Hyundai Card, the nation’s 4th largest credit card operator, launched a ‘CEO Plan’ to support its retired employees in establishing new businesses. A considerable number of unprepared retirees fail at new businesses and end up with significant debt. Hyundai Card decided to help its existing and retired employees to be better prepared for life after retirement.
The ‘CEO Plan’ provides a system of procedures for establishing new businesses, starting with professional counseling, education on business start-ups, choosing type of business and location, and support after opening. The company selects beneficiaries for the Plan once the workers or retirees apply for the Plan. After counseling with business start-up experts, the beneficiaries can decide the type of business ownership they want such as a franchise or an independent operation, and business type such as an organization that offers specialized certificates. They then receive specialized training for their chosen business and ownership type. Decisions on business area are guided by expert analysis on marketability, profitability, and business survival rates. Then, beneficiaries are assisted in selecting locations based on market research. The Plan continues supporting these beneficiaries through online and offline promotions and monitoring, etc.
Hyundai Card took additional steps to make the Plan more effective, including creation of a database about business categories and items by industry and information on 140 franchise companies. The company is also planning to publish a guidebook on establishing a new business.
A ‘CEO Lounge’ is also planned where ‘CEO Plan’ beneficiaries can brainstorm and share their business ideas, and provide areas for education and other tasks.