Amway, which celebrates its 60th anniversary this year, will take a bigger step forward for the next 60 years by reinforcing communications. Amway Korea, which will mark its 30th anniversary in 2021, plans to focus on upgraded incentive programs for Amway Business Owner (ABO) business partners and product innovation.
Amway Korea said on March 14 that it held a special employees town hall meeting on the topic “Even Bigger and Better” at COEX, Seoul, on March 12.
Senior executives of Amway headquarters, including Amway Global CEO Milind Pant, who was appointed to the post early this year, and Amway Korea employees attended the event to share the company’s future strategy. To facilitate open, direct communications among the employees, the event was conducted in a talk-show format. In the event, emceed by Kim Jang-hwan, participants engaged in serious discussions over Amway’s vision and strategy in a very casual manner.
Milind Pant, CEO of Amway Global, stepped onto the stage with the introduction of Amway Korea CEO Kim Jang-hwan and stressed the importance of the Korean market, noting the company’s growth in Korea for 12 years in a row. “As Korean consumers are sensitive to trends and lead changes, the headquarters has refined strategies constantly through research and benchmarking activities,” he said.
During the talk show held with senior executives, including COO Mike Cazer and Mark Beiderwieden, Asia Pacific regional president, participants talked about the direction of “Amway Next,” the future strategy of Amway. In addition, they discussed the strategy to prepare for the next 60 years through reinforced incentive plans for ABO business partners and product and digital innovation and the vision to lead diverse markets by product category, including health functional foods, beauty products and home appliances.
Marking its 30th anniversary in 2021, Amway Korea will focus on product innovation while expanding incentive programs for ABO business partners in line with Amway’s global strategy. It also aims to continue sustainable growth built on stable business support. As part of its incentive plans, a three-year program for overseas seminars was also announced. For product innovation, Nutrilite's probiotics product, “Balance Within,” will be launched this month. Kim Jang-hwan, CEO of Amway Korea, said, "As a leader in the probiotics market in Korea, we will help Koreans improve their intestinal health with better products."
“Marking the 60th anniversary of its foundation this year, Amway is preparing a new round of growth for the next 60 years, while maintaining its value that no one can match. In this regard, we have shared our global future growth vision with Korean employees, and remain committed to supporting the success of ABOs,” Kim said. “With our leading social contribution program, ‘Children Dreaming High,’ Amway Korea has supported the underprivileged, helping children Live out their highest dreams – a sign that we have grown with Korean society over the past 28 years. We will set up ‘Amway’s Love Foundation’ with donations of about 3 billion won this year, planning to continuously expand CSR activities with annual funds of 1.5 billion won.”
Meanwhile, key executives from the main office and Kim had face-to-face meetings with ABOs during Amway CEO Pant’s visit to Korea.
First of all, during a meeting with Founders Council members, key leaders in the Korean market, they formed a consensus on global strategies, while exchanging opinions to establish essential policies tailored to the Korean market. After that, the key global executives and Kim were invited to a “Home Party,” which represents Amway’s unique culture, participating in product education and business presentations.
Communication with the young generation was emphasized as well. The key executives shared Amway’s global vision with U35 members, consisting of ABOs aged 35 and under, while discussing key product strategies. Some business partners actively offered their ideas, including a need for policies considering the Korean environment, and global executives promised to actively review their ideas.
In addition, the global executives discussed new compensation plans and product launch strategies during a “Young Mom” session held at Gangnam Amway Business Center in Banpo, and had an opportunity to dance together to the song Gangnam Style.
“Korea is one of the most important markets for Amway’s business. Amway has achieved remarkable performance in Korea, demonstrating continued innovation, so I think that our potential in the market would be even greater. What is notable is our ABOs’ strong passion, and especially, I was impressed by the creative ideas offered by young partners. Amway considers ABOs’ success our most important responsibility, so we will help Korean ABOs grow further, powered by our strategic vision and support,” Pant said.