Samsung hopes changing its rigid corporate culture will help it perform better as a business.
The company believes emulating the behavior of startups can make it a more nimble firm, able to respond swiftly to opportunities.
“We aim to reform our internal culture, execute as quickly as a startup company and push towards open communication and continuously innovate,” said the company in a statement.
Samsung relies on a top-down management style with multiple layers of executives. The firm intends to cut down on the number of internal meetings, flatten the management hierarchies, reduce weekend work requirements, and foster more open communication between ground-level employees and higher-up managers. The company has some 300,000 employees.
Samsung is also transitioning control of the company from Lee Kun-hee to his son, Jay Y. Lee. Samsung has come under pressure to find new avenues towards profitability as its smartphone business has declined.
