"Financial Company Executives, Not About Men"[K Population Strategy]

by Park Joonyi

Published 30 Jan.2024 13:00(KST)

Updated 30 Jan.2024 13:28(KST)

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(27) Shinhan Financial Group & Hana Financial Group
Women Leader Development Program Draws Attention
Serves as a Cradle for Building Careers and Networks
Increase in Male Applicants for Traditionally Male-Dominated Positions

Editor's NoteThe key to solving South Korea's population problem lies within companies. A workplace atmosphere that evaluates employees based on their work regardless of gender and a family-friendly culture are crucial to addressing the K-population issue. Although low birth rates are influenced by multiple factors, it is important to ensure that workplace burdens do not become obstacles that make people hesitate to have children. Asia Economy is visiting companies leading family-friendly policies to identify the factors that helped these systems take root stably, and plans to explore various solutions with companies that face practical challenges. Through this, we aim to encourage change starting from companies and analyze the government's role in enabling this. We listen closely to voices emphasizing that company culture and atmosphere that reduce psychological burdens are more critical than financial support, and present alternatives from various perspectives.

Jin Mi-kyung, Executive Director of Consumer Protection Headquarters at Shinhan Card. Photo by Huh Young-han younghan@

The traditionally conservative and male-dominated financial sector is gradually changing. Recently, it has been recognized as having a higher proportion of female employees compared to other industries. According to Asia Economy's comprehensive gender equality score aggregation, the proportion of female regular employees in the financial sector (top 15 companies as of 2022) averaged 48.67%, which is over 28 percentage points higher than the average of 20.35% among the top 100 revenue-generating companies. (▶Related articles in our June 8 and 9 editions)

In response to this change, the financial sector has introduced various training programs and quota systems to nurture female leaders. The increase in female leaders is one of the essential elements in the K-population strategy. The belief that women who have experienced childbirth and childcare can become leaders and demonstrate their abilities provides an important stepping stone for women to maintain their careers.

The cultivation of female leaders in the financial sector is active, centered around major financial holding companies. Shinhan Financial Group launched the 'SHeroes' (Shinhan's female heroes) program in 2018, the first female leader development program in the financial sector, and Hana Financial Group introduced the 'Hana Waves' program in 2021 to nurture next-generation female leaders. Female executives produced through these leadership programs are emerging one after another.

By 2022, 220 people had completed Shinhan's SHeroes program, producing 20 female executives and division heads. A Shinhan Financial Group official stated, "As the number of female leaders increases, we support strengthening their capabilities and networks so they can better demonstrate leadership," adding, "We actively incorporate female leaders' opinions and seek more progressive directions." Hana Waves had 98 graduates by last year, with 7 promoted to executives and division heads. A Hana Financial Group official said, "Currently, the group's female leader ratio is 7.1% for executives and 25% for managers, and we plan to expand these ratios to over 15% and 30%, respectively, by 2030."

A Platform for Female Networks... The Birth of More Female Leaders

Jin Mikyung, Executive Director at Shinhan Card, is a graduate of SHeroes' second cohort. She currently leads 85 employees and serves as Chief Consumer Protection Officer (CCO) at Shinhan Card. In an interview with Asia Economy on the 30th, Jin emphasized, "SHeroes was a great help in forming internal and external networks." One of the challenges women face as they rise to higher positions is building a 'human network.' Jin said, "The higher the position, the more capable people you need around you, and I worried about how to surround myself with many people. Through SHeroes, I formed many connections and have received a lot of support."

SHeroes is a female leader development program where women leaders at the department head level or above meet once a month for a year to receive expert mentoring and build networks. Jin explained that since female managers from various Shinhan Financial Group affiliates gather, it provides strong motivation and network formation. She added, "I thought I had experienced almost everything, but I was surprised and inspired listening to department heads from banking, insurance, and securities sharing their experiences. Also, we always had dinners after sessions, and networking among women became a great asset."

Park Young-mi, Regional Representative of Hana Bank Western Sales Headquarters. Photos of local branch managers' wishes are displayed in the conference room. Photo by Heo Young-han younghan@

Hana Waves also runs annually for 5 to 6 months, gathering female leaders from each affiliate to participate in leadership lectures and specialized courses in corporate finance, digital fields, and more. Park Youngmi, head of Hana Bank's division, who completed the first cohort, has served as branch manager and regional head and currently oversees the Western Sales Headquarters. Park said, "It was not easy to casually say 'let's have a meal' to female seniors I wanted to learn from within the company without a special reason. But through the Hana Waves program, I naturally had more opportunities to frequently contact good seniors, juniors, and colleagues, which was great."

A Turning Point for Career Advancement

The existence of female leadership training programs themselves can become new momentum. Jin explained that SHeroes acts as a 'nudge' (a gentle intervention guiding others' choices) to broaden the gateway for female leaders. She said, "Each group's CEO plays a role in increasing interest in female employees, so female leaders put a lot of effort into improving their careers."

This is also beneficial for companies in the long term. Increasing female leaders' sense of belonging and fostering solidarity among employees can create work synergies. Jin said, "Within the group, affiliates consider themselves one family, but since they are different companies outside the door, it's not easy to know each other. SHeroes helps recognize and unite them as a group, making them feel like one family."

Park also said, "Mentoring between senior and junior cohorts continues to expand the network. Cohorts gather to share ideas for changes and innovations in the field, which fosters solidarity, and that is an advantage."

Women Also Interested in Key Positions

As financial holding companies' programs successfully take root, affiliates are increasing female leadership education systems. Consequently, the number of female employees aiming for executive positions has risen. Park said, "Most female employees previously thought 'executive positions are unrelated to me.' But by joining the Waves program and developing my capabilities, motivation for career growth and executive roles naturally arises." Support for roles traditionally difficult for women to challenge is also increasing. The number of female employees newly assigned as corporate finance Relationship Managers (RMs) at Hana Bank, a typically male-dominated field, rose from 3 in the second half of 2022 to 8 in the first half of this year.

Jin and Park both advised women who want to advance their careers to gain experience in various positions. They believe that experienced talent, regardless of gender, is considered suitable for important company roles. Jin emphasized, "In the past, women often lacked diverse experiences from a young age, making it harder to advance as they rose in rank. I advise juniors to gain a lot of experience and build diverse careers."