[News Space=Reporter seungwon lee] What do Samsung Electronics, KB Kookmin Bank, Hana Tour, Daesang, LF (LG Fashion), Lotte Asset Development, Hanjin, and Daewoo Construction have in common?

 

These companies are coincidentally founded on November 1st. 

 

Choosing such dates reflects the growth and identity of the company and gives employees a sense of belonging. Such anniversaries have a significant impact on employee motivation and engagement.

 

A financial industry insider said, "It's surprising that the founding anniversaries of Korea's leading companies and well-known large companies coincidentally fall on November 1st," and interpreted it as "a reflection of the strong desire to maintain the top spot."

 

◆ Which companies were founded on November 1st?

 

Through their founding anniversaries, we can get a glimpse into each company's strategic decisions and management philosophy. In particular, if we look into the background of why companies celebrate the same day, we can see interesting history and corporate culture.

 

Samsung Electronics began as Samsung Electronics Co., Ltd., established on January 13, 1969. However, in 1988, the company changed its founding anniversary to November 1 as it began its semiconductor business in earnest through a merger with Samsung Semiconductor and Communications. This reflects the company’s strategic intention to secure global competitiveness in the semiconductor industry.

 

At the time, semiconductors and electronic technology were rising globally, so Samsung Electronics also showed its determination to become a company fit for the new era. Chairman Lee Byung-chul emphasized the management philosophy of “serving the nation through business” and expressed his ambition to contribute to the national economy through semiconductors, and changed November 1st to the anniversary of the company’s founding.

 

In recent years, small-scale ceremonies centered on management rather than external events have been the main focus, and it is also a time to present the future direction of the semiconductor and electronics businesses along with the 'New Samsung' strategy led by Chairman Lee Jae-yong. Unlike the past when the anniversary of the founding was a holiday and employees rested, in the past several years, it has been designated as a working day and all employees come to work to celebrate the anniversary. 

 

KB Kookmin Bank was first established in February 1963 under the name of 'Kookmin Bank'. It was later established on November 1, 2001 through an equal merger of Kookmin Bank and Korea Housing Bank. This date is symbolic as it is the day when the new KB Kookmin Bank was born through the merger. The bank set this day as a commemorative day to express its will to strengthen economies of scale and reliability through the merger and to leap forward as 'Korea's representative financial company'.

 

Daesang was founded in 1956 to revive Korean agriculture and food industry immediately after the war, and November 1st is its founding anniversary. At the time, the Korean economy was centered on agriculture, so this day was chosen as the founding anniversary, and it also included the meaning of seeking new industrialization during the period when crop harvesting was finished. November 1st remains a symbolic date connecting agriculture and industrialization, as it is intertwined with the history of Daesang, which has grown while representing the Korean food industry. Daesang is a comprehensive food company that is cruising along with its No. 1 brands, such as sauce 'Cheongjeongwon' and packaged kimchi 'Jonggajip'. Along with the day off, employees are given a founding anniversary gift and shopping mall usage points as gifts.

 

It is also interesting that Samsung Electronics and Daesang, which were once in-laws, share the same founding anniversary. Samsung Electronics Chairman Lee Jae-yong and Daesang Group Vice Chairman Lim Se-ryeong married in 1998, but divorced by mutual consent in 2009, 11 years later. Their wedding took place on June 8, 1998, in the garden of the Ho-Am Art Museum in Yongin.

 

Hana Tour (CEO Song Mi-seon), which has maintained the top spot in the travel industry for over 30 years, also celebrates its founding anniversary on November 1st. Hana Tour celebrates its founding anniversary on November 1st, 1993, when it became independent from Kookil Travel Agency (now Modoo Tour) and established Kookjin Travel Agency. Kookjin Travel Agency changed its name to Hana Tour in 1996. With the vision of “Koreans traveling the world,” it led the overseas travel culture of Koreans through a rapid globalization strategy at a time when overseas travel demand was increasing. 

 

A Hana Tour official explained, "Coincidentally, the number on our founding anniversary (November 1) is 'Hana (1)' in our company name," and "It must have been preferred because of the many meanings attached to the number 1." Hana Tour does not have any holidays, but operates normally and holds an internal commemorative ceremony and awards ceremony for excellent employees.

