Talent Attraction and Retention
We are complying with local minimum wages and the ratios of standard entry level wage compared to local minimum wage of both male and female employee is greater than one.
86.43% of overall retention rate
We calibrate employee lifecycle processes through insights gathered from labor market scenarios, strategy meet sessions, the Global Employee Engagement survey, and focus group discussions. This calibration is underpinned by data analytics to identify the best options for talent retention.
Note: Turnover rates have been recalculated and restated using a more stringent definition and methodology.
Beginning in 2018, we have relied increasingly on data analytics, which is one of the best approaches to identifying hot-spots requiring a response. Retention interventions were crafted by understanding a Business Unit’s specific needs, with appropriate action taken at the country, regional or global level.
To better understand and analyze our data, we implemented a new methodology with a change of concept that expands the focus area by covering all of the group’s employees including newly acquired units and additional voluntary reasons as well.
In 2023, our overall attrition rate was 13.57%. This is a result of our rapid growth due to the large number of acquisitions in 2023 resulting in the integration of more than 29,000 employees across the globe.
We believe a firm foundation will lead to sustainable and positive changes. We have begun to deliver a global platform in many HR-related areas that are aligned with our strategic long-term HR priorities as follows:
- SAP HR/; Began a detailed feasibility study in 2019 together with a project to configure our systems, ensuring they are aligned with the new HR global processes in 2020 and to prepare and implement an effective and efficient global HR platform covering the key HR processes.
- Talent Acquisition and Management: Began a detailed feasibility study and initiated a project to deploy Succession Planning scoping from the top level down to N-3 levels in 2020.
- HR Function Capabilities and Engagement: To strengthen merger & acquisitions; skills and benefits; and engage all HR managers in projects, process design and policy setting.
- Global Employee Engagement: We decided to move the yearly GEE process to every second year to ensure a deeper review of the feedback given by employees, and improved implementation of the initiatives as per the feedback from the engagement process before we further approach our employees for the survey. We plan to rollout a new and more efficient GEE program in 2021 which promotes diversity, delegation, trust, and inclusive management.
Workforce Engagement
In 2020, we launched a new Employee Engagement approach to help us to understand how we can better engage our workforce and create a workplace of choice.
Our approach considers the different touchpoints during our employees’ journeys with Indorama Ventures and focuses on identifying and enabling the right actions. Therefore, we deploy a mixed approach, one of which is the Global Employee Engagement survey.
The Global Employee Engagement survey is carried out every two years and measures:
- Survey Participation: 84.06%
- Employee Engagement: 73.31% (actively engaged employees)
- Employee Net Promoter Score: 75.85%
- Key Engagement Drivers:
- Objectives and aspirations: 74.14%
- Accountabilities and collaborations: 78.71%
- People manager capabilities and interactions: 73.12%
- Performance management and recognition: 62.25%
- Leadership 72.58%
- To prioritize the well-being of our employees, we introduced two new criteria to gather relevant insight. This includes:
- Our company ensures my well-being and health.
- Achieving a balance in my personal and work life is attainable.
