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As Seoul, Korea-based LG Electronics set forth on an aggressive global growth plan, company leaders realized they needed to build a top global leadership team that met – and exceeded – global norms.
Not too long ago, LG Electronics was not well known outside of Korea. They had a very Korean-centric cultural approach, whereby hard work and compliance were heavily rewarded but leaders often were authoritarian and individuals tended to deflect responsibility. Leaders didn’t understand global standards for leadership, and the company didn’t have a way to compare its leaders to other global companies.
LG Electronics wanted to build a stronger reputation and presence. “To meet our aggressive growth initiatives, we needed to expand beyond common Korean practices,” said the Senior Vice President, Talent Management, LG Electronics. “We wanted a partner that would help us measure and evaluate our leaders against global norms. We had to be the best in the world, not just adequate.”
LG collaborated with PDI Ninth House to measure and evaluate leaders against global norms, and enhance development of its procurement division and senior executives. The assessments reflected global, standardized benchmarks; in addition, they were customized to focus on the functional requirements of the leader’s role. Simulations gave leaders realistic experiences and provided the steps they needed to build their global leadership impact.
More than 200 leaders have been assessed so far. LG has gained clear insight into its leaders’ gaps and skills, and each leader has a development plan in place. Assessment data is used as part of the organization’s annual review, and in decisions regarding promotion and selection.