Bank of Korea to Announce Innovation Direction by Year-End... Lee Ju-yeol Confirms "Urgent Need for Change"

Ahead of the President's Term Ending in Late March Next Year
Presenting Overall Innovation Directions for Management Personnel by the End of This Year

[Image source=Yonhap News]

[Asia Economy Reporter Kim Eun-byeol] The Bank of Korea (BOK) will present improvement directions for overall management personnel matters, including organizational structure, staffing, positions, personnel, and compensation, within this year. Last year, the BOK announced its 'Mid-to-Long-Term Development Strategy (BOK 2030)' on the occasion of its 70th anniversary, and the intention is to clearly indicate the direction of change before Governor Lee Ju-yeol's term ends at the end of March next year.

According to the BOK on the 26th, the bank plans to establish a mid-to-long-term management personnel innovation plan by the end of this year after gathering employee opinions. Last month, the BOK also established the 'Organizational Innovation Promotion Committee' to oversee the organizational innovation process and provide prompt support on key issues.

The Organizational Innovation Promotion Committee consists of 15 members, including the Deputy Governor, Deputy Governor-designate, heads of related departments, and representatives of 'Change Agents' by rank. The Change Agents are personnel responsible for communication to collect opinions on organizational culture and innovation by rank, totaling 22 members.

After announcing BOK 2030 last year, the BOK conducted organizational culture diagnostic consulting, and this year, it decided to request additional consulting from an external professional firm to receive specific expert opinions for management personnel innovation. The bank plans to keep all possible solutions open for discussion, including the personnel system and performance-based pay.

Governor Lee Ju-yeol also stated at the executive meeting on the same day, "We diagnosed the organizational culture to make the organization operate more flexibly and agilely and to enhance employees' expertise, confirming the urgency of change," adding, "This year, we plan to prepare organizational and personnel innovation plans through professional institution diagnostics."

The Governor emphasized, "Organizational and personnel innovation is a difficult process that cannot yield results in a short period," but added, "We hope for active interest and participation from employees so that a roadmap can be created that can be pursued steadily over a long period with employees' consensus."

Governor Lee, who began his second term three years ago, has been promoting organizational change under the banner of 'change and innovation.' He focused on eliminating inefficiencies in work processes, such as integrating IT technology into work in line with digitalization and delegating authority downward.

Meanwhile, the BOK started allowing flexible work attire from January this year and changed the work reporting method to submitting reports with the author's name indicated and reporting to superiors in file format. Tasks such as strengthening collaboration in research and surveys and internal and external sharing, eliminating work inefficiencies using information systems, and improving leadership capabilities are also underway.

This content was produced with the assistance of AI translation services.