Samsung Electronics has broken its record of incentive payments to partner companies amid the COVID-19 pandemic to encourage mutual growth. According to Samsung Electronics, its semiconductor partner companies have met their production and safety targets are expected to receive incentives totaling 36.53 billion won (around $30 million), which will be distributed to 23,000 employees in 297 companies.
“I’ve been planning to spend my vacation with my family, now i can realize it because my first bonus has come. I will work hard to improve the performance of our business and comply with safety measures, so that we can receive bonuses every year” said a SECO employee. This is the highest number of incentives Samsung has given to partner companies to date in terms of recipient counts and collection of incentives, and with it Samsung hopes to help the sluggish national economy.
Incentives To Improve Development Performance
Since 2010, Samsung Electronics has updated the registry of incentives provided to partner companies to stimulate their qualitative and quantitative growth, as well as to improve cultural and organizational security measures. Over the past 11 years, the company has provided 380 billion won (around $317 million) in incentives to partner companies.
“Our partnership with Samsung Electronics over the past 28 years (starting around 1993) has been a major growth factor for the company, our company’s sales and staff have increased 10 times and 20 times” said an executive at Hwa Seong Engineering Consultants. This tech giant has selected the 5 reliable partner companies to improve their corporate culture and security measures, and planning to increase the number of reliable partner companies next year. The selected reliable partner companies will lead a regular advisory group to exchange ideas on ways to improve safety and share initiatives with other relevant partner companies.