Human Capital Development

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.

People Development

Our commitment to developing our workforce remains steadfast as we continue to prioritize the advancement of our employees by facilitating growth opportunities and fostering an environment of inspiration. Demonstrating our dedication, we allocated approximately $ 3,074,554 towards the development of our staff in 2023. Notably, our investment translated into an increase of 31.88 hours in average training hours per employee, totaling 831,855 training hours overall. On average, we spent $ 114.28 per Full-Time Equivalent (FTE) on training and development. These initiatives underscore our unwavering focus on empowering our employees, providing them with the necessary support, and ensuring they are equipped to tackle future challenges with confidence.

Number of Training Hours per Employee

(Hours/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 2023, we managed 1,154 positions with 1,828 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, Indorama Ventures ensures successful leadership transitions through a constant development of the next generation of leaders.

Indorama Ventures’s Approach to succession planning Progress Achieved
  • 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 2023, we covered 1,154 positions with 1,828 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.

Initiatives

Indorama Ventures Leadership Development
  • Quality leadership enables sustained business performance and high employee engagement.
  • Focus on developing Indorama Ventures Leadership Skills.
Outcomes
  • 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.

The IVEX program supports a forward-thinking culture by encouraging collaboration across various functions within the organization, emphasizing the Company’s success through the prosperity of its people. Central to program implementation is the initiation of new improvement projects leveraging data-driven analysis tools to drive decision-making and identify solutions.

Committed to building a solid foundation, the IVEX team offers a range of training programs covering diverse areas, from traditional Lean Six Sigma Belts to tailored programs for non-manufacturing disciplines such as Commercial Excellence, Supply Chain Excellence, Finance Excellence, and Innovation. This comprehensive training initiative has prompted the initiation of numerous improvement projects, predominantly following the DMAIC methodology, led by trained employees across the Company. IVEX team members, serving as internal consultants, provide expertise in specific project areas. These projects achieve a range of benefits, including increased output, enhanced sustainability in energy, air, and water usage, efficient waste management, improved quality, and cost control, among others.

To ensure the program’s success across all organizational levels, customized courses have been developed for department heads and functional leaders, emphasizing an understanding of Continuous Improvement concepts and their roles as program sponsors. In 2023, the IVEX team conducted in-person Champion Training and Workshops for senior leaders at IVL’s head office in Bangkok, while offering online Executive Belt Training as an alternative option.

Furthermore, efforts are underway to nurture and expand the internal IVEX community, promoting a culture of continuous improvement. Regular cross functional best practice sharing sessions have been organized to leverage the diverse expertise within the organization. In alignment with our commitment to employee development, we remain steadfast in our goal to achieve 100% employee training by 2024. As of 2023, significant progress has been made, with 21,212 employees, constituting 79% of the Company’s workforce, receiving lean introductory and White Belt training. A total of 14,102 hours of White Belt training have been completed. Moreover, 1,928 employees were trained in IVEX Lean Six Sigma upper belts in 2023, representing 6.8% of the Company’s total workforce, cumulative through 2023.