Lefs Talk BUSINESS
able of Contents^
fl UJeolth of Praise fo r "Let's Talk Business"
7
A c k n o w le d g e m e n t s
9
Introduction
11
i s s u e -i
UJorkplace D is c rim ination
u
ISSUE -2
S a la r y G a p
is
is s u e -3
L o b o r U n io n s
22
ISSUE -4
C u s t o m e r Service
26
ISSUE -5
Small Talk
30
...................................................................................................... 34
ISSUE -6
Investments
36
IS S U E - 7
Cultura l D i f f e r e n c e s
40
D iversify
44
i s s u e -9
U lorkm g Two Jobs
48
ISSUE -10
T a x e s .......................................................................... 52
is s u e
-s
Lefs Talk BUSINESS
Table of Contents • ••
...........................................................56
ISSUE -11
M ig r a n t U lorkers
ss
i s s u e -12
Career L o y d t y
62
ISSUE -13
B en efit s of Ulorking From Home
66
ISSUE -14
Leadership
70
is s u e - is
"Glocolizotion"
74
.........................................................................78
is s u e 16
Inventions
so
IS S U E -17
Promotions
84
is s u e - is
Underground €conomy
88
i s s u e 19
Outsourcing
92
ISSUE -20
Co p yrig h t Piracy
%
100
TOPIC REVIIW^
In Korea, do female employees still serve green tea to their male managers? Are
there many Korean women in powerful positions? Do companies force employees
to stop working because of their age?
IALOGUE:
L ynda :
I was shocked when an older co-worker told me to get him coffee.
Allan :
Yes, but he is part o f a different generation and before it was
common for this to happen.
L y nd a :
Really? Well, that is unfair for those men to treat women so badly.
Allan :
I agree with you. However, women are not the only people who are
not treated equally at work.
L y nd a :
W hat do you mean? I thought other workers here were satisfied with
their situation.
Allan :
Yes, but other companies force older employees to quit so younger
people can work instead.
14 H
K U IA C K - Let's a lk Business
During World War II，many men from different countries were required to
leave their regular jobs and go fight. At this time, many factories and offices
counted on women. Women were to fill-in for these men in order to maintain
output levels for the employers. Maybe this can be considered the beginning
of the women’s liberation movement as women had a new feeling of power
— they were able to do the work and they became econo m ically
independent.
Since that time women have tried to achieve equal status to men in many
different parts of life, especially at the workplace. Although there are many
success stories, such as Carla Fiorina being the head honcho of HewlettPackard or Margaret Thatcher being the Prime Minister (PM) of England, a
lot of women still complain about a glass-ceiling⑴. Yes, higher rates of
women work than in past decades. However, some say that the level of their
positions still remain quite low. The men are the ones who receive the
promotions and higher pay at the executive level.
In addition, in some cultures once a woman gets married she sometimes
feels as if the other staff members are giving her the cold shoulder. They
want to influence her to leave the company. This is because once she gets
married she might put her husband and family before her work, which
would make her less productive. Or, it could be a way for companies to
avoid paying for maternity leave if she became pregnant after marriage.
Another issue at work involves “reverse discrimination.” Some people
complain that job positions or promotions are not always based on who is
the best qualified candidate. Rather, it is decided by the person’s gender or
ethnic background. It might create more equal opportunity for minorities and
increase the image of the company, but it leaves some individuals out in the
cold.
Is s u e 01
WORKPLACE DISCRIMINATION
ISSUe 01 WORKPLACE DISCRIMINATION
•
• •
OCABULARYT
output levels
*Quantity of final items produced
◎ The company’s output level fell when the workers had a strike.
wom en s
liberation
m ovem ent
*Movement seeking equal rights for women
O The women’s liberation movement has helped improve work
conditions for women.
glass-ceiling
★Invisible barrier blocking a persons promotion to management
because of the persons gender and race.
O The glass-ceiling influenced the woman to start her own business.
maternity leave
*Paid time a woman takes off of work for the birth of a baby
ONext month she will take three months off for maternity leave.
reverse
discrimination
^Discrimination (unfair treatment) of members of a majority group
O Bob complained about reverse discrimination when a woman got
the job and he did not.
candidate
^Person trying to be chosen for a position
O She is the best candidate for the job.
ethnic
*Peoples background, like race or religion
O The company has employees from many ethnic backgrounds.
minorities
*A small part of the population that is different (eg. due to their race)
O Thirty percent of our staff consists of minorities.
XPRESSIONS:
counted on
^Depended on, relied on, expected
O The manager counted on her staff to prepare material for the meeting.
fill-in
^Substitute
O She had to fill-in for her ill colleague at the meeting.
head honcho
*Boss，especially in a high position
◎ The head honcho is disappointed with last month’s sales amount.
cold shoulder
*Style of not being nice and friendly intentionally
O I gave my boss the cold shoulder because he did not promote me.
out in the cold
*Left out, not being part of benefits given to others
O He felt out in the cold because all his friends had jobs except him.
K U IA C K - Let's a lk Business
Let's a !k Business
• •參
cz
ISCUSSION 이 NTS:
''''벅— ■
ᅵ
n■
■
니
ᅵ.......................
O Do you think that men and wom en are treated equally at work?
■ For example, do men and wom en receive the same am ount of pay
at your place of employment?
@ Do you think that men and women w ant full or selective equality?
• For in stan ce, do w o m e n ju s t w a n t e q u a lity in m a n a g e m e n t
positions, or do they also w a n t equality in o th e r jobs like as a
soldier or construction worker?
© Is there a public relations advantage or disadvantage to having ethnic
minorities represent the companies in various positions?
-■
\v^
.； ~
© Is it true that some job positions are better suited fo r men (miners,
firefighters), while others are better fo r wom en (nurses, teachers)?
• LET9S EVIEW: • • •
Western countries are multi-cultural with immigrants from around the world. Some
immigrants complain they experience workplace discrimination. Some Seoul National
University graduates believe their education entitles them to an excellent job in Canada or
America. If they don’t receive one, then they complain it is discrimination. Is that true?
Possibly. However, these Koreans are competing with fluent English speakers from Ivy
League schools and maybe these other graduates are better qualified.
Issue 01 O WORKPLACE DISCRIMINATION I I
7
TOPIC PREVFEWD
Does your boss drive a luxury sedan while you have a basic compact? Do Western
employees in Korea make more money than Korean workers? Do you think that
your boss pays you a fair salary?
IALOGUE:
Chris
I am sick of being in an office all day while my boss enjoys going out
for lunch and dinner with our clients.
P a t r ic k :
Well Chris, I do not want to tell you this, but there are many ways
that our boss life is better than ours.
Chris
Yes, I know. He has a company car and does not have to work late at
night.
P a t r ic k :
Moreover, his salary is extremely high and he also does not have to
pay for his membership at the fitness club.
Chris
But regular staff like ourselves must work more hours so we should
get more money.
P a t r ic k :
I agree, but the executives say that they have more stress because their
decisions are more difficult and important.
18 | 1
K U IA C K - Let's d k
usiness
Life is not always fair. Whether a person is making a comparison of
numerous countries or many individuals, there is always a gap between the
haves and have-nots. This also occurs with the salary of those people
working in the corporate world. Company executives have received a large
amount of money, but the general workers have not.
Compared to the regular staff, executives are rewarded with a lot of different
perks — possibly a company car, more holidays or stock options. In addition,
the average big shots in America received forty times that of a regular
worker in 1980. It was about eighty-five times in 1990, and roughly four
hundred times in 2002⑵. While their pay has increased tenfold, the other
workers have received minor raises which might just be above the inflation
rate.
With income being lopsided so much, many workers are complaining that
this situation is just too unfair. Yes, the Chief Executive Officers (CEOs)
might be stressed out. After all, they are the ones who must make the really
important decisions under pressure so they deserve to be paid well.
However, a company’s success is based on the hard work of the lower-level
staff. Without these employees working all day and possibly overtime (OT),
would the companies be profitable enough to afford to pay the high salary of
the executives?
Many workers might be feeling as if they are getting a raw deal. This could
have really negative effects for the company. For instance, the employees
might be bitter toward the executives and this could result in a loss of
ambition to work hard. To keep as many people as pleased as possible, some
changes are needed. This means that fair work will be rewarded with fair
pay and at that time the income gap will be cut back.
Issu e 02 SALARY CAP
OCABULARY:
gap
*Big difference
O There should not be a wage gap between men and women.
haves and
have-nots
*Countries or people who have and do not have wealth
Q l n parts of Africa, whether or not a house has electricity separates
the haves and have-nots.
stock options
*Options given to employees to purchase the company’s stock
O The company offered stock options in my contract.
tenfold
*Ten times, multiplied by ten
O The company’s profit fell tenfold during the weak economy.
inflation rate
*Percentage increase in prices
O The inflation rate increased from 2% to 4% last year.
lopsided
*Not equal by a large amount
O Sales were lopsided and mostly done by our female staff.
deserve
*Are worthy of (something)
O We deserve a pay increase for our great work.
bitter
*Unhappy, angry, resentful
O Are you bitter that you did not get the promotion?
XPRESSIONS：
ᅳ )
20 |
perks
*Gains or advantages that are extra to salary (eg. a company car)
O A perk at this company is being able to buy its products at a discount.
big shots
^Important people with high positions and lots of power
O All the big shots arrived for the annual meeting.
be stressed out
*Have too many worries, feel too much pressure
O I am stressed out because my boss always expects me to sell more.
raw deal
*Bad deal or agreement
O She lost money because she accepted a raw deal.
cut back
*Reduced，decreased
O We must cut back on spending to stay profitable.
K U IA C K -L e t's
alk business
• • •
다 DISCUSSION PINTS:)
O W hat other perks exist that executives enjoy at different companies?
• For e xam ple, are th e y able to have a g o lf m e m b e rsh ip o r a
com pany credit card?
© W hy is there a gap betw een the executives' pay and th e o th e r
employees' pay?
■ For instance, is it because the executive is the owner and makes the
rules? Or, is it because of supply and demand where there is less
supply of qualified CEOs which results in higher pay?
@ Should someone w ho has completed their required m ilitary service in
Korea receive more money than other workers w ho have not?
© Do you th in k it is proper th a t labor workers sometimes make the
same am ount or even a higher salary than office staff?
• LErs
e view ：• • •
Western countries usually have a salary gap depending if someone graduates from high
school, college or university. Generally, a higher education equals a higher income. Is this
fair? Some people who do not have enough money for higher education feel it is unfair.
This is because they do not have the same opportunity for their Masters or Ph.D. However,
university graduates feel it is fair. They believe that they are being paid more for their large
amount of time and money spent for a higher education.
Issue 02 ᄋSALARY GAP
TOPIC
REVIEWS
Have you participated in Korea’s “strike season” between April and June? Are
unions causing Korea’s labor costs to rise too high to compete with other Asian
countries? Is blocking traffic in downtown Seoul an effective way for workers to
protest?
IALOGUE:
R o b b ie :
We negotiated with our employer, but we did not agree to a new
contract.
Colleen :
W h at are some o f the changes you want to make for the next
contract?
R o b b ie :
As usual, our workers，union wants to receive more pay, but also
work less hours per week.
C o lle e n :
Well, of course, that sounds perfect. However, what will you do if
both sides can not agree to a new contract?
R o b b ie :
Hopefully we can reach an agreement, if not then we will go on
strike.
Colleen :
O n strike? W hat does that mean?
R o b b ie :
It means that we will stop working and start protesting until the
company and the workers agree to make a new contract so both sides
are happy.
K U IA C K - Let's a lk Business
In an attempt to stop sweatshops, labor unions were first established. These
unions were to ensure that work areas were not too dirty and that the
workers did not just receive peanuts for their wages. Since their beginning,
the power of unions has gradually increased and helped to improve the
workers’ quality of life.
With some strikes and demonstrations, many workers have received lots of
rewards — higher salary, better job conditions and shorter working hours.
Also, by using their strength in numbers as a key type of strategy, the
laborers were able to receive more concessions from the management
executives. After quite a few decades of employers keeping a high amount
of revenue for themselves, union workers have now started to get a bigger
piece of the pie.
