Finance minister suggests overhauling bureaucracy with private-sector work culture
Korean Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok proposed adoption of the work culture of McKinsey, a multinational management consulting firm, in his drive to overhaul bureaucratic leadership and structures.
The proposal was made during a private YouTube broadcast livestreamed exclusively for ministry officials earlier this month, where Choi drew an analogy between a string of economic challenges faced by the ministry and the pieces of a puzzle.
The broadcast was to mark Choi’s first 100 days in office since commencing the post on Dec. 29, after having served as President Yoon Suk Yeol’s senior secretary for economic affairs.
The top challenge picked by Choi was managing fiscal soundness amid record low birthrates and unfavorable economic growth conditions as well as shortfalls in tax revenue.
“The minister underlined that all ministry officials regardless of rank and position should come together to solve the puzzle,” a ministry official said. “And he suggested adopting the problem-solving methods and work styles of McKinsey as a way to solve the puzzle.”
The official added, “The minister also expressed his willingness to implement McKinsey-style performance reviews in the medium to long term.”
The minister’s proposal was lauded by guests from private enterprises who joined Cho during the broadcast.
On the other hand, it drew mixed responses from working-level officials at the ministry.
“I find the proposal optimistic as private sector-style performance reviews can motivate you to work in a creative manner in order to climb the ladder faster,” an official said.
He implicitly compared the difference in working culture between private firms and the bureaucratic world, with the latter prioritizing on maintaining the status quo and preserving order, rather than taking risks, seeking challenges or solving problems creatively.
But, another official expressed concerns, saying, “The possible new work culture will result in an overly competitive working environment.”
The official also deemed that teams and departments that are regarded as “central and mainstream” may be tasked with heavier workloads, while those regarded as “minor” may be left further behind.
“I am not sure how private-sector work culture can be put into practice in an objective and transparent manner,” he added.
Meanwhile, the minister said he will try to host open talks with ministry officials frequently, possibly once every quarter.