 

In addition, the foundation anniversaries of LF (LG Fashion), a clothing and fashion company that is fiercely pursuing industry leader Samsung C&T in the fashion sector, Lotte Asset Development, which is developing and operating complex shopping malls such as Lotte World and Lotte Mall, and Hanjin Group, which owns Korean Air, the number one airline in the airline industry, also fall on November 1st.

 

Daewoo Construction was also established on November 1, 1973. Daewoo Construction, which celebrates its 50th anniversary in 2023, has played a leading role in the rapid economic growth that South Korea has achieved over the past half century. While contributing to the stability of housing for the people through overwhelming housing supply, it has also set a new standard for housing culture through the eco-friendly premium apartment brand 'Prugio'. It is also competitive in the renewable energy sector for the sustainable growth of mankind. This day is an official holiday, and the foundation ceremony will be held on October 31.

 

As for universities, Dong-A University and Kongju University also celebrate their founding anniversaries on November 1st. 

 

This is because November 1st is considered an ideal starting point for strategic planning and reorganization, as it coincides with the end of the fiscal year in October and the time to plan for the new year. It is a common practice in the business world for companies to start preparing for the new year in accounting and business on November 1st, and to use it as an opportunity to reestablish management goals and reorganize internal organizations.

 

◆ November 1st Founding Day, Strategic Reasons and Historical Background

 

The anniversary of the founding on November 1st has been given a deeper meaning than just a symbol. Many Korean companies choose November 1st as their anniversary because they chose it as a symbolic and practical date in the process of reorganizing their business plans before the year-end settlement. According to data from the Korea Economic Research Institute and others, since October is the time when major events such as general shareholders' meetings are concluded, early November is an appropriate time to prepare for the start of a new fiscal year. It also serves as an opportunity to catch one's breath and solidify the direction of the company before the new year.

 

But the significance of the anniversary is more than just a strategic starting point. Recent studies have shown that the anniversary also serves as an opportunity for employees to recognize their contributions to the organization, which increases motivation and productivity. For example, a study by OC Tanner found that employees feel a greater sense of belonging when organizations publicly celebrate their accomplishments and major anniversaries.

 

“Major anniversaries, such as the company’s founding anniversary, make employees feel important within the organization,” said Professor Kim Sung-jin, a human resources expert. “This contributes to increased engagement, productivity, and retention in the long term.” 

 

Such celebrations help employees realize that their efforts are an important part of the company’s success. Even simple expressions of appreciation can increase employee engagement, which can have long-term effects on productivity, team cohesion, and employee retention.

 

Additionally, Donut’s research shows that when companies recognize and celebrate employees’ time-based accomplishments, they tend to be more productive and longer-term employees, because they feel like their company truly cares about them. Research shows that this sense of belonging and recognition is directly linked to long-term performance, rather than simply material rewards.

 

The value of the founding anniversary is seen not only in Korea but also in global companies. American companies also use the founding anniversary as an opportunity to increase employee engagement and establish a positive brand image externally.

 

HR expert Laura Thomas said, “American companies use their anniversary as an important means to convey a positive image to external stakeholders and instill pride in employees,” and “the anniversary can be used to expand relationships with customers and partners.” Bruce Weindruch, founder of History Factory, also emphasized, “The anniversary is an important opportunity to reiterate the company’s long-term goals and vision beyond simple celebration,” and “It is necessary to convey a valuable message to employees.”

 

Large corporations in the United States use large-scale anniversaries as an opportunity not only to strengthen their internal culture but also to externally demonstrate the company's value to customers and stakeholders. Celebrating corporate anniversaries like this is an important turning point for looking back on the organization's past, recognizing current achievements, and moving toward a better future. In particular, financial companies in the United States and Europe often implement large-scale reorganizations or mergers and acquisitions during this period for fiscal year and strategic changes.

 

Ultimately, the anniversary of the founding of a company is not just a day to celebrate the beginning of a company, it is more than just an annual event; it is an important opportunity to strengthen relationships and awareness within and outside the organization, and for employees to reflect on and immerse themselves in the company's vision and goals.

 

Lee Jeong-min, a corporate organizational culture consultant, said, "It is important to plan various events to look back on the company's mission and vision through the founding anniversary and strengthen communication with employees. The key is to make employees feel like 'subjects of the company's development' rather than simple workers." He emphasized, "It is necessary to freely express ideas in how to commemorate the founding anniversary, and management directly expressing gratitude to employees leads to positive results."