However, ironically, because union workers have been successful gaining so
much from the companies, there is a danger that this could backfire and their
jobs could be in jeopardy. For example, some National Hockey League
owners in North America make a good amount of profit from the special
skill of the players. With the effect of the players，union the salaries of
professional hockey players have become so high that some owners could
go bankrupt. Also, labor unions9 demand for higher wages at companies in
Canada or Korea has caused the labor costs to skyrocket. Now the owners
look to other countries with lower labor costs, such as China or Indonesia,
for production. As a result, owners and corporations do not invest where
labor costs are too high and this means that the unions have actually caused
many workers to lose their jobs.
For consumers, labor unions could mean that the price of products and
services will increase as the employers attempt to shift the burden of higher
labor costs to the customers. Therefore, people might not have favorable
attitudes toward unions because workers often become too extreme and this
might negatively influence the nation’s economy.
Is s u e 0 3
LABOR UNIONS
■ 23
Issu e 03 LABOR UNIONS
•
• •
OCABULARYT
sw eatshop
*Factories where employees work long hours for low pay in
unhealthy conditions
O He gets very tired and dirty working in a sweatshop daily.
strikes
*Times when workers stop working to protest job conditions
with hopes that the employer will meet the demands
O When there is a strike the company loses lots of revenue.
concessions
♦Something given from one side to the other in negotiations
O Both sides gave concessions and agreed to an advertising budget.
ironically
^Surprisingly, unexpectedly
O Ironically, she quit her job on the same day her boss was
to fire her.
backfire
*Be an opposite effect of the expected result
O Be careful that your marketing plan does not backfire.
in jeopardy
*At risk of being lost
O My job is in jeopardy because I lied to my boss.
go bankrupt
*Go out of business because unable to pay debts
O When companies go bankrupt people have to find new jobs.
shift the burden
*Move the responsibility
O Please do not shift the burden to me anymore.
XPRESSIONST
peanuts
*A small amount
O Their wage is peanuts, so the workers will go on strike for more pay.
strength in
*Higher amounts of people increases the amount of power
O Using strength in numbers, many workers changed the management^
decision.
门
24 |
umbers
piece of the pie
*Share or part of something, like the revenue or a market
O I increased revenue 150% so I should be paid a big piece of the pie.
skyrocket
*Rise quickly
O Sales skyrocket when companies produce popular items.
K U IA C K - Let's a lk business
Let's a lk
usiness
1
U DISCUSSION
OiNTS:
O W hat are some of the conditions workers in factories have had to
endure in the past and present?
■ For example, was the air too dirty for people to breathe safely or
are workers not provided w ith the proper safety equipment?
© W ho should receive m ore of the profits — the employees or the
employers?
• For instance, should the employees receive more because it is their
hard w o rk w h ich helps the com pany or should the em ployers
receive a higher am ount because it is their risk w ith the investment?
© W hy do you think McDonald's and W al-Mart do not have unions, and
is there a benefit to this?
• For example, if these workers unionized w ould it affect customer
service or prices?
© How do you feel about the new term "n o b le workers" in Korea?
These employees demand luxurious benefits and high salaries simply
because they are in a strong position. They know the top executives
m ust give them w h a t they w a n t because the produ ction lines or
subway trains should not stop.
• LET，
S EVIEW: • • 參
In countries such as Germany, labor unions have had a strong influence on the rights of
workers. The goals that labor unions have demanded have drastically changed compared to
many years ago. Before, unions mainly concentrated on higher wages for the employees.
The result o f this action was very high labor costs for producing items. Eventually,
companies like General Motors decided they had to reduce the number of employees in
Germany because of these high costs. As a result, now the labor unions demand that an
employer keeps a job for the employees.
Issue 03 O LABOR UNIONS ■ ■ 25
TOPIC
REVIEWD
W hat Korean “jaebol” provides excellent customer service? How could your
company improve its service to many Korean citizens? Do you contact your
customers regularly to confirm that they are satisfied with your product or
service?
DIALOGUE:
)
C a t h y : When buying something, I really love being treated in a very special way
by a company.
M ik e :
Cathy, I know exactly what you mean and I can not agree with you more.
Cathy : Yes, when I go into a shop I like when a staff member politely opens the
door and offers to help me.
M ik e
Absolutely. I totally agree and th in k this customer service is so
important.
C a th y : Also, employees spending time to patiently explain how to use my new
phone or computer is better service than making me read a Users，
Manual.
M ik e : These types of great services can bring more customers and higher profits.
C a th y : Too many people just focus on the product and making money.
M ik e :
I know, but they do not always realize that customer service can also
lead to making more money too.
26 ■
K U IA C K -L e t's
alk Business
Several times there is something quite unique that is much more important
for a successful business than the location of a company, the product that is
sold, or the price that is offered. This very crucial part is known as customer
service. It can either make a company a cut above the rest or possibly lead to
its downfall.
In the past, it seemed that a lot of workers used to go out of their way to
please each one of their customers. For example, when consumers visited
petrol stations several years ago they would have their gas tanks filled, oil
checked and windshield cleaned. Now, though, these same people are lucky
if they do not have to do all of the chores by themselves.
Also, when citizens needed groceries many years ago they were sometimes
delivered to their house. Or, if they went to the supermarket then the items
were put in bags and carried to their cars for them. However, those days are
over now as many places just tally the cost that you should pay before
leaving.
Although customer service has been deteriorating in some ways lately, in
other ways through technology it has also been improving quite a lot. For
instance, an Automated Teller Machine (ATM) allows people to withdraw or
deposit money 24/7. In addition, people no longer have to always go into a
restaurant to order their meal. Now drive-thru windows provide much more
convenience for customers.
Efficient customer service m ight honestly be for the real and sincere
pleasure of helping others. However, the true motives might actually be to
receive some more business through repeat customers and word of mouth.
Whatever the case, the service should be great and the customers must not
take it for granted as they appreciate the effort.
Is s u e 0 4
CUSTOMER SERVICE
Issu e 04 CUSTOMER SERVICE
•
• •
OCABULARY：
unique
*Special or different
O The unique marketing idea helped sell many products.
downfall
*Loss of success, failure
OThe manager was unfair to women and that caused his downfall.
chores
*Regular and routine tasks (eg. washing the dishes)
0 It took three hours to finish the chores.
tally
*Count, add together to reach a total
0 1 must tally the number of units sold each day and week.
deteriorating
*Decreasing in quality, becoming worse
O Our product was deteriorating so we made a new model.
w ithdraw or
deposit
*Put in or take out
O When I go to the bank, do you want me to withdraw or deposit
money for you?
motives
^Reasons someone did something
O His motive for helping you was so you could help him later.
repeat customers *Customers who return and want to do more business
O If people think our company is fair, we will have repeat customers.
XPRESSIONS:
28 ■
a cut above
the rest
*Better than average, better than the rest
O High quality goods make the company a cut above the：
rest.
:
g o out o f their
w ay
*Inconvenience themselves, really try hard
O People should go out of their way to help customers.
24/7
time
*Twenty-four hours a day, seven days a week; all the：
O I must work 24/7 until I fix the computer system.
w ord o f mouth
^Information being spread by people talking to each other
O By word of mouth I heard about the great discount.
take it for
granted
*Assume, expect
O A boss should never take it for granted when employees work OT.
K U IA C K - Let's alk Business
_efs a lk Business
ᄂ^
ISCUSSION OINTS:
o W hat are some ways th a t businesses can im prove th e ir service in
order to please their customers?
,
-
■ For instance, if Starbucks charges quite a lot of m oney for a coffee
then should they also bring it to the tables?
© A lth o u g h te c h n o lo g y has m ade th in g s faster, h o w has it h 니rt
customer service?
■ For example, many people complain about autom ated telephone
service because it is more difficult than talking to a human operator.
© As a consumer, please rank these in order from most im portant to
least im portant when buying a product:
■ quality, price, reputation, customer service, business location, brand
name.
© W hat are the best and worst examples of customer service that you
have experienced?
• LET5S EVIEW: • • 暴
Customer service greatly affects what company a Westerner buys a product from. In
general, Westerners want to be kindly greeted at a stores entrance like employees do at The
Body Shop or Wal-Mart. Westerners also like when a salesperson for Sony or IB M will
patiently and politely spend lots of time explaining how an electronic item works. Also, if a
cellular phone needs to be repaired then great customer service is when a company lends a
temporary one until the other one is fixed.
Issue 0 4 O CUSTOMER SERVICE |
TOPIC
REVIEWS
Have you ever met a foreign client at Incheon Airport or the Shilla Hotel? Was it
difficult to start a conversation? W hat did you talk about — business ideas like
your job or general things like Korean culture?
■ALOGUE:
)
S u m i:
Hello, sir. My name is Sumi and it is nice meeting you.
K evin :
Thank you, Sumi. I ’m Kevin and I ，
m glad to meet you too.
Sum i :
Welcome to Seoul! How was your flight from LA?
K evin :
It was great because I was excited about coming back to Seoul again.
Sum i :
O h Kevin, when were you here before?
K evin :
I was here in June 2002 for the World Cup.
Sum i :
Wow! That’s great. I hope you had a great time watching the soccer
matches.
K evin :
Yes, I really did and Vm happy that the Korean soccer team did
so well.
30 |
K U IA C K - Let's alk Business
What is the conversation about when business associates greet each other at
the airport, meet during a break at a conference, or go out for dinner after a
long meeting? Some of the discussions at these times will be about business.
Yet it is probably more likely that a lot of the issues are not related to work
at all. Rather, a general style of chit-chat will develop and this is known as
“small talk.”
^
^
Small talk can be considered an important part of business because it gets
your mind off work. It is also a way to find common ground between
different business associates. This will lead to the establishment of deeper
and more personal ties to maintain business in the future.
Although it is important to participate in small talk, it is also necessary to
know what can be talked about and what is off-limits. For example, asking
someone about the local food, national culture and recent weather is
considered an acceptable way to break the ice with a business counterpart.
Hopefully a casual discussion will continue and eventually help develop
mutual understanding which can then create a trustworthy business
relationship.
However, people must also be aware of sensitive issues that are hot potatoes
and should not be discussed in this environment. For instance, any
conversation focused on politics, religion or personal questions should not
come up. This is because others could become angry. Not only would the
situation become awkward, but the business relationship could be hurt by
such topics.
Issu e 0 5
SMALL TALK
Issu e 05 SMALL TALK
OCABULARY：
business
associates
*People who have business relationships together
O I will talk to my business associates about a new sales idea.
break
*Short temporary stop
O After you sell a TV to this customer, let’s take a break and eat lunch.
chit-chat
*Casual and informal talk
O The workers had a chit-chat about their summer vacations.
common ground
*A similar position agreeable for all people
O We hope to find common ground and make a contract.
ties
★Relationships
OThe man trusts me because we have had business ties for 20 years.
counterpart
^Individual with the same position or function in another
company
O Our company’s president met with his Brazilian counterpart.
*Each person having the same feeling as the other
O Signing the contract was a mutual agreement.
awkward
^Uncomfortable
O It was awkward telling the boss that I disagreed with her.
XPRESSIONS:
gets your
mind off
*Let youself forget about it temporarily
O He wants to get his mind off the mistake he made while negotiating.
off-limits
*Not to be talked about
O Telling racist jokes is off-limits.
break the ice
*Begin a conversation when meeting someone the first time
O It is nice for current employees to break the ice with new ones.
hot potatoes
*Topics that are controversial or that could cause problems
O Be careful with hot potatoes or you might argue.
com e up
*Become part of the discussion
O Information about a client’s account could come up in the meeting.
32 |
K U IA C K -Let's alk business
Let's a lk Business
J ] d is c
o W hat are some other small talk topics which should or shᄋ니Id not be
discussed?
■ For instance, is it fin e to have a conversation a b o u t sports or
history?
© Do you think small talk is im portant in your culture?
■ For example, when clients meet do they only talk about their job
and position or do they also talk about their other experiences?
© W hat are some personal questions that should be avoided?
■ For instance, is it fine to ask someone if they are married or how
much money they earn?
© Do you believe that small talk can influence business deals or are they
not related w ith each other?
參 LE rs
e v ie w ：• • •
For Koreans, small talk is a way for individuals to determine another persons rank or
position in society. For Westerners, it is a casual way for people to form special relationships
by finding common interests about general things. Therefore, it can bother Westerners
when Koreans ask questions about their university, major, company and job title. Instead,
Westerners prefer to freely talk about the weather, traveling and sports. After all, talking
about Tiger Woods or a European vacation can be more interesting than discussing a major.
