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Foreword
The truth is that nobody can replace Peter. He was one of a kind.
Thats what makes a genius, that unique quality, the sui generis, the
kind of mastery that comes once in a while and makes us feel really
blessed. The beauty, for those of us who are trying to follow in his
footsteps, is that, as Isaac Newton once said, We dwarfs have the
good fortune of being able to stand on the shoulders of giants which
Foreword
Peters Management:
rigor of management education while addressing the question of relevance. This newly edited version of Management Cases complements
Foreword
xi
Part I
Managements
the
New Realities
Case Number 1
Yuhan-Kimberlys
New Paradigm:
Respect for Human Dignity*
The human resource consulting company Hewitt Associates, sponsored by The Wall Street Journal Asia, ranked Yuhan-Kimberly among
the top ten companies on their list Best Employers in Asia in
2003. Mr. Seung-woo Son, the manager of public relations at YuhanKimberly, attributes the foundation for such success to the corporate
culture of Yuhan-Kimberly (Y-K).
The corporate culture of Y-K, in turn, is derived from the business
philosophy of the company founder, Dr. Il-han New. Its ve business
principles are respect for humans, customer satisfaction, social
responsibility, value creation, and innovation orientation.
This case traces the impact of Y-Ks rst principle, respect for
humans, upon company success. In few words, the rst principle
implies that Y-K does not consider employees as raw materials for
production (i.e., as a business cost), but considers employees as family
members who can all grow together.
* This case was prepared by Min S. Shin of the Peter F. Drucker and Masatoshi Ito Graduate
School of Management under the supervision of Professor Joseph A. Maciariello. Source material was provided by Mr. Kook-Hyun Moon, President and Chief Executive Ofcer of YuhanKimberly, Limited, January 2008.
Figure 1.1
Most observers agree that the economic success of Y-K can be partially explained by its application of its foundation principle: respect
for humans.
Kook-Hyun Moon, the former CEO and president of Y-K, is emphatic in his belief that organizational restructurings and large layoffs
are old and unproductive practices . He argues that most leaders in the
current business environment do not understand that the new practice
of investing in employee development is the most benecial one that
an organization can adopt.
Case Number 1
Figure 1.2
Mon Tue Wed Thu Fri Sat Sun Mon Tue Wed Thu Fri Sat Sun
Team A
shift shift
Off Off
Night Night
Off Off Off Off
Team C
Off Off
Day Day
Off Off Off Train
shift shift
Figure 1.3
16 workday cycle
training and education, all without Y-K ever having to halt production lines.
As a result of the system, scal revenue more than doubled, from
Case Number 1
U.S. $332 million in 1996 to U.S. $704 million in 2003. Also, net
income increased sixfold, from U.S. $14.4 million to U.S. $90.4 million, during the same period. But, initially job sharing reduced individual working hours by 150 hours per year and individual salaries
and wages by 6 percent.
QUESTIONS
What in human nature accounts for the success of the Y-K rotation system?
If the Y-K system is so productive and protable, why isnt it more widely
used? What would prevent such a system from being implemented in a com-
Part II
Business Performance