We believe employees should have proper incentives to produce their best work, and that good work should be amply rewarded.
We operate a transparent evaluation and bonus system that takes individual and team achievement into consideration. We conduct separate performance, capability and leadership assessments on a regular basis to spur individual growth and organizational development.
We have a single standardized process that governs the evaluation and incentive systems for all our employees. Capability evaluation on performance and team capability of office employees is conducted once a year to comprehensively evaluate the employee’s degree of achievement of goals, difficulty of goals, and competitiveness. Performance evaluation will be reflected on the individual’s salary increase & incentive bonus and the capability evaluation will be reflected on promotion. 360-degree multi-faceted evaluation of the leadership of managers is conducted once a year. LGE places high importance on the basic insight of an individual for promotion and conducts a promotion training program to ensure that the promoted employee will possess appropriate insight.
Our performance-based evaluation process takes a relative approach to raise the effectiveness of evaluation and facilitate differentiated compensation. Although there is no salary gap between male and female employees, all employees are evaluated based on their achievement against individual and group performance targets for the fiscal year, and rewarded accordingly. Extraordinary performance is rewarded by differentiated compensation to motivate our employees to strive for strong performance. As of 2016, the starting salary for newly hired employees with a college degree in Korea was 226 percent higher (business staff) than the legal minimum wage. There is no salary gap (base salary) between newly hired male and female employees, and all employees are rewarded fairly based on individual performance and capabilities to motive our employees.