Issue 05 O SMALL TALK ■ ■ 33
ACRONYMS
ASAP
ASEAN
bpd
BR
CA
cc
CC
CD
CEO
CFO
COO
C&F
GIF
c/o
CPI
air freight bill
attention/interest/desire/
action
accounts payable
accounts receivable
as soon as possible
Association of South-East
Asian Nations
automated teller (bank)
machine
barrels per day
brllspayable
bills receivable
chartered accountant
carbon copy
Chamber of Commerce;
certificate of deposit
Chief Executive Officer
Chief Financial Officer
Chief Operating Officer
cost and freight
cost, insurance, freight
care of
cash on delivery
Cons니mer Price Index
resume
Dow Jones Industrial
Average
; • earnings；
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for exam ^li ；
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Eastern S ||iip d Time
estimated time of arrival
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frequently asked q 니estions
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free of charge
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Free Trade Agreemeof隱15향느
Free Trade Agreement of the
Americas
顚llH ia n cia l Times Stock
Exchange
foreign exchange
for your inform識 圖 f 賢 ':
GAAP
generally accepted
accounting principels
gross domestic product
Greenwich Mean Time
gross national product
mP
G-7 (8)
The U.S., Britain, Canada,
France,Germany, Italy,
Japan, (Russia)
DJI
HQ
HQ
IMF
IPO
나
LBS
L/C；LG
M&A
MC
MNC
MO
MOU
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NAFTA
n/c
NGO
s
NYSE
o/h
head office
headquarters
International Monetary
Fund
initial public offering
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location-based services
letter of credit
mergers and acquisitions
master of ceremonies
multinational corporation
money order
memorand 니m of
understanding
not available, not
applicable
North American Free Trade
Agreement
no charge
non-governmental
organization
non-sufficient funds
New York Stock Exchange
overhead
OPEC
OS，o/s
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PP/E
PIN
PLC
PR
PT
R&D
ROE
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S&H
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SEC
SME
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VAT
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Organization of Petroleum
Exporting Co니ntries
out of stock
overtime
per
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personal identification
n니mber
product life cycle
public relations
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research and development
return on equity
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please reply
shipping and handling
Standard and Poor’s
Securities and Exchange
Commission
small and medium-sized
enterprise
telegraphic (wire) transfer
value added tax
very important person 灣| | |
World Trade Organization
TOPIC PREVIEW:
Would you think about purchasing shares on the Korean stock market — KOSPI
or KOSDAQ? Is real estate property a safe investment in Korea nowadays? Would
you prefer to invest in Korea or rather in a foreign country abroad?
IALOGUE:
Thomas : Like most people, I want to retire as soon as possible.
G in a :
Obviously, so do I. How can we make more money than just our salary?
Thomas : That is a good question. I make $50,000 annually and even if I did
not spend anything then it would take me at least 20 years to become
a millionaire.
G in a :
A minimum of twenty years! That is far too long to wait for us to
have enough money to stop working.
Thomas ： You are exactly right. That is why it is important to invest so we can
increase our money’s value quicker.
G in a :
I understand, but what are some good areas to invest in?
Thomas
It depends on many things. Maybe a variety of stocks, mutual funds
and real estate would be a good idea.
Gina :
36 |
K U IA C K -
Sounds great, so lets do it!
et's a lk Business
， te P tm e n ts
—
Some individuals think money is the root of all evil. Yet when people are
asked about their financial goals a common response is that they want to be
really rich and become millionaires. However, if they make an average
salary then this dream could be decades away, if ever. Once they realize this
they understand that they should invest a certain percentage of their savings
in order to have their money grow in value at a quicker pace.
The difficulty is deciding where to invest money — stocks, mutual funds,
real estate property? People might want to invest in a public company on the
stock market. If someone invested just $1,000 in Johnson & Johnson during
1983 when the share price was $0.09, they w ould have made about
$600,000 profit because in mid-2004 the share price was then $55(3). This
major gain would have made people more economically free and they would
have had deep pockets.
On the other hand, buying stocks can be similar to a lottery. This is because
it is not guaranteed that you will receive a positive return on investment
(ROI). For example, a share could be purchased at $10, but drop due to
reasons beyond the investors’ control: price of product material or natural
resources, political decisions like war or interest rate levels, legal activity
like lawsuits or window dressing. If the share price drops then your
investment hopes would go down the drain.
A safer option could be investing in mutual funds. These require numerous
people to chip in with the hopes that as a group they can diversify their
investments and make more money than if they invested it on their own in
one main area. Or, real estate is a popular choice. Companies that offer
stocks or mutual funds could go bankrupt and be worth nothing long-term,
but statistics show that land usually increases in value over the long run and
never becomes worthless.
Is su e 0 6
INVESTMENTS
■ 37
IS S U e
06 INVESTMENTS
OCABULARYT^
millionaires
*People whose wealth is valued at least a million dollars
O The millionaire had enough money to open many new restaurants.
pace
*Rate of progress, speed
O The workers must increase their pace and produce more.
a public com pany *A company listed on a stock exchange with shares available
for the public to buy
O We are researching many different public companies to invest in.
share
*Unit of ownership in a company
O They will buy some more shares in the technology company.
guaranteed
^Certain, promised that something will or will not happen
O He guaranteed she would be happy with her new tennis racquet.
return on
investm ent
*Profit received above the cost of the investment
mutual funds
*Funds that group money from many individuals to buy a
variety of investments
O He bought mutual funds hoping to make money for his retirement.
OThe company received a large 12% return on investment.
XPRESSIONS：
m oney is the
root of all evil
*Money is the cause of all problems
deep pockets
*Lots of money
O My CEO has deep pockets because his salary is very high.
w indow dressing
^Making a company appear financially stronger or better than it i
O The company said it had little debt, but that was window-dressing.
go down
the drain
*Be lost or wasted
O Chances for a promotion have gone down the drain because I always
argue with my boss.
chip in
^Contribute, give (things like money or time)
O All the staff will chip in and buy their boss a retirement gift.
Money is the root of all evil because people can be greedy and fight.
i.et ；
_______ usiness
4
.. '
DISCUSSION POINTS:
O W hat are some popular investment choices nowadays?
• For example, is the stock m arket too unstable or are real estate
prices too high for investments?
© Is investing in some stocks similar to playing at a casino?
• For instance, are chances to succeed better w ith stocks because
com panies provide facts w h ich could make it easier to decide
whether a stock value w ill increase? Or, is it worse than going to a
casino because some business corporations do not reveal their real
statistics?
® W hat are some major investments that have succeeded or failed?
• For example, Microsoft's (MSFT) stock value in 1995 was just over
U.S.$3/share and in 2004 this was up to U.S. $28(4). However, real
estate prices in Japan have fallen 50% for residential and 80% for
commercial in Tokyo and Osaka since 1990-91(5).
© Do you believe that investing tim e and money fo r a college diploma
or university degree is w orth the several years of studying as well as
total tuition cost?
p
the
• LErs
EVᅵ
EW: • 參 參
W hen someone asks employees around the globe about their financial goals, workers
usually say they want to be millionaires. During the 1990 s many Westerners invested their
money in technology stocks on the NASDAQ. At that time, these investors felt it was an
easy way to become rich. However, these people soon learned that there is lots of risk when
buying stocks. This is because so many things affect a stocks value and it can drop quickly.
Thus, a common Western expression is to only invest money you can afford to lose.
)6 ᄋINVESTMENTS
■ 39
TOPIC REVHWD
Do you believe that Koreans are more polite than people from Western countries?
Would it be rude for me to blow my nose at a store in Gwangju? Do you make a
loud noise when you drink Boseong tea?
IALOGUE:
Tae hee : Last night I went out for a drink at the Lotte H otel w ith my
Canadian clients.
L loyd :
Oh, that’s great! D id you enjoy your time with them?
Tae hee : Yes, but it was a bit strange. These foreign clients poured their own
glass of Hite beer instead of me doing it for them.
L loyd :
In Korea that might seem unusual, but when I was growing up and
living in Canada most people poured their own drink too.
Tae hee : I was really happy because they treated me with respect.
L loyd :
How did they treat you so well?
Tae hee : Well even though I am a woman, they shook my hand and opened
doors for me.
L loy d :
I see. Yes, there are some differences between Korean and other
cultures.
40
画
K U IA C K
Le
usiness
Should clients give gifts to show their appreciation for business? May
people ask personal questions about salary or marriage? Would it be rude if
you smoked during a meal with a customer? These questions could have
opposite answers depending on where you are in the world. As business
associates from other countries meet one another, differences between
cultures are necessary to understand. Hopefully people will not be offended
by the words or actions of others.
When someone is doing business, how do they address their counterpart? In
South Korea people are called by their title, such as Team Leader or
Manager. Some Westerners, like Australians, start using first names quickly
while talking with each other. However, in Russia first names are usually
used for close friends and associates. Instead, most times in business people
are called by their surname. These differences are important to realize
because, for instance, South Koreans might feel disrespected and could be
turned off if they are called by their first or last name, not their title.
If a man and woman meet for business, how do they interact with each
other? Generally, in the United Arab Emirates (U.A.E.) men shake hands
with other men, but not with women. For business in Russia, men will shake
hands with women, but will wait until a woman gives her hand first. Variety
in styles must be known because, for example, men from the U.A.E. should
not be caught off guard if women from different countries offer to shake
hands while doing business.
Finally, do clients have proper etiquette during a business dinner? In South
Korea people are expected to give something with both hands, but in the
U.A.E. it is rude if you eat or offer something with your left hand. These
subtle differences might leave a bad taste in their mouths if a cultural taboo
is broken and then business deals could be called off.
Is s u e 0 7
CULTURAL DIFFERENCES
Issu e 0 7 CULTURAL DIFFERENCES
•
• •
OCABULARYT
rude
*Not polite, bad behavior
© He was rude in yesterday’s meeting.
be offended
*Feel uncomfortable and upset, maybe becoming angry
O She was offended when her colleague said she was not smart.
address
*Call each other, whether by name or title
O How should they address their boss?
surname
*Family name or last name
0 What is the job applicant’s surname?
interact
*Talk and act when they are together
0 1 interact well with my manager.
etiquette
*Style of behavior and manners in a public or social place
0 It is not good etiquette to leave a meeting before it finishes.
subtle
*Not obvious, discreet
0 1 told my boss in a subtle way that I did not like my co-worker.
taboo
^Something you should not say or do
O A sexual joke is a taboo subject with a client.
XPRESSIONS:
42 |
be turned off
*Lose interest
O She will be turned off by the shopkeeper if he seems greedy.
be caught off
guard
*Be surprised, not prepared
O I was caught off guard when my boss asked me for the sales results.
leave a bad taste
in their mouths
*Give or leave a bad feeling or bad impression
O Yelling at customers will leave a bad taste in their mouths.
called off
*Canceled
O The meeting was called off when the company’s director was ill.
K U IA C K -L e t's
alk Business
Let's a lk Business
DISCUSSION
CMNTS:
O W hat are some m ore exam ples o f cu ltu ra l differences betw een
countries, races and ethnic groups?
■ For instance, would it be rude if a name was w ritten w ith red ink in
Thailand or w o u ld you offend people if you were w h is tlin g in
Russia?
© Are people from other cultures rude or are cultural differences a good
reason to explain someone's unusual behavior?
■ For example, is it rude to blow your nose in public or can it just be
accepted as a cultural difference?
@ Should people from various parts of the w o rld change th e ir style
when visiting another country or should they keep the style that they
know from their home country?
• For instance, is it acceptable fo r a Brazilian to be late fo r an
appointm ent in the West because arriving at the right tim e is not
com m on in Brazil, although it is necessary in the West?
© W hy is it im portant to understand cultural differences for business?
參 LETS
EVIEW: • • •
If all countries and cultures were the same, the world would be boring. O n the contrary,
places on Earth can be so different that people experience “culture shock.” For Westerners,
it is quite shocking when people in Peru eat guinea pig for lunch or people in China eat
monkey brains for dinner. It is also surprising when people from technologically advanced
countries visit farms in Romania or India. Here they see animals like oxen working as
machines. These are a few examples and people should “expect the unexpected” if going
abroad.
Issue 07 ᄋCULTURAL DIFFERENCES p | 43
TOPIC REVIEWS
Could you imagine losing all of your Korean won? Do you have lots of money
saved at the Korean Exchange Bank or Kookmin Bank? Have you invested your
money in lots of different areas, like stocks or mutual funds? W ill you lose most
of your money if the real estate market in Korea drops?
DIALOGUE:
)
K ayla : I am so depressed these days.
