At Indorama Ventures, learning takes place every day with an effort towards enabling capability and talent development. To ensure the sustainability of these talents, we focus on meaningful investment on our employees for developing their skills, knowledge and exposures.
We continued to invest in our people at all levels by providing access to a modern workplace, development opportunities and an inspirational culture. In 2022, we invested around USD 3,590,000 in people development. Our average training hours per employee increased in 2022 was around 30.66 hours for a total of 789,313 training hours.
All of the programs are designed to ensure that our employees are fully supported, empowered in their day-to-day work, and suitably equipped for future challenges.
Number of Training Hours per Employee
The following are some of the highlights of the major initiatives:
The global succession planning process was launched in 2019 to build a robust talent pipeline, with two successors ready in two years.
From 39 senior management positions and 68 validated successors in 2019, the process was expanded to middle and site management positions. In 2022, we managed 791 positions with 1,269 validated successors with strong progress on diversity and age profile. We will continue to expand to the remaining 1000+ target positions.
In consultation with the NCCG committee, the Board reviews both the process adequacy and the plan for the Group CEO and Executive Board positions. For other key positions, IVL ensures successful leadership transitions through a constant development of the next generation of leaders.
IVL’s Approach to succession planning
Ensure alignment with key business objectives
Determine key positions for succession based on business demands
Review talent based on performance and potential
Develop a targeted development plan
In 2022, we covered 791 positions with 1,269 validated successors with strong progress on diversity and age profiles.
We are expanding to reach 1,000+ target positions.
Together with the NCCG committee, the Board reviews the process adequacy and plan for the Group CEO and Executive Board positions.
For other key positions, we ensure successful executive/management transitions through the constant development of leaders.
IVL Leadership Curriculum
IVL Leadership Development
Quality leadership enables sustained business performance and high employee engagement.
Focus on developing IVL Leadership Skills.
1,447 leaders were trained through leadership training programs.
1,934 leaders completed leadership e-learning.
The coaching and mentoring program was extended to leaders to support their specifics development needs.
Indorama Ventures Excellence (IVEX) Program
Indorama Ventures Excellence (IVEX) catalyzes our values by introducing world-class tools and techniques to employees worldwide. Having collaborated with functions across IVL, IVEX creates an innovative culture that activates the Prosperity of the Company through the Prosperity of our People. IVEX training programs and leadership development projects are carried out with the full support of top management.
Laying a solid foundation for IVL businesses, the “IVEX World Class” training program includes a series of progressive Lean Six Sigma (LSS) training courses. In 2022, IVEX completed the first waves of the new lean training programs, which cover non-manufacturing areas, including Commercial Excellence, Supply Chain Excellence, Finance Excellence, and Innov
Additionally, the IVEX team focuses on excellence projects, with their Lean Experts acting as internal consultants for the subjects under their responsibility. These development projects result in a variety of benefits, including increased output, sustainability in energy, air, and water, waste management, improved quality, and cost control, among others. Through Project Olympus, we achieved our 2022 savings target of US$76.2 million for a run rate benefit with a digital overlap of US$6.2million.
Our global IVEX practitioner community regularly holds cross-sharing events, giving us an advantage as we leverage best practices. This is just one of the many ways that IVEX continues to strategically leverage new improvement opportunities.