Yuhan-Kimberly President & CEO Choe Kyoo-bok, first from right in bottom row, with the recipients of the prestigious award
In recognition of its efforts to create business opportunities to address the country's aging population, Yuhan-Kimberly was awarded The Porter Prize for Excellence in CSV from The Institute for Industrial Policy Studies on 2 December.Top Korean daily Donga-ilbo showcased the company’s work in CSV management:
Named after management guru Michael Porter, a Harvard University professor who first proposed the concept of creating shared value (CSV), the award honors companies and institutions that pursue both economic and social values.
CSV & Active Seniors Campaign
With the low birth rate and an aging population called out as critical social issues in Korea, Yuhan-Kimberly applied CSV management to contribute solutions to address population ageing issues while simultaneously growing its senior care business.
While the current demand for products designed for inactive senior citizens is bigger than that of active counterparts, Yuhan-Kimberly saw an opportunity in the latter. Through research, it found that an estimated eight percent of active senior citizens are reluctant to pursue outdoor activities due to urinary incontinence. Depend Underwear (underwear-style diapers) was launched as Yuhan-Kimberly’s first product for active older adults, along with the ‘Seniors are Our Resources’ integrated campaign to change perceptions of the elderly towards that of 'Active Seniors'. Yuhan-Kimberly also supported small enterprises in the senior care industry through NGO partnerships, applying its CSV management model.
As a result, Depend Underwear sales have increased over 35% from 2014 to 2015 year-on-year, contributing to the expansion of the ‘Active Seniors’ programme and increased public awareness. Through CSV management, Yuhan-Kimberly also promoted small businesses related to senior care and created 30 types of jobs for senior citizens.