Steve :
Why? W hat’s wrong?
K ayla : It took my husband five years o f hard work at Intel to save lots of
money.
Steve :
I understand, but many people do the same thing and work hard.
K ay la : I know. However, we made a very bad decision.
Steve :
Uh-oh. W hat was it?
K ayla : We used all our money and invested in an apartment in New York.
Now the prices in Manhattan have dropped and we lost so much of our
savings.
S te v e :
Yes. I see. It w ould have been safer if you had diversified your
investments. You should have put your money in different areas.
44 |
K U IA C K - Let's alk Business
•
參
•
The key point of real estate is “location, location, location，
, and the cardinal
rule of investing is “diversify, diversify, diversify.” All areas of investment
do not follow the same economic cycle, so all are not bullish or bearish at
the same time.
With an investment portfolio, if you were to put all your eggs in one basket
then it could fail. So, financial advisors recommend that people diversify
their investment assets. This will reduce the risk of the whole portfolio’s
value decreasing. If one part of the investment lowers in value, then
probably another part of it will increase in value. Together the different parts
of the financial account should balance out and keep your assets safe.
Some Americans lost their savings when they invested lots of their money in
a company, Enron，
s, stock. Many individuals did not think it was necessary
to diversify because they thought Enron was a solid company with a stable
price. However, it was a shock when people realized that Enron had been
cooking the books⑶. As a result, the company’s stock value plunged and lots
of investors lost their savings because they did not diversify.
Companies should also diversify their investments and their product line. In
early 2004 a disease, Avian Flu, was present in certain parts of Asia. Since
this disease was carried in chickens, many people stopped eating chicken.
Kentucky Fried Chicken (KFC) in Vietnam had to quickly switch to offering
fish in order to stay afloat(7). With an almost complete menu of chicken that
is not diverse, KFC could have lost lots of revenue when this occurred in
Asia.
If someone looks at another company, General Electric (GE), it shows that
this blue-chip company is spread across many different areas — financial
services, media, and technology8). This is safer for their business because if
one part is weak then another one will probably be in a more profitable
situation to balance out the overall business.
Is s u e 0 8
DiVERSIFY
■ 45
Issu e 08 DIVERSIFY
OCABULARY:
diversify
econom ic cycle
*Divide money into a variety of different investments
O We must diversify our products to expand into new markets.
*Business pattern of growth, decline, recession, recovery
O The weak part of the country’s economic cycle is finally over.
portfolio
^Collection of all of a persons investments
O He went to the bank manager to discuss his portfolio.
assets
*Items or property that have value
0 As time goes on, the amount of my assets increases.
balance out
*Become equal overall
0 1 left work early and then later worked OT, so the number of
hours I worked balanced out to be the right amount.
plunged
^Decreased a lot quickly
O The number of people buying newspapers plunged when they
could read the news on the Internet.
product line
*Group of products which a company sells to customers
O Their product line had both cheap and expensive items.
blue-chip
com pany
*A well-established company that is valuable
O The blue-chip company’s share price increased by $ 1.12 in April.
XPRESSIONS:
cardinal rule
*Basic and important rule that must be followed
O The cardinal rule of economics is when demand increases then so do prices.
bullish/bearish
♦Financially strong/weak
O Years ago the economy was bearish, but now it seems bullish.
put all your eggs
in one basket
*Invest all your money in one place (eg. stocks, real estate)
O I buy many different stocks so I do not put all my eggs in one basket.
cooking the
books
*Illegally making false financial records at a company
O It is illegal when someone is cooking the books.
stay afloat
*Stay open, stay in business
O The company will stay afloat if it receives more money from banks.
K U IA C K - Let's alk Business
Lets a lk Business
C
D is c u i
o W hat are some im portant areas of investment where individuals or
companies could diversify?
• For example, would it be smart to invest in the real estate market or
the natural resources (eg. oil, coal) market?
Explain some bullish and bearish econom ic tim es in past global
history?
■ For instance, people experienced the healthy U.S. economy in the
1990's, b u t they also witnessed the Asian/IMF Crisis in the late
1990's.
© Provide some examples of corporate problems when companies cook
the books?
• For example, the situation w ith Enron in the USA.
O Have you ever lost a lot of money in an investment because you failed
to diversify? Please explain.
• LETS EVIEW: • • •
In the 1990s many technology stocks were soaring to unbelievable and record levels. Many
people in the West and other parts of the world thought that they could not lose if they
invested in these types of stocks. As a result, people did not diversify enough into other
stocks like oil and medical drugs. However, when technology stocks dropped quickly these
same investors quickly learned their lesson 一 always diversify for a safe portfolio.
Issue 0 8 O DIVERSIFY | |
47
TOPIC
REVfEWD
Do you think that you earn enough money to live in Seoul? Would you work a
second job at an Apgujeong restaurant to save more money? How would your
Korean boss feel if you had both a full-time and part-time job?
iA LO G U E:
Jason 2
)
Hey William, are you married yet?
W illia m : Yes, I got married to a woman from London abouttwo years ago.
Jason :
I got married last month and now I spend lots of money. D id this also
happen to you?
W illiam : Yes, I still spend lots of money for furniture and also for toys because
now we have a child.
Jason :
I am th in k in g about getting another job at a nightclub near the
University of Toronto so I will have enough money for my family.
W illia m : That is a great idea and good luck!
Jason :
48 |
Thank you.
K U I A C K - Let's alk business
Being employed can allow people to accumulate different work skills as
well as some financial benefits. Imagine how much more could be achieved
if a person had decided to work two jobs. A new and rising trend among the
younger generation in different societies is having a primary job during the
day and a secondary job in the evening.
Many people will usually say that there are both pros and cons to this new
way of getting ahead. Many people do not decide to call it a day after the
main job comes to an end. Instead, some workers go to work for another
employer so that their job experience is not just one-dimensional. For
example, if someone works in an accounting department at their main job
and then helps with marketing plans at their other job, they learn about
budgets and statistics during the day as well as creativity and target markets
in the evening. This extra experience could pay off in the long run as more
job opportunities could become available for them.
Also, people who decide to work a second job can earn additional money
and can become much more financially stable. This kind of economic
surplus could be used as start-up capital for a personal business. It could also
be a safety net if someone was given a pink slip by one of their employers at
a later time.
From other points of view, there are also significant drawbacks to working
two jobs each day. For instance, if someone works too many hours per day
then it is likely that this person will be bushed. This could result in the
employee losing focus and not being most effective while working.
Eventually the company could lose productivity and could look at this
employee as not being committed to the company.
Is s u e 0 9
WORKING TWO JOBS
OCABULARY:
accum ulate
*Gather and collect over a period of time
O The company can not accumulate more debt.
pros and cons
*Advantages and disadvantages, benefits and drawbacks
O What are the pros and cons of working for your company?
one-dimensional
*Only focused in one area
O She is too one-dimensional so I do not want to hire her.
target markets
^Groups of customers most likely to buy a product or service
O We need new ads to attract more people from our target market.
start-up capital
*Money used to start a business
O He wants to save lots of money to have start-up capital.
safety net
^M inimum income that provides financial security during
difficult times
O France provides a generous safety net if its citizens lose their jobs.
drawbacks
‘ Disadvantages
O A drawback of the job is that the office is far from my house.
focus
*Concentration, attention
This year she will focus on her job and hope for a promotion.
XPRESSIONS:
50 |
getting ahead
*Progressing further to achieve success
He is getting ahead by working lots of overtime.
call it a day
*Stop working
They will call it a day early to celebrate their company’s success.
pay off
*Bring good results
Your hard work will pay off if your manager promotes you.
given a pink slip
*Given an official notice of being fired
O Two workers were given pink slips for stealing from the company.
bushed
*Very tired
They are bushed after spending lots of time solving the problem.
K U IA C K - Let's alk Business
o l NT
|
미|
N
SI
o
s
u
c
D
I
s
O W hat are some other advantages and disadvantages of having tw o
jobs?
• For instance, can having a second job decrease stress because it is a
way to refresh your mind from a main job, or can it cause you to
miss things, like evening events w ith clients or friends?
@ How can a company benefit by an employee having a second job?
■ For example, could the employee learn a better system of doing
things and then use it at the oth e r com pany too, or could the
employer see your skills as double the value for just a single salary?
© W orking tw o jobs could be risky, but could it also be a way fo r an
employee to take more risks?
• For instance, is it risky because an employer m ight think you do not
have the tim e to work in a higher position and then you are not
promoted? Or, does it allow employees to take more risks because
if their ideas fail and they are fired then they are not too worried
since they still have another job fo r income?
Do you feel that bosses have the right to prevent you from working a
second job? Or, is it fine as long as you do your main job perfectly?
• LET5S EVIEW: • • •
Some people think Westerners do not work hard. That is not always true because many
people in the West work two jobs. Since lots of people want to live in downtown London
or New York then there is a large supply of workers. Following the rules of supply and
demand, this means that the employers can pay a low salary and there will still be
employees available to hire. To make sure they have enough money to pay the bills and also
have a fun social life, these employees work two jobs.
39 ᄋWORKING TWO JOBS
|
51
T O P IC
REVTEWT
Does the Korean government make you pay too much money in taxes? W hat is
the current income tax rate in Korea? Would you be willing to pay more taxes if
Korea developed a better social system?
IALOGUE:
H elen : Hello Honey, how was your business trip to Moscow?
Jo h n 2
M y trip was fine, but I am a little bit discouraged.
H e le n : O h no. Why? W hat’s wrong?
John :
Well, when I came back I went to the bank and we have less money
than I expected.
H elen : That’s a problem and why did that happen?
Jo h n :
The government raised the income tax rate, and now I also have to pay
more sales tax for my alcohol and cigarettes.
H elen : I understand John, but there is nothing we can do about it.
Jo h n :
I know, but I am thinking that maybe we should move to another
country with less taxes.
52 |
K U IA C K - Let s a
usiness
V i
--------
In some countries around the world, an income tax was a way to cover the
cost of various projects needed for the country’s development. Right now,
most people still continue to be bombarded with a bunch of different types
of taxes — corporate, income and sales tax. There is still no light at the end
of the tunnel.
Taxes provide the dough for governments to: develop infrastructure, connect
communication networks, improve military strength and offer social benefits
to their citizens. Some individuals around the world seem to want to live in
developed countries which usually have quite a generous social system.
However, this costs lots of money for the citizens because the tax rates in
advanced countries (such as Norway) are significantly higher than the rates
in some developing countries (such as Bolivia).
D uring a recession a country’s financial situation dips，and various
economists decide to react in many different ways. Some suggest that tax
rates should remain the same or increase in order to pay for job creation
projects which will reduce the higher unemployment rate. Others prefer to
recommend that taxes should decrease because this w ill allow many
corporations and individuals to have more disposable income.
Whatever is the case, a government’s goal could be to create a trickle-down
effect which will eventually spur the economy. If additional people are
working then they have more money to spend on goods as well as services.
If corporations have less tax to pay, then they can invest to expand their
operations. This will result in even more jobs and income, so then soon the
economy should be sitting pretty. For the governments, they receive more
income tax from the additional people working and they receive more sales
tax from the many people consuming a larger amount.
Is s u e 1o
ta x e s
1 53
Issu e 10 TAXES
OCABULARY:
bom barded with
*Hit or attacked with, subjected to
O She was bombarded with lots of paperwork.
infrastructure
*A nation’s basic transportation, communications and power
systems
O Japan’s developed infrastructure makes traveling around there easy.
social benefits
*Services provided by governments (eg. welfare, health care,
pension)
O Canada’s social benefits system is one of the best in the world.
recession
★Temporary decrease in business activity or economic growth
O The recession in that country lasted for five years.
dips
*Drops, declines
O The bank’s interest rate has continued to dip.
job creation
projects
*Government projects that produce jobs for people needing work
O Thousands of people started working due to job creation projects.
disposable
income
*Amount of income for spending or saving after paying
income tax
My disposable income increased so I bought a new car.
trickle-down
effect
*Idea that financial benefits to big business (eg. tax cuts) will
pass down to smaller businesses and individuals (eg. less
unemployment)
O The trickle-down effect helped the economy get out of a recession.
