Hyundai E&C was selected as the ‘Excellent’-grade company in the ‘2020 Shared Growth Index Evaluation’ announced by the Shared Growth Committee.
First launched in 2011, ‘Shared Growth Index Evaluation’ is an index in which the Shared Growth Committee evaluates and quantifies the level of shared growth of about 200 domestic firms for the purpose of promoting mutual growth between large companies and SMEs.
After combining the results of the ‘Comprehensive Growth Assessment’ of the Shared Growth Committee and the ‘Fair Trade Agreement Implementation Assessment’ of the Fair Trade Commission in the same ratio, companies are categorized and announced into five groups: ‘Excellent’, ‘Very Good’, ‘Good’, ‘Fair’ or ‘Poor’.
During the latest evaluation, Hyundai E&C received high scores in all areas such as fair trade, win-win cooperation support, and partner companies’ perception, and was selected as the ‘Best Honorary Company’ while receiving the ‘Excellent’ grade in the Mutual Growth Index at the same time.
The ‘Best Honorary Company’ is the highest honor that is only granted to a company acquiring the ‘Excellent’ grade for three consecutive years in the Shared Growth Index evaluation. Hyundai E&C’s activities for mutual growth with its partners have been externally recognized as industry’s top level.
In fact, Hyundai E&C has been engaged in a wide range of activities seeking shared growth by establishing a trusted relationship with its partners around the two pillars of ‘fair trade compliance’ and ‘support for shared growth’.
Since last year, Hyundai E&C has paid 100% of the construction fee in cash to partners involved in subcontracting operations in Korea and provided guarantee fees so that subcontractors can easily secure funds in the early stages of construction.
To support the liquidity of partner companies, Hyundai E&C has been operating the industry’s largest shared growth fund worth KRW 160 billion and holding ‘Partner Technology Contest’ since 2008 for the development of future construction technology to further improve partner companies’ technological edge.
In particular, in order to enhance the safety management capabilities of subcontractors, Hyundai E&C introduced a 50% advance payment system for safety management fees so that subcontractors can precisely manage on-site safety from the initial stage. Korea’s primary builder has also expanded incentives by allocating 500 billion won worth of supplies to excellent partners in safety management.
A Hyundai E&C official said, “Being selected as the ‘Excellent’ company in the Shared Growth Index for the third consecutive year is the result of Hyundai E&C’s diverse shared growth activities being recognized externally,” adding that, “going forward, the company will continue to promote communication with partners to provide them with the support they need and take the lead in seeking sustainable shared growth.”
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