As a global semiconductor company headquartered in Korea, our Company, including our Board of Directors and our employee workforce, is reflective of the broader population of the country in which we are based. As of December 31, 2022, our worldwide workforce consisted of 897 employees (full- and part-time), 866 of whom are located in Korea. Of our worldwide workforce, 202 were involved in sales, marketing, general and administrative, 222 in research and development (including 87 with advanced degrees), 44 in quality, reliability and assurance, and 429 in manufacturing (comprised of 46 in engineering and 383 in operations, maintenance and others). Since we are headquartered in Korea, we are not subject to EEO-1 (Equal Employment Opportunity) reporting.
As a global competitor, we believe that our success is tied to our ability to attract and retain talent at all levels of our organization, including our Board of Directors, that is reflective of our employees, our communities of operation and our customers. As a result, we place great importance on inclusion and diversity within the workplace, we aim to create a workplace where all employees feel valued and respected, and we promote the culture of hiring and retaining more female voices. Currently, women represent approximately 22% of our senior management team, which is comprised of the CEO, the CFO, the CCO and the respective heads of Worldwide Sales, Display, Power, Manufacturing, Corporate Strategy and Human Resources.
Our market is constantly evolving, which requires continuous innovation and agility to remain competitive, and requires us to attract and retain a highly skilled workforce. We compete based on design experience, manufacturing capabilities, the ability to satisfy customer needs from the design phase through the shipping of a completed product, the length of design cycles and the quality of technical support and sales personnel. Some of our human capital management related policies and programs supporting our workforce are highlighted below.
Our People
Our Company strives to accelerate the advancement of technology to empower the makers of tomorrow, and we recognize that our employees are the ones who drive this mission forward. We strive to enable our employees to leverage their extensive expertise in engineering, design and process to accelerate the advancement of our technology, allowing us to compete globally and be an industry leader. To that end, we are committed to fostering employee talent, cultivating a culture that is open, productive and fair, so that all of our employees feel safe, valued and respected, and promoting an environment in which our employees are empowered to achieve their full potential.
As a global semiconductor company headquartered in Korea, our Company, including our Board of Directors and our employee workforce, is reflective of the broader population of the country in which we are based. As of December 31, 2022, our worldwide workforce consisted of 897 employees (full- and part-time), 866 of whom are located in Korea. Of our worldwide workforce, 202 were involved in sales, marketing, general and administrative, 222 in research and development (including 87 with advanced degrees), 44 in quality, reliability and assurance, and 429 in manufacturing (comprised of 46 in engineering and 383 in operations, maintenance and others). Since we are headquartered in Korea, we are not subject to EEO-1 (Equal Employment Opportunity) reporting.
As a global competitor, we believe that our success is tied to our ability to attract and retain talent at all levels of our organization, including our Board of Directors, that is reflective of our employees, our communities of operation and our customers. As a result, we place great importance on inclusion and diversity within the workplace, we aim to create a workplace where all employees feel valued and respected, and we promote the culture of hiring and retaining more female voices. Currently, women represent approximately 22% of our senior management team, which is comprised of the CEO, the CFO, the CCO and the respective heads of Worldwide Sales, Display, Power, Manufacturing, Corporate Strategy and Human Resources.
Our market is constantly evolving, which requires continuous innovation and agility to remain competitive, and requires us to attract and retain a highly skilled workforce. We compete based on design experience, manufacturing capabilities, the ability to satisfy customer needs from the design phase through the shipping of a completed product, the length of design cycles and the quality of technical support and sales personnel. Some of our human capital management related policies and programs supporting our workforce are highlighted below.
Competitive Compensation and Pay Equity
Growth and Development
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In order to promote employee retention, training and advancement at all levels, we evaluate employees in our annual performance review process with the intent to capture employee potential and base our review on considerations related to three primary factors:.
Managers are also encouraged to deliver informal feedback throughout the year to ensure that employees have an opportunity to improve their performance and are aware of training and development opportunities.
Culture and Employee Engagement
Safety
We appreciate the fact that our employees constitute one of the most critical assets of our Company, and therefore, their safety and wellness are key factors to our success. We have a dedicated team in charge of environment, health and safety (“EHS”) matters that establishes and reviews internal EHS regulations based on international agreements and local laws and regulations. Our ESH team is also responsible for identifying, evaluating and improving EHS issues within the overall manufacturing process to ensure a safe and comfortable work environment. Additionally, we have implemented and maintained an Occupational Health and Safety Management System and an Environmental Management System, as ISO 45001 and ISO 14001 certified, respectively.
In January 2021, the Korean legislature enacted the Serious Accident Punishment Act (“SAPA”), which imposes criminal liability on individuals and entities responsible for “serious accidents”, including industrial accidents that cause death, serious injury or occupational illness. SAPA requires enterprises to establish relevant standards and measures to ensure a certain level of operational safety, including the health and safety of all employees. SAPA went into effect in January 2022, and in connection therewith, we appointed our Chief of Manufacturing to serve as the Chief Safety Officer (“CSO”) of our Korean operating subsidiary; upon appointment, he formed a dedicated team to evaluate, improve and monitor the policies, practices, standards and systems relating to health and safety to ensure compliance with SAPA. Our CSO has over 35 years of manufacturing and industrial EHS experience at Magnachip.
Policy Statement
We adhere to human rights and labor standards of international labor organizations, such as the United Nations and the International Labor Organization. We prohibit all forms of discrimination based on gender, race, nationality, religion and age to ensure that all employees work in a safe and fair environment. These values are embedded in our policies:
Our Community
We recognize that the strength of the communities where our employees live and work is vital to our shared success and sustainability, and we strive to foster trusted partnerships with our local communities. We are involved in supporting local communities through employee volunteerism and charitable activities, including food donations on a regular basis in partnership with local administrative welfare centers.
Future Workforce Initiatives
We have implemented innovative programs that create lasting impact and meaningful changes, as exemplified in our traineeship program designed for recent university graduates who are looking to gain practical work experience in their chosen field. This program involves a combination of classroom training and on-the-job learning, where trainees work alongside experienced professionals to gain hands-on experience. The program provides individuals with the practical skills and knowledge they need to succeed in their field, and is also a great way to jump-start one’s career and gain valuable networking and work experience.
As part of a partnership with a local university, we have been operating an industry-academia scholarship program since 2018 to foster local human capital for semiconductor expertise and to recruit customized R&D talent by providing work-related lectures and training. such as “Digital Integrated Circuits” and “Analog Integrated Circuits”. Each year, several students are selected to receive a scholarship; the scholarship benefits include a monthly tuition subsidy during the school year and an offer to join Magnachip after graduation.
In 2022, more than 50% of our new hires were recent graduates or graduating seniors from local universities. (By “local”, we mean the three cities in which we have operations in Korea—namely, Seoul, Cheongju and Gumi—and their surrounding areas.) We believe that hiring locally helps build stronger ties between Magnachip and the local communities. Providing work-related training and employment opportunities for local students not only benefits us in our talent acquisition process, but also builds a positive reputation for Magnachip, as well as loyalty and support from our community.
Ethics & Compliance
Overview
Environmental
Governance