XPRESSIONS:
cover the cost o f
^Pay for
Raising prices can cover the cost of higher wages.
light at the end
of the tunnel
^End in sight
O Projects take a long time, but I see the light at the end of the tunnel.
dough
(Money
v The water company made a lot of dough last summer.
spur the economy *Bring more life and activity to the economy, stimulate
O The government can spur the economy with job creation projects.
sitting pretty
54 |
K U IA C K -
usiness
*In a good condition or position
The company is sitting pretty with 45% market share.
ISCUSSION POINTS:
C
DISCI
\ _____________
_________________________________
o In a recession, is it better to increase or decrease the tax rates?
• For example, an increase in taxes means the citizens w ill have less
money to spend, but a decrease in taxes can create deficits.
Would you prefer to pay high taxes and live in a developed country
or pay low taxes and live in a developing or under-developed nation?
• For instance, would you be w illing to give up more of your salary in
order to have unem ploym ent insurance if you were not w orking or
w ould you rather keep more of your salary w ith w hich you can
decide how to spend?
© Analyze th e fo llo w in g tw o cases: Some people suggest Japan's
recession lasted long (from 1990 to 2004) because the Japanese did
not spend their money and this caused the economy to remain weak;
whereas the poor economy in the U.S. lasted fo r less tim e (2000 to
2004) because the Am ericans spent m oney and this helped the
economy grow.
© Do you think that the rich legally pay all of their taxes or are they not
com pletely honest when paying their taxes?
• LEFS EVIEW: • • •
Generally, the more taxes paid the more social services provided. If Koreans compare the
U.S. to Canada then most Koreans decide they want to live in America. This is because
they feel workers in the U.S. make more money and employees in Canada pay more taxes.
However, if an employee in America deducts the high health and education costs from their
salary, then they will realize that the wealth gap is a lot less than they thought. Workers in
the U.S. can make more money, but also pay more for social services. Employees in Canada
can pay more taxes, but also pay less for social services.
10 Otaxes i
| 55
A BBR EV IA T IO N S
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T O PIC
REVTEWD
Are many foreign workers taking away jobs from unemployed Koreans? Would
you treat foreign workers the same way as Koreans? Would you hire someone
from South-East Asia, such as Vietnam or Bangladesh?
IALO GU E:
C h ristin e : Hello Sanjeev, welcome to our IT Department.
Sanjeev :
Thank you very much and it is nice to start working with you.
C h ristin e : So Sanjeev, would you tell me about yourself?
Sanjeev :
Yes, I am from India and I went to the Indian Institute of
Technology (IIT).
C h ristin e : Very nice! W hy did you choose to come to work in Australia?
Sanjeev :
Because Australia has a very developed technology system. Also,
I can earn more money in Syndey than in Delhi.
58 ■
C h ristin e :
I hope you enjoy your time here.
Sanjeev :
I hope so too.
K U IA C K - Let s alk Business
Trade blocs like the European Union (EU) are developing during this time of
globalization. More people are able to move across borders searching for
work and a better standard of living. This has benefits and drawbacks for all
involved.
Ten new countries were admitted into the EU in May 2004. This will allow
people from Eastern Europe like Poland or Hungary to move to more
advanced Western European countries like Ireland in search of a job(9). For
Poland, this could help reduce its unemployment rate as the jobless leave. It
might also be “a brain drain” where its smartest workers leave their own
country. For the Hungarians who choose to migrate, it could let them rake in
the dough compared to the wages they would make at home, but they would
be away from their culture. Irish companies could hire some of the best
people from abroad, but this could take jobs away from their own citizens.
In other nations, the migrant workers allow the small and medium-sized
enterprises (SMEs) in a country to compete on a more equal playing field
with the large conglomerates. Major corporations like Korea’s Samsung
remain competitive by moving many facilities to countries with less
expensive costs, such as Vietnam and China00). This could give them a leg
up on the Korean SMEs. This is because the smaller operations can not
afford to move many facilities abroad in order to capitalize on lower costs.
Thus, prices might not be competitive with the large corporations and
eventually they could go belly up.
Instead of moving their facilities abroad, the Korean SMEs can just sign a
contract to move foreign workers to Korea. These foreign workers could
usually be paid less than their Korean colleagues. The SMEs would be able
to reduce their overhead and keep their prices competitive with the large
corporations.
Is s u e 11
MIGRANT WORKERS
IS S U e
1 1
M IG R A N T WORKERS
O C A B U LA R Y T
trade blocs
*Large free trade zones that include several countries (eg. NAFTA)
0 The amount of trade blocs in the world continues to increase.
standard o f living *Quality of life
0 1 want to work in a country with a high standard of living.
unem ploym ent
rate
*Percentage of people who do not have a job
O Finally the unemployment rate started to go down.
migrate
*Move from one area or country to another
O A new employee might migrate from Romania to Spain.
conglom erates
^Corporations with many companies in different business areas
0 He works for a conglomerate with offices in 58 countries.
can not afford
*Can not endure the cost, do not have enough money to pay
for something
0 1 can not afford to buy both a new car and boat.
capitalize on
*Gain by making something into an advantage
O The investors will capitalize on the strong real estate market.
colleagues
*Co-workers
O Some colleagues will go on a business trip next week.
X PR ESSIO N ST
a brain drain
*A time when most intelligent workers leave for another country,
usually for better pay or living conditions
O High taxes cause brain drains as workers hope to save more money.
rake in the dough *Make lots of money
O If my company rakes in the dough I can afford to buy a bigger office.
60 | |
equal playing
field
^Situation where all companies have equal ability to compete
O Working on an equal playing field will help us compete fairly.
a leg up
*An advantage
O She has a leg up on other job-seekers because she speaks Spanish.
g o belly up
*Go bankrupt, run out of money
O After 10 years in business, the company might go belly up.
K U IA C K - Let's alk Business
Let's a lk Business
O W hat are the cultural barriers that exist when workers m igrate across
borders?
• For example, do the workers need to learn a new language or are
some people racist?
@ Is your country experiencing a "brain drain?"
■ For instance, are a lo t of inform ation technology (IT) specialists
accepting job offers in the United States or are engineers deciding
to work in the M iddle East's oil fields?
@ W hat is the most desired country to migrate to fo r work and living?
© W hat can be a solution fo r the follow ing problem: Many people are
worried that m igrant workers are taking the places of Korean workers.
However, corporate managers dem and th a t m ore foreign workers
come here because they say Koreans do not w ant to do 3-D (dirty,
dangerous and difficult) jobs?
• LErs
eview ：• • •
Migrant workers can greatly help economies. As the population ages in England and other
parts of the West, workers are needed to replace numerous people starting to retire. Since
low birth rates in several Western countries can not replace all the people stopping work,
migrant workers can fill this need. Or, in other instances, migrant workers can keep wages
low because some lower-level jobs would be done by Westerners if the wages were higher.
However, this would cause prices to increase.
O n the other hand, migrant workers have also caused some social problems in various
countries. For example, in some nations extreme or racist citizens have started to be against
foreign workers. As a result, these migrants feel uncomfortable as they are harassed or
physically hurt by these local residents.
issu e 1 1 O MIGRANT WORKERS
T O PIC
REVIEW :)
Do you still think you have job security after the 1997-98 Asian Financial Crisis?
W ill you continue to work for your Korean company until you retire? Have you
recently tried to look for a job with a different company?
IALO GU E:
)
S h a n n o n : Every night my team leader tells me that I must work overtime.
M a tt:
I know. She tells me the same thing and it makes me angry.
S h a n n o n : Several years ago it did not bother me if I worked extra hours.
M a tt:
Really? Then why do you care now?
Shannon : At that time we knew we had a job for life. However, now the boss
could fire me tomorrow.
M a tt:
I understand your point. I work overtime and spend less time with
my baby, but the company could get rid of me soon.
62 |
K U IA C K - Let s a lk Business
C a r e e r T遞
Itv
When employers open their businesses and employees start their careers,
both usually have one similar goal to succeed. During the beginning of this
21st Century, the work office is full of tough competition. An interesting part
related to this is the different view of loyalty between employers and
employees.
Companies must be competitive with their market rivals. The management
executives expect employees to show their loyalty to the company by taking
on additional tasks or working overtime (OT) hours more often. For
example, instead of a dozen people working in the Human Resources (HR)
Department for a full workday, through restructuring many companies have
downsized and gotten rid of some positions so that only nine people do the
same work as twelve. This usually requires employees to work more OT to
complete the extra assignments.
As a result, the employers are pleased. This saves the company some
overhead cost, which indirectly increases their profits. This money can be
used to make them more competitive with their market rivals. The
employers believe the honor of working for a leading competitive company
will make the employees more loyal. What might be occurring is actually
vice versa.
For the employees, the benefits are not quite clear. Showing their loyalty by
working more means that they could have less leisure time and yet they
could still be sacked at any time. These work conditions could reduce
competitiveness as the employees’ morale decreases and they are burnt out
from working too many hours. This could actually trigger the employees to
look for another job with better conditions (better salary, fringe benefits,
working hours, location and so on). If this happened, some money the
company saved by downsizing to make it more competitive with market
rivals would then have to be spent on training new employees.
Issue 12
CAREER LOYALTY
|
63
IS S U e
1 2
CAREER LO YA LTY
O CABULARY:
21st Century
*Years from 2001 to 2099
O Better technology will be used in business during the 21st Century.
market rivals
*Competitors, companies competing in the same market
O What company is our main market rival?
restructuring
*Reorganizing a company to be more efficient
O Restructuring mainly benefits employers more than employees.
downsized
*Laid off employees to be more competitive by lowering costs
O Asian companies downsized after the 1997 Asian Financial Crisis.
overhead cost
*Cost to run a business not related to producing and selling
goods or services (eg. salary, electricity and rental fees)
O High overhead costs in Paris forced the company to move to
Jakarta.
vice versa
*The reverse, the other way round
O The employee really likes his boss and vice versa.
morale
^Enthusiasm and loyalty for the job
0 The morale at the office was bad because of low sales.
frin ge benefits
*Employees’ non-cash benefits in addition to salary that is paid
by employers (eg. medical and pension plans, a company car)
0 1 chose to work for this company due to its generous fringe benefits.
X P R E SSIO N ST
taking on
*Accepting new responsibilities
O I will be taking on new projects next month.
64 |
gotten rid of
*Removed or done away with
O Have you gotten rid of the old data yet?
be sacked
*Have their job terminated; be fired
O He will be sacked for arriving late at work too often.
burnt out
*Tired and needing some time off from
work
O She is burnt out because her boss always tells her to work overtime.
trigger
*Cause
O Rude comments can trigger an argument between colleagues.
K U IA C K - Let s alk Business
Lets al
B
DISCU SSIO N
usiness
P IN T S :)
O W hat w ork conditions do you consider fair fo r both the employers
and employees?
• For example, how many OT hours are acceptable?
@ How is loyalty rewarded at various companies you know?
■ For instance, do the employees receive a special bonus or an extra
day off?
@ How can companies stay com petitive by decreasing costs, yet still
maintain enough employees?
• For exam ple, could the executives reduce th e ir e n te rta in m e n t
account or could the com pany move to a less expensive office
location?
© W hat have you done to prepare fo r your fu tu re in case yo u r job
position is not as solid as it was before?
• L E rs
EV ᅵ
During the 1980 s, Wall Street investors’ pressure for higher profits changed the employeremployee relationship. For Western companies to indirectly increase profits they decreased
costs by reducing the number of employees. The result was less loyalty between employers
and employees. Since workers now feel they could lose their job at any time, many
employees move to another company if the conditions are just slightly better. I f you have
skills that are in demand, then it could be good as other companies try to pay you higher
than what your current company does.
I 2 ᄋCAREER LOYALTY
■ 65
TO PIC
REVIEW S
Are the company executives at your company trying to decrease costs? Could you
work from your apartment in Nowon-gu? Do you feel that you spend too much
time in a car or on a subway to get to your office in Korea?
IALOGUE:
M ark :
I am really sick of driving a car from my home in Palo Alto to my
office in San Francisco everyday.
F rank :
I can imagine that it must take you a long time.
M ark :
Yes, the distance is far and there is always heavy traffic on the bridges
and expressways.
F rank :
Have you considered looking for a different job closer to your house?
M ark :
Yes, but I have also thought about doing my work from home.
F rank :
Wow! That would be an interesting new experience.
M ark :
I think so too. However, I worry that I might become too lazy and not
work properly without a boss near me.
66 |
K U IA C K - Let's alk Business
As the world changes and people use new methods to do things, the way
business is performed has also modified. Sending snail mail is being
replaced with faxes and emails. The way people dress for work is sometimes
becoming much more relaxed. Now, wearing suits and dresses is frequently
changed to dress down days with relaxed attire. These are just a couple of
examples of how the workplace has changed like societies have too.
