Young K Lee, the Chief Human Resource Officer (CHRO) at Bank of Hope, has over 26 years of experience in HR, having worked in various industries, including technology, banking, marketing, and medical. Lee’s career journey is a testament to the fact that sometimes the most unexpected opportunities can lead to fulfilling careers. As the CHRO of Bank of Hope, Lee’s focus is on creating a positive work culture and environment that is tied to the overall employee experience.
Advice for Those Starting Out in Their Career
According to Young K Lee, one of the most important pieces of advice for those starting out in their career is to keep an open mind and not to turn down any opportunity that comes their way. “It’s not a career. It’s a learning experience,” he says. While working in HR, it’s crucial to remember that change will happen, and one must be adaptable to these changes. “The biggest challenge in HR is to keep up with the pace of change,” he says. “As a leader, you need to be able to adjust quickly and pivot.”
Challenges and Opportunities
Bank of Hope started as a Korean-American bank 40 years ago and has grown to become the largest Korean-American bank in the U.S. However, the bank is not a well-known brand in the banking industry, and that is a challenge for the company. Lee recognizes that the job market is still strong even in a potential recessionary period, and employees and employers are looking to increase their talent level. The decision-making process now involves engagement with emotional points such as opportunity, growth potential, and environmental and social factors.
“The challenge is to create engagement and having employees buy into the brand and have brand pride,” says Lee. “It’s about creating a positive culture and environment that is tied to the overall experience.”
Transitioning to a New-Generation Bank
Bank of Hope has been around for 40 years and is transitioning to becoming a new-generation bank. However, the challenge is to adjust the management style to meet the expectations of the younger workforce who want kudos rather than rubbing their nose in things. The company has employees who have been around for over 30 years, and they carry the same management style and the same expectations that were in place 20-30 years ago. It is a tough transition, but HR is looking to adjust and bring in new employees with different management styles.
Bank of Hope’s HR Strategy for 2023
In 2023, Bank of Hope’s CHRO is excited about the opportunity to increase talent and make headway in developing that talent. However, employee retention and engagement will be at the forefront of many of the things they do. Lee acknowledges the impact of the pandemic on employee wellness and safety and the need for the organization to adapt accordingly. He also emphasizes the importance of creating a culture where employees feel heard, valued, and appreciated. “It’s not just about the dollars that attract candidates, but also about the opportunity, growth potential, and environmental and social factors.”
Diverse Opportunities for Growth Beyond Banking
Bank of Hope is a great place for people who are looking to start or further their career in banking. However, it’s not just a place for bankers. Technologists who are interested in the industry are also welcome to apply for roles here.
According to CHRO Young K Lee, the Bank is involved in a lot of in-house development platform development. This means that technologists will have an exciting opportunity to work on projects that are unique to the banking industry. Lee says, “It’s kind of almost like a one-stop-shop of what you’re great at and what you want to do, and we can start somewhere, but you can always evolve to other areas of the Bank.”
The Bank is committed to encouraging their employees to transfer and find their niche. Lee states that he processes 5 to 10 transfers a month because employees want to try something new. The Bank recognizes that people’s interests and passions can evolve, so they make it easy for their employees to explore different areas of the business. “That’s an opportunity that most people don’t think about, but a lot of times the thing we go to school for that we initially think we’re going to do, you get out there, you do it for a while and then think this isn’t really doing it for me, and here’s this opportunity that I could go and do something completely outside of my wheelhouse and see how it works,” says Lee.
In addition to the opportunity to work on unique projects and explore different areas of the business, Bank of Hope values emotional intelligence and personality in their employees. Lee notes that during interviews, they want to get to know the person as much as they can in the 30 to 60 minutes they have with them. It’s not just about skill set and education; it’s also about personality, what drives them, and what motivates them.
Overall, Bank of Hope is a great place for technologists who are interested in the banking industry to apply. With opportunities for in-house development and the ability to explore different areas of the business, technologists can find their niche and grow in their careers.
Final Thoughts
Bank of Hope’s CHRO, Young Lee, plays a vital part in shaping the company’s culture and driving its success. Lee’s leadership has resulted in a more inclusive workplace where employees feel valued and empowered to reach their full potential. As Lee notes, “A strong culture is the backbone of any successful organization. It’s what enables us to attract and retain top talent, provide exceptional service to our customers, and achieve our strategic objectives.” Bank of Hope’s commitment to building a strong culture has undoubtedly been a key factor in its success, and Young Lee’s leadership has been instrumental in driving that commitment forward.
Bank of Hope’s story serves as a testament to the power of effective leadership and a strong corporate culture. By prioritizing its people and investing in a culture of inclusion and excellence, Bank of Hope is poised to achieve remarkable success and set itself apart as a leader in the banking industry.
