Kang Taeyoung, NH Bank President, Innovates Organizational Culture by Introducing Performance-Based Reward System

Performance Reward System: 'NH Change Leading Team' Awards
FX Derivatives Operation Team and Corporate Digital Planning Team Receive First Honors

NH Nonghyup Bank has started internal awards to promote a performance-oriented organizational culture. Nonghyup Bank explained that this is a form of performance reward to establish an organizational culture where change becomes routine.

Nonghyup Bank held the first NH Change Leading Team awards on the 18th. The first recipients were the FX Derivatives Operation Team, which contributed to being selected as the leading bank in the won-dollar foreign exchange market this year, and the Corporate Digital Planning Team, which played a key role in being selected as the dedicated financial institution for agricultural and food vouchers. The FX Derivatives Operation Team enhanced Nonghyup Bank’s market competitiveness and external credibility as a foreign exchange bank. Through active trading to secure a foundation in the FX market, they gained leadership in the night market, expanded transaction volume and profitability, and reduced burdens. The Corporate Digital Planning Team contributed to expanding the fee market through new business ventures. They attracted nationwide online and offline (44 companies, 59,199 locations) distribution businesses as customers of Nonghyup Bank and took the lead in creating individual customers based on mobile vouchers.

Kang Tae-young, President of NH Nonghyup Bank (left in the photo), is presenting an award to the winning team of the NH Change Leading Team on the 17th. Photo by NH Nonghyup Bank

The Change Leading Team was created with the purpose of establishing an organizational culture that can adapt to the rapidly changing financial environment, coinciding with the inauguration of President Kang Taeyoung of Nonghyup Bank. Teams that lead organizational change based on outstanding performance and strong leadership are named and selected as ‘NH Change Leading Teams.’ The selection process includes a first stage where 2 to 3 teams are awarded weekly based on applications from headquarters and sales headquarters. In the second stage, 10 teams are selected quarterly from those who passed the first stage. From the second stage, President Kang and the vice presidents begin direct evaluations. The third stage selects 5 teams annually from those who passed the second stage.

There are six evaluation criteria. These include ‘Customer Value,’ which assesses whether work and services have been improved with a customer-centric approach; ‘Collaboration and Integration,’ which strengthens cooperation within the organization; ‘Future Innovation,’ which builds a foundation for future growth such as introducing new services; ‘Growth Engine,’ which creates sustainable revenue sources; ‘Brand Value,’ which enhances the reputation of the Nonghyup brand; and ‘Crisis Management,’ which includes internal control responses.

President Kang stated, “Nonghyup Bank will do its best to nurture talent that will lead future finance, including corporate finance and digital sectors, by expanding investment and support to strengthen employees’ capabilities.”

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