A bigger change in the style of work is the number of people who have
started to work from home instead of commuting to their office daily. This
type of work condition is becoming a hit because there are advantages for
both the employee and the employer.
Employees benefit as they do not have to deal with traffic jams which waste
lots of valuable time. Instead of being stuck in traffic for hours per day, the
employees can spend this same time with their family and friends, or on
other personal things.
In addition, their schedule can become flexible so they can do all their daily
tasks more conveniently. While this occurs, they can also keep in touch with
their employer regularly online. For example, some mothers could work
during most of the day, but if their child needs to go to the doctor then they
could leave their house and their work for a couple of hours. Then they
could return home and work just a bit later that evening. Such conditions
could make employees more content with their job situation. This could
make them more productive because they would not want to risk their job by
not giving their best effort and results.
For employers, there are other benefits besides just having more productive
workers. For instance, if more employees are working from home the office
space required could be smaller, which would lower the overhead costs of
rent and utilities. As a result, the company’s profit margin would increase.
Is s u e 1 3
BENEFITS OF WORKING FROM HOME
IS S U e
1 3
BENEFITS OF W O RKING FROM HO M E
O CABULARY:
modified
*Changed and been updated
O We modified our budget because the exchange rate changed.
attire
*Clothes
0 You should wear semi-formal attire to the company party.
com muting
*Traveling back and forth
0 1 spend two hours commuting by train to my office each day.
traffic jams
*Lots of vehicles on roadsmoving slowly or stopped
O Traffic jams waste employees time when they could be working.
content
^Satisfied, pleased
0 He will be content with a 10 percent salary increase.
risk
^Create danger with a chance of losing
0 1 will risk my savings and use them to start my own company.
utilities
^Public services from a company (eg. supply of electricity and
water)
OThe cost of utilities continues to decrease.
profit margin
* Percentage o f profit
O Our prices must be competitive so our profit margin is just three
percent.
X P R E SSIO N S:
68 ■
snail mail
*Regular traditional paper mail (through the post office)
O It is convenient that e-mail has replaced snail mail.
dress down days
*Days to wear casual clothes
O All Fridays are dress down days.
a hit
^Popular, successful
O The new product is a hit so the company’s profit is high.
to deal with
*To spend time with someone or to spend time doing something
O The employees had to deal with many calls from customers.
keep in touch
^Maintain communication
O It is best to keep in touch with clients often.
K U IA C K - Let's alk Business
ISC U SSIO N
이 NTS:
O W hat are the advantages and disadvantages of w orking from home?
■ For instance, could it be a benefit to have a flexible schedule or
could it be a drawback because people could fin d it d iffic u lt to
encourage them selves to do w o rk w ith o u t some boss d ire c tly
forcing them?
© W hat changes could occur in the futu re w ith the way people do
business?
■ For example, w ill most people work from home in the future and
com m unicate w ith th e ir colleagues th ro u g h cyberspace, just as
people communicate w ith distant friends now?
© D e sp ite m any b e n e fits o f w o rk in g fro m h o m e , w h y do m ost
corporations still keep their regular nine-to-five w ork schedule?
O List jobs that are either possible or impossible to do from home?
參 LET S
EVIEW: • 修 •
Many Western employers tell workers that effort is great, but results matter. Therefore,
some Westerners want to work at home without a boss supervising them because they can
provide the results without going to the office. Instead of working a full day, maybe they
could get the required results done in less hours and the rest of day would be free time. Or,
instead of having lunch with a boring co-worker, they could have a break by swimming in a
backyard pool with their children. I f only results matter, then Westerners think they should
be able to work however and wherever they want as long as they get the proper work done.
O n the contrary, maybe there are disadvantages to working from home. For the employees,
they might feel isolated or lonely and this could affect their morale. If this is the case then
this is also a disadvantage for the employers because then the workers might be less
productive. Also, it could be less efficient for the employers because any input and analysis
from each of the employees might take more time then being able to speak to all of them in
a group meeting.
Issue 13 O BENEFITS OF WORKING FROM HOME
| 69
T O PIC
REVIEW:
Would you prefer to work in an office with a Korean or Western boss? Do general
managers in Korea listen to your opinion and ideas? Do you feel that you would
be a good leader of a company?
IALO GU E:
Scott:
You will not believe it, but my whole life at work has changed recently.
Sarah :
Do you mean that in a good or bad way?
S c o tt :
Definitely in a positive way.
Sarah : That’s great! How has it changed to be so much better?
S c o tt:
Well, my previous manager was an elder gentleman, but now I have
a younger individual from Los Angeles.
Sarah :
OK, but what is the difference?
Scott 2
The other boss was a leader by just telling us what to do. Now the new
boss wants to hear our opinion and ideas about issues.
Sarah : Oh, that is wonderful because it must make you feel more important.
70 |
K U IA C K - Let's alk Business
When some people are asked about their job, many times they say their
work is not their cup of tea for a variety of different reasons. For example,
the job is not challenging enough, the industry is too boring and the office
location is far away. Other individuals also complain that their boss does not
have good leadership skills and is the main cause of all their problems.
When these employees make these accusations honestly, they then provide a
large amount of examples from employment experiences to back up their
point. For instance, a common grievance is that managers take all of the
credit for work when the results are good. Yet then they decide to pass the
buck and blame others when there are some problems that occur.
In addition, other individuals might feel that their leaders are too controlling
or dictatorial. This is usually because on most occasions the people incharge of them do not listen to other people’s opinions. Rather, they insist on
doing things their own way. However, employees feel important at their job
when their bosses are more open-minded. Then they can contribute to the
decision-making process by providing their manager with good ideas.
Then there are also other workers who separate leadership quality based on
gender. Men are often considered to be quite flexible as long as the results
are fine. Some people think that men do not treat employees equally. Women
are praised for being good listeners as they consider many people’s input.
Often women are criticized by others for being too strict.
Whatever the situation, everybody has a different leadership style that they
use on the job. A mixture of many different types could be the best because
not one specific way is perfect to achieve the desired results.
Is s u e 14
LEADERSHIP
IS S U e
1 4
LEADERSHIP
O CABULARY：
accusations
^Possible reasons why someone is to blame
O Her accusations about our boss are not true.
grievance
*Complaint
O We understood his grievance about his low salary.
dictatorial
*Acting in an unreasonable way that is too strong or powerful
0 Employees smiled when the dictatorial boss quit his job.
insist on
* D em and
0 1 insist on negotiating with that difficult client.
open-minded
*W illing to listen to new or different ideas
O Her boss is open-minded and listens to her ideas.
gender
*A persons sex; male or female
O What is the gender of your CEO?
input
*Opinions, ideas and information about something
O Your input helped us improve our customer service.
criticized
^Disapproved, found fault with
O They criticized my research for costing too much money.
X P R E S SIO N S :
72 |
not their cup
of tea
*Not their preference, not something they like
O Working at a stressful job is not their cup of tea.
back up
^Support in order to help prove
O Her presentation was backed up with statistics and examples.
take all o f the
credit
*Take all of the praise and recognition
O An employee took all of the credit for someone else’s work.
pass the buck
*Shift the blame or responsibility
O Colleagues passed the buck and blamed him for the mistake.
in-charge
*In control, a person who tells other people what to do while working
O She is in-charge of the marketing staff.
K U I A C K - Let's alk
usiness
D ISC U SSIO N ? 이 N T S r)
^
O Define the ideal leader fo r a boss?
■ For instance, does a successful leader let you w ork independently;
w hat type of personality does a good boss have; and how does a
leader resolve conflicts?
© W ho are some fam ous business executives w h o have e ffe ctive
leadership styles?
■ For example, w h a t do you th in k about the fo u n d e r of Hyundai
(Jung Ju Young) or the current Chairman of Samsung (Lee Kun
Hee)?
@ Would you prefer to w ork for a male or female boss, and why?
Q When corporations are searching for a new executive, w hat are the
qualifications they w ant the person to have nowadays?
• LET，S
EVIEW: • 參 •
Young managers in Western companies, like GE, lead employees in more different and
liberal ways than in the past. A significant change is that these leaders do not always make
decisions alone. Rather, they encourage members of their team to make comments and ask
questions. Managers listen to the information so others can join the decision-making
process. More ideas are shared and hopefully better decisions are made. Although managers
are the leaders, they realize that “two heads are better than one.”
14 O LEADERSHIP
■ ■ 73
T O P IC
REV IEW S
Are Korean and African cultures different? Could you receive a bulgogi burger at
a M cD onalds restaurant in Scotland? Does Samsung Corporation provide
English instructions with its products for North Americans?
IALO GU E:
T racy:
When my friend, Dave, was studying for his M BA in France he could
order beer at McDonalds.
Luke :
You must be joking because I do not think it is possible at other
McDonald s around the world.
T racy:
No, I am not kidding. It is local custom in France to drink alcohol at
many places, even family restaurants.
Luke :
OK, I understand because as people say, “When in Rome, do as the
Romans!，
，
T racy:
You are exactly right.
Luke :
I appreciate when foreign companies change their style for the local
customers.
T racy:
I also feel the same way. Koreans thought it was great that they could
order kimchi burgers at McDonald’s in Korea during World Cup 2002.
74 ■
K U IA C K - Let's alk Business
“Glocalization” is acting globally, but thinking locally. It is the idea of
multinational corporations (MNCs) practicing globalization by expanding
worldwide, yet tailoring their marketing and advertising strategy, or goods
and services, to each of the local markets. Therefore, the company is global,
yet also local.
During the past decades, international corporations would have to pinpoint
what part of their products would have to be altered in order to be sold in
foreign markets. For example, technology items had to have the right
language in their Users Manual, electrical items had to fit the walls in
various regions of the world, and automobiles had to have a steering wheel
on the proper side of the vehicle.
This type of localizing evolved and companies also became aware of special
cultural norms. They then changed their business for these different customs.
The American fast-food giant, McDonald’s, changed their standard uniform
and meal menu in some foreign countries. McDonald’s in Indonesia have
their female employees wear a veil which is normal in many M uslim
countries. McDonald’s in France offer a menu which includes beer. It is
hoped that these differences will make American fast-food easier to swallow
as it faces tough foreign competition.
Finally, market rivals are checking out ways to give themselves an edge in a
specific local area. Korea’s LG Electronics has tried to draw Muslims in the
Middle East to purchase its mobile phones. It attempts this by including
software that shows the direction of Mecca(11). Since Muslims are supposed
to pray in this direction five times per day, this might be a special feature
that they find useful. It will not likely start a revolution in the mobile phone
market, but it might be just enough to tip the balance to LG when Muslim
consumers decide to purchase their new handsets.
Is s u e 1 5
"GLOCALIZATION”
IS S U e
1 S
"GLOC 스LIZA TIO N ”
O CABULARYT^
tailoring
*Customizing, making in a specific way for a special purpose
O Tailoring cars for the U.K., we put steering wheels on the right sid<
altered
*Changed, modified
O We altered our meeting schedule.
evolved
* Changed as time went on
OThe company has evolved from having 10 workers to 45.
cultural norms
*Normal and acceptable behavior in cultures
O Learning cultural norms is important for international business.
veil
* Cloth that cover women’s heads
O She puts on her veil before leaving for work.
faces
* Confronts
O The water company faces angry customers when its service stops.
draw
Mecca
Attract
O Let’s hope this new ad will draw more customers to the store.
ᄌ
*In Saudi Arabia, holiest place for Muslims
O My boss visited Mecca when he took time off from work.
X P R E S SIO N S :
pinpoint
^Determine exactly
O Once they pinpoint the problem then they can solve it.
to swallow
*To accept
O It was hard to swallow that my boss fired me.
checking out
*Looking at
O Lots of customers are checking out the new store.
an ed ge
*An advantage
O Lower prices will give the company an edge over others.
tip the balance
K U IA C K - Let's alk Business
*Give the advantage
O If candidates know a foreign language it will tip the balance for them to
be hired.
Let's a lk
g j DISCUSSION
usiness
P I N T S :)
O How can foreign companies im prove th e ir "localization" to better
understand regional or c 니Itural differences?
■ For instance, a popular drink in Korea is Pocari Sweat, b u t th a t
would probably not sell well in English-speaking countries. This is
because the people would feel as if they were drinking sweat.
