Human Capital Development
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 $ 2,217,665 towards the development of our staff in 2024. Notably, our investment translated into an increase of 23.11 hours in average training hours per employee, totaling 597,519 training hours overall. On average, we spent $ 85.80 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:
Succession Planning
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 |
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Indorama Ventures Leadership Curriculum
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.
Indorama Ventures Excellence (IVEX) Program
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 that span traditional Lean Six Sigma Belts and extend to tailored programs for non-manufacturing disciplines such as Commercial Excellence, Supply Chain Excellence, Finance Excellence, and Innovation. This comprehensive training initiative has led to the launch of numerous improvement projects, predominantly following the DMAIC methodology, driven by trained employees across the organization. IVEX team members, acting as internal consultants, provide expert guidance in specific project areas.
These projects not only generate tangible benefits for the company—such as increased output, enhanced sustainability in energy, air, water usage, and efficient waste management, improved quality, and stronger cost control—but also empower employees to deepen their knowledge and develop practical skills through hands-on project experience. This dual impact supports both organizational performance and individual professional growth.
Furthermore, the IVEX program fosters a culture of continuous improvement across the organization. The Lean Gap Assessment approach, a key source for IVEX improvement project initiation, has been implemented in manufacturing and key corporate functions to identify and prioritize enhancements aligned with business goals. Additionally, to reinforce this culture, IVEX has established structured knowledge-sharing systems, Best-in-Peer and Best-in-IVL, facilitating the exchange of best practices across its diverse operational locations. These initiatives enhance technical capabilities, scale replicable improvements, recognize leadership contributions, and empower employees as change agents. Knowledge-sharing is promoted through regular monthly sessions, cross-functional conferences, and annual project competitions, driving meaningful and sustainable progress.
As of 2024, significant progress has been made toward our goal of achieving 100% employee training in Lean fundamentals. A total of 21,701 employees—representing 80% of the Company’s workforce—have completed Lean Introductory and White Belt training. In addition, 2,033 employees have been trained in IVEX Lean Six Sigma upper belts in 2024, accounting for 8% of the total workforce, cumulative through the year. These efforts reflect our ongoing commitment to employee development and the integration of continuous improvement practices across the organization.
IVEX Competition
The IVEX Competition is one of the program’s largest annual initiatives, engaging employees globally across multiple functions and business segments. It provides a platform for employees to showcase their problem-solving skills while learning best practices from peers. With mid-to-senior-level leaders serving as judges and mentors, participants also benefit from executive feedback and guidance, gaining valuable exposure to leadership perspectives. This fosters leadership development, a change-oriented mindset, and cross-functional collaboration.
In 2024, approximately 130 new projects were submitted to the manufacturing competition, with around 700 participants attending regional competition sessions—demonstrating strong engagement and momentum within the company’s continuous improvement community. To further expand its impact, IVEX introduced two new competitions for the first time: the IVEX Lean Finance Improvement Project Competition and the IVEX x Digital: AIA Adoption Competition (Advanced Industry Analytics), broadening participation beyond manufacturing and encouraging innovation in data-driven decision-making.
Aligned with strategic priorities, the IVEX Project Competition focused on three key areas:
- People Empowerment and Recognition – Celebrating new improvement initiatives annually while encouraging employees to integrate continuous Improvement tools into their daily operations.
- Knowledge Sharing and Best Practices – Fostering cross-functional collaboration through the exchange of expertise, insights, and successful strategies across global teams.
- Demonstrating Value and Impact - Showcasing both financial and non-financial results, reinforcing the value of data-driven improvements and strengthening a culture of excellence.
By recognizing and promoting high-impact projects, the competition reaffirms Indorama Ventures’ commitment to innovation, efficiency, and sustainable growth.
Future Leaders Program (FLP)
As part of our long-term leadership strategy, the Indorama Ventures Future Leaders Program (FLP) was created to accelerate the development of high-potential talent across the globe. Structured as a 12-month blended learning journey, FLP includes contextualized assessments, tailored learning modules, coaching, mentoring, hands-on assignments, and individual development plans to support each participant's growth. The program also leverages team-based learning, encouraging collaboration and cross-regional knowledge sharing. The program aims to build a sustained pipeline of 200 future leaders by 2025, strengthening our organizational capability for the long term.
Following the successful completion of the inaugural cohort, we launched the second edition of the program in May 2024, enrolling 48 emerging leaders from across regions and business segments. In September 2024, participants convened in Bangkok for an immersive four-day development experience. Read more about our 2024 in our Annual Report.
In recognition of its impact, FLP was honored with the Gold Award for Excellence in the Best Leadership Development Program at the prestigious 2024 Brandon Hall Group HCM Excellence Awards, reflecting our commitment to developing future-ready leaders through structured, high-impact learning.
