Name of Organization/Company: NEQSOL Holding, Baku, Azerbaijan
Category: Achievement in Succession and Career Management
NEQSOL is an international holding is a diversified group of companies operating in oil & gas, telecommunications, hi-tech, and construction industries in the UK, the USA, Turkey, Azerbaijan, Ukraine, Georgia, Kazakhstan, the UAE and more with a professional team of more than 10,000 employees.
The group of companies initially started its development from various businesses established in the oil & gas industry in the early 1990s. Capital accumulated through these business activities was reinvested again, with rapid growth and expansion of business activities in the oil and gas industry.
The Holding brings these companies together to build a multifaceted and multi-industry business portfolio that ultimately helps strengthen strategic management and synergies between the companies.
The Holding plans to expand its business activities by entering both new geographies and business areas.
Rapidly changing environment, local and global expansion plans, diversified industries, short & mid-term business priorities mentioned briefly above are the drivers that foster the Succession Management in NEQSOL Holding.
Fast-growing organizations and rapid expansion in different geographies have made it vital to develop leaders and to establish a healthy and sustainable backup system for existing and possible roles in line with growth and expansion plans.
NEQSOL Succession Readiness Program (SRP) is a Succession System to ensure NEQSOL Holding has critical talent to deliver its strategic ambitions and to create a career development structure for NEQSOL Holding talents. It is an important strategic tool to create synergy. SRP was designed not only as a succession program but an initiative preparing for future, transforming culture and leadership.
-This is the most advanced and customized succession planning process in Azerbaijan, which differentiates from similar initiatives with its enriched development components and top-level sponsorship.
--4Dimensions of Future Success Model as Base of SRP is developed by the team.
--Feedbacks infirst practice was impressive and gave great motivation for its continuity. (Survey result is 92,4% satisfaction)
-The participatory approach applied, the inclusion of all parties as a business initiative rather than an HR initiative., and continuous communication at all phases were the most important factors in the success.
-SRP was managed on transparency principles. From thefirst day of launch, all participants were involved informed through common and 1:1 meetings with information regarding the process and their participation
-A target is given to the top management with 10% ratio which is a quite high number considering the role of those people. SRP Index is calculated with an advanced formula reinforcing executives to take action.
-Regular follow-ups applied, enabled SRP to enter into the top management's agenda with highest level of sponsorship.
-Contributed to Group synergy with help of cross-functional movements, internal, external talent mapping, development initiatives, shared culture for talent management.
The unique difference is that it not only assesses and plans for succession needs but also focuses on development of leaders with agile actions and supports them with structured development processes.
--110 top executives and senior managers had Korn Ferry (KFALP) potential discovery and (2 hours) feedback sessions, following them Individual Development Sessions (with a career coach) were held with all to discuss their development priorities and concrete actions based on SRP.
--Many leadership initiatives were designed to support within a condensed period of time. Overall development programs satisfaction is 89,2% including executive coaching, mentoring, NEQSOL Academy, and leadership journey programs. Compared to benchmarks, NEQSOL Academy attracted topex with high rate. Penetration of 110 leaders is %86 within 1 month after launch.
--Turnover of target audience was compared before and after SRP. Turnover dropped from 7% to 0.9% between 2018/2020.
--9 cross moves have been completed within SRP Action Plans. These moves include 3 vertical moves to CEO level and CFO level positions.
--Most of the expatriate roles are backed up with long-term and mid-term local successors. 8 ex-pat positions were backed up with local leaders out of 18 roles. 4 new fresh ex-pat leaders were hired for specific roles in line with the expansion strategies
--Considering the indirect effect of SRP for the engagement of top talents. Between 2018 and 2020, Despite all the negative dynamics in VUCA, Successful performance was achieved. In 2020, overall revenue increased by 135% compared to 2018, net profit increased by 96 %
SRP Process is explained in a very detailed presentation attached in the documents:
Executive Coaching Program: https://vo-general.s3.amazonaws.com/a1ab4161-9c30-4e28-88fc-d6ad384e3fe2/f2076156-6b5e-47d1-88f3-1b370ffd4e42?AWSAccessKeyId=AKIAJ4PRWO26HAX3IOCA&Expires=1720305786&response-content-disposition=inline%3B%20filename%3D%22NEQSOL%20SRP%20Executive%20Coaching%20Brochure.pdf%22&response-content-type=application%2Fpdf&Signature=c%2FttqzMKUQCByYHZOxTJuZ21gcc%3D
Video: NEQSOL Academy — Your Journey to Excellence: https://www.youtube.com/watch?v=DPFeCAGt4vQ
Home Page: www.neqsolholding.com