When Korea was hit by the 1997 financial crisis and many people lost their jobs, AMCHAM members and companies recognized the urgency of the situation. Then, they came up with the Partners for the Future Foundation in February 2000 with initial funds of about 1.2 billion won ($1.1 million).

The foundation mainly aims to increases job opportunities and offer related education and training so that the beneficiaries can overcome their challenges on their own.

“We believe a job with a stable income espouses hope and confidence. Therefore, we hope to aid the unemployed and their families by providing scholarship and job-training opportunities,” said Jeffrey Jones, chairman of the foundation.

Since its establishment, the foundation has provided nearly 300 full-tuition scholarships to university students from unemployed families. It supports them to find jobs by creating practical training programs. 

The Race for the Future is a unique fundraising initiative of the foundation. Employees make voluntary donations monthly and in return the company matches its employee’s donations. The combined sum is used to provide necessary support to the unemployed and their families through the foundation.

The main goal of the program is encouraging every corporation to participate in relaying the baton from one to another to aid the neglected people, the foundation says. This fundraising initiative has gained momentum and currently about 1,400 employees from over 10 companies are donating on a regular basis.

“The companies that are participating in the ‘Race for the Future’ are excited by the notion that the management and employees can join efforts for a meaningful cause ― giving to students in need,” said Kim Hyung-soo, a manager at the foundation.

Some companies have taken this to the next level by sponsoring their own scholarships through the foundation. Pfizer Korea, in particular, has been operating a program of supporting medical students in Korea since 2003. So far, Pfizer has raised over $2 million and supported 437 medical students through its “Pfizer Medical Scholarship” program.

The Foundation has also supported job-seeking youths in Korea by administering AMCHAM Korea’s internship program for university students and graduate school students.

The chamber hires about 15 to 18 students every three months for a highly contested internship program. Since 2000, some 1,000 students have interned at AMCHAM, many of whom have gone to find full-time positions after gaining on-the-job skills in a demanding yet highly efficient professional organization.

Another distinguishing strength of the foundation is in its role as a mediator that connects companies’ resources and expertise with areas of greatest need.

“As American companies play a growing role in the Korean economy, many have felt the need to play a role and give back to the economy, in addition to creating high-quality jobs. We created the foundation so that companies looking for ways to give back to the community could do so easily,” said Jones, the chairman.

“Over the past 13 years, we have acquired quite a bit of expertise in the area of corporate social responsibility, and have partnered with many companies to help them find creative and meaningful ways to give back.”

By Lee Ji-yoon (jylee@heraldcorp.com)