COAD offers new hires competitive employee benefits, salary

COAD CEO Lee Dae-hoon [Courtesy of COAD]

South Korea’s COAD Co. has become a standout SME that not only specializes in developing safe automatic doors but also excels in providing excellent employee welfare and engaging in social contributions for vulnerable communities.

The company, founded in 2014, is known for its ‘total solution’ for automatic doors, from custom design and consulting to manufacturing, installation, and post-management.

COAD’s flagship products are industrial automatic doors known as ‘Speed Doors’ and ‘Overhead Doors,’ which are commonly installed in logistics warehouses, manufacturing plants, and fire stations where there is frequent movement of forklifts and vehicles.

What brought COAD even more recognition is its commitment to employee welfare. The company offers various benefits to its employees, including a 4-day workweek, flexible working hours, condolence payments to the family in case of an employee’s death, a monthly welfare card worth 200,000 won ($150), and a 16-day refresh vacation every two years.

CEO Lee Dae-hoon said in a New Year’s address that the starting salary for new employees would be increased to more than 50 million won.

“The starting salary for new employees last year was 44.2 million won, but this year we will raise it to 50.4 million won,” Lee told Maeil Business Newspaper on Monday.

COAD allocates 5 percent of its annual operating profit as performance bonuses for its employees annually and with no mandatory retirement age, the company is 53 percent owned by its employees. Despite an annual revenue of around 20 billion won, COAD boasts an operating profit margin well above 20 percent, thanks to the implementation of a smart factory system that maximizes production efficiency. The company has eliminated face-to-face reporting and meetings, further enhancing operational efficiency.

“When I left the company I had been with for 14 years to start COAD, my goal was to create a company that allows employees to earn a good salary and enjoy many benefits while taking it easy,” Lee said. “I wanted to demonstrate that even small and medium-sized enterprises, with proper management, can provide employees with salaries and welfare benefits comparable to large corporations.”