for more than 11 years, while 25 companies have continued to work with Hyundai for more than 40 years since its establishment in 1967.
One characteristic of Hyundai’s shared-growth policy is its support for their suppliers’ overseas operations that started in 2001 when the carmaker entered the Chinese market.
Currently some 600 suppliers and subcontractors are running a business in overseas markets where Hyundai produces and sells cars.
“Hyundai’s strength is its prompt response to local demands. Unlike other carmakers that secure auto parts mostly from their home country, we make them in the market via our suppliers,” said an Hyundai official.
“They are also allowed to work together with other carmakers so that they can secure profits regardless of Hyundai’s car sales. Their enhanced competitiveness will strengthen our product quality in the long term.”
By Lee Ji-yoon (
jylee@heraldcorp.com)