@ How can your company be more sensitive when it sells its products
abroad?
■ For exam ple, should Asian auto m anufacturers produce larger
vehicles for the North American market because, in general, North
American customers need or w ant more space?
© Are there any m inor problem s w hen products are sold in foreign
markets w hich create a negative im age of a com pany, b u t could
easily be fixed?
• For in s ta n c e , are th e re s p e llin g
misinterpretations in translations?
• LET'S
m ista ke s in m a n u a ls o r
EVIEW: ••鲁
As the world becomes smaller through globalization different cultures are respected.
Although Canadas official languages are English and French, several bank machines in large
cities have Chinese characters to assist the large number of Chinese customers living in
Toronto or Vancouver. Even though Korea’s Samsung has produced camera phones, they do
not export them to some parts of the Middle East. Some governments there worry that this
product could be used to more easily take offensive pictures of women.
issu e 15 O "GLOCALIZATION”
■ ■ 77
F
TYPE 3
...
/
；
③
1
1
@
^
-s,
• Flatten out
• Level off
• Plateau
• Stabilize
TYPE 4
AAA
• Fluctuate
• Unstable
• Unsteady
• Volatile
■ 79
T O PIC
REVH W D
W ho do you think is the most famous Korean inventor? W hat inventions or new
products have made your job a lot easier? W hat future inventions could help
office workers at Korean businesses?
IALO GU E:
Jen ny :
Can you imagine working without cell phones or the Internet?
Darren :
Absolutely not!
Je n n y :
It must have been such a slow and inconvenient life.
Darren :
I know. So, thank goodness for such wonderful inventions.
Je n n y :
Yes, but there are still some things at work that can be made better.
Darren :
O f course. Can you give me some examples?
Je n n y :
Well, that is a good question! I would like corporations to install
devices to scan our eyes so then I do not have to carry my security
card.
Darren :
80
Yes, I agree. That invention would make our life better.
■隱 K U IA C K - Let's a lk usiness
Presently it can be difficult for people to visualize how businesses used to
operate. Before, companies did not have phones, personal computers (PCs)
and items that are now part of offices. At the same time, it is very hard to
forecast what gizmos will be used by corporations in the future. As one
thinks about both business and inventions, it is interesting to try to determine
what would be the best invention for running a business.
Without a doubt, the computer has revolutionized work these days just as the
Industrial Revolution did during the 19th Century. Whether workers use PCs
for e-mailing clients, doing research on the Internet, preparing files for
public presentations or producing spreadsheets of graphs, many consider this
item to be the best invention for business.
However, would it be possible or cost-effective to use PCs if there was no
available electrical source? The invention of electrical systems to produce
and distribute electrical power was very important for businesses in multiple
ways. For instance, these systems let companies use light bulbs which turned
out to be profitable for employers. This is because workers could do their
jobs at factories around the clock. These extra working hours daily meant
the units produced also increased and this resulted in revenue growth.
As electrical systems contributed to a rise in production, where would the
extra units be sold without a bigger market? Well, the invention of the
airplane allowed business executives to travel around the globe in a flash to
gain support with hopes of landing a lucrative deal. This development
provided a large market on a global scale.
The change to cellphones means we can talk to clients all the time, even
while traveling. Also, calculators are faster than an abacus in determining
answers to complicated formulas. Or, manual scales can cheat customers,
but electronic scales are more accurate when weighing items. It is difficult to
decide the most valuable invention for business.
ISSUe 16 INVENTIONS
•
• •
O CABULARY:
visualize
*Imagine
O Visualize a market and then create an ad toattract customers.
forecast
*Predict
O They forecast an increase in sales next month.
inventions
*Newly discovered products
O A good invention usually makes our job easier.
revolutionized
^Greatly changed
O Henry Ford revolutionized manufacturing with the production line.
Industrial
Revolution
^Period when machines began to be used in manufacturing
OThe Industrial Revolution started in Britain about 250 years ago.
spreadsheets
^Documents organized with statistics in rows and columns
O He needs to prepare many spreadsheets for the meeting.
cost-effective
*Good value for the amount of money
O It would be cost-effective to import material from Asia.
lucrative
*Good and profitable
O We will sell to the lucrative market to really increase our profits.
X P R E SSIO N S:
82 |
gizmos
*Small useful items, often electronic, used for doing a job
(eg. camera phones).
O It is fun to shop and look for new gizmos.
turned out
^Proved to be a result
O The suggestion turned out to be a good marketing idea.
around the clock
*A11 the time, all day and all night
O We must work around the clock to meet the deadline.
in a flash
*Quickly
O Workers and clients can communicate in a flash through email.
landing
^Receiving, successfully getting, securing
OThe university graduates finally started landing jobs.
K U IA C K -L e t's
alk Business
H ᅣDISCUSSION
이 NTSr)
O W hat are some inventions that have been bad fo r the operation of a
business?
■ For example, a camera phone is very convenient in personal life,
but for business it could be a problem as some people could use
the camera to take photos of machines and steal secret technology
from a company.
© W hat kinds of future inventions would be beneficial fo r businesses?
• For exam ple, a p h o to c o p y in g m achine saves tim e and ro b o tic
machinery saves effort.
@ How w ill the follow ing devices develop in the near-future: computers,
cars, airplanes, books, cell phones, and the Internet?
• L E rS
EV ᅵ
The central part of capitalism is that people want to make profit. Companies focus on this
idea and also worry about what better products their competitors m ight develop. I f
consumers start to buy a competitors item, then the other companies lose profit. Thus,
companies have something like a race to continue to invent better products that make
everyones lives more convenient. Walkmans and Discmans have now been replaced with
very small MP3 players. Typing user names and passwords for computers will soon be
replaced with fingerprint readers on keyboards. Also, using a computer by clicking on a
mouse will change so that a persons nose and eyelids do the same function.
16 O INVENTIONS
I 83
TO PIC
REVIEWr
Were you working for a Korean business during the 1997-1998 IM F Crisis and
then lost your job? Has the work system in Korea changed since then? Do the
oldest employers or most productive ones receive a promotion?
IALO GU E:
)
T im :
Hello, Ben. It is nice to see you again. How have you been lately?
Ben :
Actually Tim, not so well because a junior employee at Proctor &
Gamble was just promoted to a higher position than me.
T im :
Really? But you have worked at Proctor & Gamble for a much longer
time.
B en :
Yes, but my boss told me that the other employee sells more and makes
more money for the company.
T im :
Well, I am sorry that you were not promoted Ben, but maybe you will be
soon.
B en :
84 ■
Thank you Tim and I will be fine again shortly.
K U IA C K - Let's alk Business
How should management choose what employee to reward w ith a
promotion at work? Should the decision be based on how long the person
has worked for the employer? Or, should it be decided by how a person’s
performance has improved the company? This decision can mean that
management is stuck between a rock and a hard place. Both options have
consequences that could affect morale and productivity.
In the old days, employers rewarded loyalty if employees gave many years
of service. The workers with the most seniority were given a promotion to a
higher position and salary. These seniority-based decisions were positive
because it showed that many years of work and lots of experience was
appreciated.
However, a negative side-effect was that there was no incentive for workers
to be efficiently productive. The oldest workers knew they would climb the
corporate ladder regardless of productivity. The most productive workers
knew that they would not be climbing up even if they were diligent workers
and increased revenue a lot, for example. Therefore, many employees had
no real reason to be productive. This could have hurt the com pany’s
competitiveness compared to other market rivals.
On the other hand, the recent trend of performance-based promotions has
been accepted by many corporations throughout the world. W ith this
method, your age, gender and years of service do not really matter. Higher
positions will be given to those who perform the best at their job. The
advantage of this style is that workers have a personal purpose to be as
productive as possible so that they will receive a promotion. The company
also benefits because the efficiency means that it should be more
competitive. This could be considered a win-win situation. However, a
drawback could be that other workers feel unappreciated. This is because
their years of experience could have helped the other employees to succeed,
but not all workers would receive the financial recognition they deserve.
Issue 17
PROMOTIONS
| 85
Issu e 1 7 PROMOTIONS
OCABULARY ：
promotion
*Raise in position or rank
O Her salary increased when she received a promotion.
loyalty
★Commitment, faith
0 The manager showed loyalty to the company, but then was laid off.
seniority
*Senior rank, usually because of length of time with the employer
0 1 have the most seniority so my co-workers often ask for my opinion.
incentive
*Motivation or reward; something as a reward for great
performance
O Because of a bonus, we have an incentive to work hard.
diligent workers
*Hard workers with lots of effort
O Diligent workers are valuable because they are hard to find.
trend
*Popular style
O The new trend is for children to have cellphones.
perform ancebased
*Raise in position because of great work results for the company
◎ He will only work for companies with a performance-based
system.
recognition
*Special notice or attention
O The company created an award to give recognition to some
workers.
XPRESSIONST
86 |
stuck betw een a
rock and a hard
place
*In a dilemma, in a difficult situation
O I am stuck between a rock and a hard place because I do not agree with
my boss, but he might be angry if I tell him.
In the old days
*In the past
O In the old days women usually did not work outside the home.
climb the
corporate ladder
*Climb to higher positions in a company
0 It took 18 years to climb the corporate ladder and become president.
on the other
hand
*O n the contrary, from another point of view
0 1 have an interesting job, but on the other hand it is not challenging.
a win-win
situation
*A time when both sides benefit or win
O If I learned new skills for my job and the company paid for the course
costs, then it is a win-win situation.
K U IA C K - Let's alk Business
O Would you w ant to work fo r a com pany that has a seniority-based or
performance-based system?
• For example, would you prefer the form er because then you do not
have the stress of achieving dem anding results or would you rather
choose the latter because your career achievements are related to
the quality of your work?
@ W hat are some problems of the performance-based system?
■ For in s ta n c e , h o w d o y o u fa ir ly e v a lu a te a p e rso n in th e
adm inistration departm ent or how do you properly judge results
from a team project?
@ W hat are key factors in receiving a prom otion at the company where
you work?
O Would you resign if a junior staff m ember got prom oted and became
your boss?
• LErS
EVIEW: • 參 •
In the West, which workers receive promotions can be quite complicated. In the past
loyalty was a prime factor, but as time goes by then productivity and results are becoming
more influential. Above all, though, sometimes “it is not what you know, but who you
know.” This means that if someone has a personal relationship with a manager or a friend
knows an executive in the company, then this person would receive the promotion. Other
workers would then look at this situation as being unfair and would likely lose their
enthusiasm to work hard. As a result, productivity of the other workers would probably fall
as they feel as if they have no hope to move to a higher position in the company.
Issue 1 7 ᄋPROMOTIONS
|
87
T O PIC
R E V lIW D
Have you ever bought or sold something illegally? D id you ever avoid paying
taxes to the Korean government? Do you think that the mafia controls some parts
of business in Seoul or Busan?
IALO GU E:
Jason : As a teenager in Toronto, I used to illegally take things from the U.S.
and bring them back to Canada.
Anna:
No way! Are you serious?
Jason :
It is totally true because I used to hide CDs and clothes in my car as I
returned across the border.
Anna :
That sounds like a great business opportunity.
Jason :
It is, but there is a risk of being caught by customs officers.
Anna:
Did that ever happen to you?
Jason :
No, I was careful. I am happy because I could sell the things I bought
for a higher price and not pay any taxes.
Anna :
88 I K
Well, I guess you were lucky that you were careful.
K U IA C K -Let's alk usiness
There is a demand for supplies of illegal goods, rare items, and cheap
products. As a result, a secretive financial system has been created that is
certainly not part of the mainstream market — the underground economy.
Most countries prohibit the sale of different types of narcotics. Drug dealers
secretly provide their illegal merchandise to customers in dark streets. If
demand is greater than supply then the dealers could make a good income.
Also, they would not pay income tax because they sell their goods on the
black market.
In other places, people might find special items once in a blue moon. These
rare commodities cost an arm and a leg. There are plenty of buyers and that
is why the sellers can charge inflated prices. For example, in some foreign
countries there are shortages of gasoline to operate motor vehicles.
Therefore, different people — like taxi drivers or businessmen — might be
willing to pay more than the regular price just so they can continue to
operate their vehicle for business.
Some consumers could feel they are being ripped off by either the sellers or
the government. As a last resort they might decide to pay a lower cost even
if it requires an illegal act. For instance, some smokers in Canada believed
the sales tax on the purchase of cigarettes was too high so they went to the
United States where they could buy cigarettes at a lower price. If they
smuggled a large quantity then they could sell these cigarettes under the
table. Then the government received less sales tax because the other
consumers bought these cheaper illegally smuggled cigarettes instead of the
legal Canadian ones02).
