Hyundai Motor Group (HMG) plans to take the lead in creation of jobs for youth, women, and older workers by expanding its support for social enterprises. HMG said on April 19 that it will invest KRW 34 billion in the five years until 2022 to create a total of 3,000 new jobs: 1,600 for youth, 300 for women, 500 for older workers and 600 in small businesses.
HMG and its Chung Mong-Koo Foundation first plan to raise 150 social enterprises and create 1,250 new jobs for youth through ‘H-On Dream Social Enterprise Start-up Audition,’ the largest social enterprise training program in Korea.
The H-On Dream Program, which began in 2012, provides up to KRW 100 million in funds and professional mentoring to social enterprise start-ups with potential for growth.
HMG will hold a ‘Demo Day’ to announce business ideas and attract investment, and introduce a 1:1 consulting program to be customized by external professional accelerators to strengthen the ‘accelerating’ sector, which supports the growth of social enterprises with annual sales of up to KRW 3 billion.
In addition, an exclusive ‘hall’ for social enterprises will be established in the online in-house shopping mall for HMG employees to provide opportunity for excellent social enterprises to expand their markets and create stable jobs.
HMG plans to launch joint businesses between its affiliate companies and social enterprises to create 350 more jobs for youth.
“We will contribute to resolving social issues, including the lack of jobs and polarization, by cooperating with social enterprises that create social value,” an HMG spokesperson said. “We will meet the demands of the times by continuously trying to fulfill our various social responsibilities.”