Resources are limited, Creativity is unlimited? this quote comes from POSCO which is one of the top three largest steel industries in the world. Despite focusing on heavy industries, POSCO has found ways into the everyday lives of Koreans. POSCO was set up in 1968 but how does POSCO manages to stand above the crowd and to remain a competitive player in this world? The following are some methods adopted by POSCO:
Being forward looking
POSCO remains competitive by being forward looking. POSCO creates win-win partenership with various countries like Japan and Mexico which aids in its expansion programmes in the future. POSCO is able to expand smoothly into foreign countries and ensure its capability to remain competitive.Smooth expansion will help POSCO to gain investor's trust and expand more as such it can grow and expand faster ensuring its competitiveness in the industry.Thus, POSCO is able to remain competititve by being forward looking.
Acquistion of talents
POSCO remains competitve by nurturing its own local talents.POSCO operate their own school which consists of an elementary school, middle school and high school. POSCO is able to identify and groom the best talents in Korea.These talents would prove to be an invaluable assest in POSCO's quest to remain competitive. This way, POSCO creates loyal and effective workforce that increases its capability to remain competitive. This is also more cost- effective as compared to hiring foregin talents. Most important by grooming its own talent, it can meet its needs globally.
By attracting foreign talen from China, Madagascar and India,etc, POSCO is able to maintain its competitiveness internationally.Currently, POSCO's labour force consists of 30% of foreign workers who are multi-lingual. An example would be our POSCO day guide. She is from China but is able to speak fluent English, Korean and Chinese.By having foreign talents, industries would be able to have an advantage over other industries and be a cut above the rest.They would thus remain competitive.
Clean and Green POSCO
By being eco-friendly, POSCO is able to produce high quality steel products.FINEX technology is a POSCO exclusive technology which produces steel plates with a eco-friendly method that ensures that practically no damage is done to the environment. This fits in Korea's ambition to be a green and environmnentally-friendly country.This helps POSCO remain competitive as companies and investors are more willing to form partnership with green companies. In addition, the locals would support POSCO fully.Being able to form more partnership with other companies and investor means that POSCO is able to expand and grow faster. Thus, POSCO is able to remain competitive by being eco-friendly.
Strategic Location
POSCO is also able to remain competitive due to strategic location.POSCO has two branches, one located in Gwanyyang and the other in Pohang.Both are near the sea and this will facilitate the transportation of steel. This will reduce unnecessary travelling time and hence, minimize cost. Moreover, being near the sea, they use desalinated water to cool down the machineries. This thus helps POSCO to be environmentally friendly.
Conclusion
In order for Singapore's industries to improve and grow faster, they could learn from POSCO in bringing in foreign talent besides grooming local talent. Even by having POSCO Schools to provide them with the necessary manppower, they still have to depend on foreign talent. With a small population, Singapore has greater need to attract foreign talent. Hence, we should accept foreign talent as it is an important factor to boost Singapore's ability to remain competitive in this fast-paced world.
Done by: Shiny, Jun Yang, Xaverie, Shi Jie, Ming Tong
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