The underground economy could consist of these types of situations or other
ones also. Prostitution, receiving a private loan from someone or doing a
business transaction without paying tax are all illegal. Governments lose
revenue in this way as they can not collect tax for such activities.
Issu e 18
UNDERGROUND ECONOMY
O CABULARY:
mainstream
*Most common and current
O That ad is too mainstream and will not get the customers’
attention.
underground
*Part of the economy that does illegal activity
Q High taxes has caused the underground economy to become larger.
economy
prohibit
*Not allow, forbid
O My company can prohibit me from having a second job.
narcotics
*Drugs
OThe man lost his job for bringing narcotics to work.
on the black
market
*Illegally
commodities
*Products traded or sold
O They should import commodities if the price is lower.
inflated price
*Price that is increased to unusual levels and is too high
O He did not bring enough money to pay the inflated price?
smuggle
*Bring goods in to or out of a country illegally, without paying
custom duties
O The woman smuggled alcohol when returning from her business
trip.
q
y O U
exchange money on the black market?
X PR E SSIO N ST
90 |
once in a blue
moon
*Rarely, not often
O Poor managers only give praise once in a blue moon.
cost an arm
and a leg
*Are expensive
O Building a new factory can cost an arm and a leg.
ripped off
^Charged too much, cheated
O People dislike when they are ripped off by taxi drivers.
as a last resort
*As a last option or choice
O As a last resort the company will lay off workers to save costs.
under the table
*Secretly and illegally
O The employees were paid under the table and did not pay tax.
K U IA C K - Let's alk Business
DISCUSSION
PIN TS:)
O W hat other goods are sold on a black market in various countries?
■ For example, is the sale of alcohol legal in all countries?
© W hat other aspects of an underground econom y occur in various
countries?
■ For instance, do people work illegally by receiving cash secretly and
not paying income tax?
@ Would it be a good idea if the governm ent reduced the am ount of
sales in an underground econom y by legalizing prostitution or drug
usage?
© Does an underground economy have any good points?
• LET5S
EVIEW: • • •
Some mafias, gangs and motorcycle clubs operate an underground economy in most
Western countries. A lot of times they are involved with illegally importing or distributing
drugs such as marijuana, heroin and cocaine. Other times they might be offering banned
weapons for sale or women for prostitution. In the Middle East, an underground economy
exists and some people buy or sell alcohol in this way because it is restricted in many
countries in this region.
I 8 ᄋUNDERGROUND ECONOMY
■ 91
TO PIC
R EVilW D
Do Korean companies have people in China and Thailand manufacturing their
products? Are you worried about losing your job to someone else in Indonesia or
the Philippines? Is product quality worse if items are not made in Korea?
DIALOGUE:
C r a ig :
)
I have lots of knowledge, but I am worried about losing my job at
General Motors.
Sean :
Really? Aren’t you are a good employee withlots of experience?
C raig :
Yes, but the salary in the U.S. is much higher
than in developing
countries.
Sean :
So do you think your job could be given to people in other countries
for a lower amount of money?
C r a ig :
Absolutely. Workers in India, China or Vietnam could do the same
job I do and the company will pay a lower amount.
92 |
Sean :
Well I hope that you can keep your job.
C raig :
Thank you and I hope so too.
K U IA C K - Let's aik Business
North American blue-collar workers were really worried about losing
manufacturing jobs to places like Mexico as a side-effect of NAFTA. Now
North American white-collar workers have butterflies in their stomach about
having their technology jobs move overseas to places like India(13). Such
current outsourcing is a controversial issue for governments, corporations
and employees.
Companies are attempting to get most bang for their buck in order to stay in
the black. As a result, many have moved lots of their operations to places
where labor costs are much less. Since this saves the company significant
amounts of money, many jobs in Canada and the U.S. are being slashed. A
worker in another country does the same job which was previously done by
Canadians or Americans.
Beginning in the 1990，
s, NAFTA allowed North American manufacturers to
tap into Mexico. They built factories there and have Mexicans produce items
— such as auto parts, clothes, accessories — for lower wages than in Canada
or the States04). For the past several years, North American technology
companies have begun entering India by moving facilities there and having
Indians provide customer service for lower salaries.
The tech-bubble burst triggered an economic slowdown in the U.S. and the
effect of terrorism has extended the weak economy. A signficant loss of jobs
has been a result and this is an important issue for many Americans. A
relatively high unemployment rate is not just because of a major drop in
demand, but it is also due to jobs being outsourced to many other countries.
The lower labor costs abroad let many companies make their businesses as
profitable as possible by pinching pennies and improving their bottom line
over the long-term.
Outsourcing is not only an international issue. In a domestic aspect, large
companies might decide to just focus on retaining their research and
development (R&D) facilities. For its other functions — like manufacturing,
advertising, and accounting — various companies could be hired to fill this
needed role.
Issue 1 9
OUTSOURCING
■ 93
O CABULARY:
blue-collar
workers
*Industrial workers, such as workers in a factory
O He was a blue-collar worker for an automobile company.
NAFTA
*The North American Free Trade Agreement
O This Canadian company imported from Mexico since NAFTA.
white-collar
workers
*Office workers
O My cousin is a white-collar worker at a company downtown.
outsourcing
*Jobs now done by an other company, and maybe in an other
country
O She was angry when she lost her job because of outsourcing.
slashed
*Cut, decreased
O We slashed the price and hoped to increase sales.
tech-bubble
burst
*High stock prices of technology companies started to fall,
resulting in loss of value, laid off workers, and closed businesses
O When the tech-bubble burst many people lost a lot of money.
econom ic
slowdown
*Declining and weakening economy
O Spend less money if you are worrying about an economic
slowdown.
bottom line
*Net income (profit or loss) on the bottom line of income
statements
OThe bottom line showed the company earned $8 million last year.
XPRESSIONST
have butterflies
in their stomach
*Are nervous, worried
0 She has butterflies in her stomach because of a job interview.
bang for their
buck
*Value for their money
0 1 buy products which give the most bang for my buck.
in the black
^Profitable, have a surplus
O After years of being in debt, the company is in the black.
tap into
*Enter
O Companies should tap into new markets to keep expanding.
pinching pennies *Being careful not to spend much money
O During a weak economy, companies start pinching pennies.
94 |
K U IA C K - Let's alk Business
Let's a lk Business
E
DISCUSSION
PINTS:
O If corporations outsource jobs, w hat problems could they face?
• For instance, could higher shipping costs or lower quality of work
be a result?
@ If companies go where labor costs are low, how will that affect the
em ploym ent rate and social system in developed countries where
labor costs are higher?
■ For example, if more people are out of work then there w ill be less
people to support the social system or taxes could increase.
@ W hat types of products or services do companies from your country
outsource to other countries and why?
■ For instance, are jobs outsourced to Eastern Europe because labor
costs are low and the shipping costs to Western Europe are a lot
less than from North America or Asia?
© Are there any ways to prevent companies fro m outsourcing th e ir
work to low-waged countries or is it inevitable?
參L E rs
EVIEW: • • •
To many countries, China has become the “worlds factory” as workers there manufacture
products at an inexpensive cost. Some Korean consumers might feel as if the quality of all
products made in China is low. However, Westerners do not always feel this way because if
it is a product from a Western company then there are quality tests that must be passed. If a
Nike shoe is produced in the U.S. or Korea or China, the shoe must still pass a quality test
before being sold to consumers. Also, India is a popular place for Western companies to
outsource service jobs. This is because the employees there are also well-educated and fluent
in English, but receive a lower salary.
19 ©OUTSOURCING
關 95
T O P IC PREVIEW :
Do you often buy fake clothes at Dongdaemun or Namdaemun Market? Have
you bought copied DVDs from people in Itaewon? Would you ever think about
illegally copying or sharing software?
IALO GU E:
Wayne
Even though I am a student I am thinking about buying a Tag Heuer
watch.
Barb :
O h my goodness, that is so expensive.
Wayne
Yes, but I do not have to pay a lot of money for a fake one.
Barb :
OK, but buying a fake one is cheating.
Wayne
Cheating? W hat do you mean?
Barb :
Well, you are buying the image of a company s brand, but you are not
paying money to the company that created the item.
Wayne
I know. However, it is the same as someone not legally paying the full
price for an illegally copied D V D .
Barb :
96 |
K U IA C K - Let s alk
I understand your point and I agree with you.
usiness
When countries change from a subsistence economy to a more advanced
one, people have more money and buy material goods. Whether South
Africans and Russians, or Brazilians and Canadians, many people want to
have modem fashion trends or state-of-the-art technology. However, some
people receive these goods for a fraction of the cost by buying counterfeit
products on the black market.
Visiting Dongdaemun Market in Seoul or walking down Khao San Road in
Bangkok provides opportunities. People can purchase fake items like Rolex
watches, Callaway golf clubs and Microsoft software. The quality of these
knock-offs is second-to-none and it is nearly impossible to know the
difference between authentic and imitation items.
Police officers usually turn a blind eye to these sales instead of stamping out
such illegal activity. The companies who produce real goods worry about
their product quality, brand image, and profit. Buying counterfeit products
allows customers to just pay $5-10 for name-brand items. However, the
product quality is also less. For example, a name-brand shirt might last for
around a year, but the fake good sells for less and only lasts for about six
months. Or, a golf company may produce golf clubs that last for several
years, but the fake golf clubs are less expensive and might only last for a few
seasons. This hurts brand image because the consumers could start thinking
that the real company’s goods have poor quality like the imitation ones.
Additionally, counterfeit items can decrease revenue for corporations. Major
companies advertise with the belief that people will purchase their goods.
This would allow the company to profit and to spend some of this money on
research and development (R&D) for future products. By people selling and
others buying knock-offs the company loses revenue from lower sales of
their real products. The sellers gain by making money without advertising
and the buyers gain by paying less for goods.
Is s u e 2 0
COPYRIGHT PIRACY
O CABULARY:
subsistence
econom y
*Economy of agricultural activity, minimum day-to-day work
or economy to maintain life (eg. food)
O People in a subsistence economy grow their own food to survive.
material goods
*Physical items of value (eg. clothes and televisions)
O Now working, the former student shops for lots of material goods.
state-of-the-art
*Most modern and up-to-date
O The new factory has efficient state-of-the-art technology.
counterfeit
*Something that appears real, but is fake
O He tried to buy the item with counterfeit money.
authentic
*Real, genuine
O Make sure the product is authentic before buying it.
brand im age
**Reputation of a company
O Many people want a Benz because its brand image is excellent.
name-brand
*A business name that has a high reputation
O Some people buy name-brand goods to show their wealth.
last
*Remain in good condition and can be used
O She was happy with how long our product lasted.
X P R E SSIO N S:
98 | |
a fraction of
*A smaller portion or amount of (something)
O The new office costs a fraction of the previous one.
knock-offs
*Fakes，imitations
O That item is a knock-off because the logo is different.
second-to-none
*Better than any other in value and excellence
O Companies are popular if their customer service is second-to-none.
turn a blind eye
See but do not do anything, ignore
O An accountant should not turn a blind eye to financial errors.
stam ping out
♦Stopping, eliminating
O We must start stamping out needless costs.
K U IA C K - Let s alk Business
jQ DISCUSSION
OINTS:^)
O W hat is the main reason people buy counterfeit goods?
• For example, is it to show a good image or is it to save m oney
because companies are being too greedy by charging a price th a t is
too high?
@ Are there any positive results th a t a com pany m ig h t experience if
people buy some of their fake products?
■ For instance, could it be a form of advertising because so many
people would be seen using their items?
© Is it possible to justify buying illegally copied products just because
they are too expensive? W hy or w hy not?
© Do you think that people w ho buy fake products should be criticized
under all circumstances?
• L E rS
EVIEW: • 參 •
Receiving high education is important, but it is possible to succeed and change the world
without one. Shawn Fanning dropped out of college, but he developed peer-to-peer (P2P)
file sharing that people utilize around the world. Whether it is Kazaa in the West or Bugs
Music in Korea, various people can share music, video and other files without paying
copyright fees to singers and others. Everyone basically knows the singers and actors are
being illegally cheated of money, but most people continue to do it.
Issue 2 0 O COPYRIGHT PIRACY
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