Lotte puts focus on partners with ‘New Today, Better Tomorrow’ campaign

Lotte is working toward a collaborative business environment under the slogan, “New Today, Better Tomorrow.” [LOTTE]

Lotte is working to unleash the potential of its small- and medium-sized partners, regarding them as an important part in embodying the company’s philosophy: “New Today, Better Tomorrow”

Lotte first aims to resolve the shortage of workers for such companies by implementing special programs to assist in the recruiting process of applicants and funding education programs for hired workers.

The company plans to conduct online and offline recruitment fairs including its partner firms, maximizing the cost-efficient benefits of hiring and fostering skilled workers.

As a means of stabilizing the money flow of small and medium-sized contractors and establishing better business management conditions, Lotte provides a number of financial support systems.

Lotte is currently operating a loan program called the Mutual Growth Fund. The foundations of the program lie in providing preferable loans with cheaper interest rates.

Since 2018, Lotte has been running a Win-win Payment System across all affiliates, the first among large enterprises. Through this system, all contractors can pay delivery fees with the same discount rates as large companies for bonds without recourse.

On Lunar New Year and Chuseok, Lotte makes early delivery payments to its partners so that temporary incentives and payments can be made without difficulty. Lotte Department Store and Lotte Himart have both participated in this system this year and a total of 9.7 billion won ($6.8 million) was provided early.

Small- and medium-sized enterprises in local communities and agricultural areas can also receive funds. Refugee camps, new businesses and investments in eco-conscious research and innovation are only a few of Lotte’s focuses for cooperative and mutual development.

Lotte and all its subsidiaries created an environmental, social and governance (ESG) committee to oversee the fulfillment of its social responsibilities for ESG business management in July, 2021. All Lotte companies have published a sustainable business report and the accumulation of the companies’ knowledge is to be shared to Lotte’s partners for establishing competitive business strategies.

The company’s Mutual Growth Academy offers adequate solutions analyzed by big data and Lotte’s business know-hows. Six hundred and 30 partners of Lotte Chemical and Lotte Shopping can learn ways to promote ESG business strategies via this education program.

Lotte Chemical conducted a seminar for roughly 100 partner firms to strengthen values on environmental safety on Oct. 17. The lecture was intended for workers who had difficulty comprehending complex legal regulations related to chemical preservation and registration, as well as newly established environmental laws.

Lotte Department Store selected 16 partners in August to provide free ESG business consulting until the end of the year free of charge. After completing the course, companies will be given a model ESG business certificate verified by the Korea Commission for Corporate Partnership and updated access to Lotte Department Store’s funds.

Lotte Data Communication and Lotte Himart established a “2022 partner company ESG assistance business affiliation” with the Korea Commission for Corporate Partnership. A certificate of excellence in ESG business will be given to companies that have displayed a high performance during the program.

Lotte Fine Chemical signed an MOU with Incheon Port Authority and the Korea Environmental Industry and Technology Institute in August this year. Participants of this agreement will propel ESG Open Innovation, which is a mutual growth project of companies of all sizes and magnitudes. The company that receives the most positive feedback will be nurtured until the end of this year with full financial and technological support.

Lotte Engineering & Construction held a lecture on the Serious Disaster Punishment Act for 200 companies in January this year. Issues concerning safety and health hazards were covered.

Lotte Home Shopping has been running its Small and Medium sized PP Creation Contest since 2017 to foster promotional content for small companies. Program providers create and provide channels exotic content and contribute in creating a positive cycle in the broadcasting industry.

BY LEE HYEIN [lee.hyein@joongang.co.kr]