India is the 3rd largest energy and oil consumer in the world after China and the US and with a massive investment of $118 Bn expected in the industry in a few years, the industry is set to evolve and further grow.
However, the demand for more sustainable practices and the increased digitization created a new set of demand for both businesses and workforce. To understand how the year 2019 was like for the industry and its talent market, we interacted with Praveen Purohit, Group HR, Vedanta Resources Plc. He shared some business and talent trends that shaped the sector this year.
Purohit also threw light on how Vedanta managed these evolving business and talent demands and shared how the company is preparing the workforce for the future of work.
How has the year been like for Oil & Gas Industry in India? What kind of challenges and opportunities did 2019 bring?
As of 1st April 2019, the oil refining capacity of India stood at 249.4 million tonnes, making it the second largest refiner in Asia. For Vedanta Group, in particular this year saw growth in three large businesses Zinc, Aluminium and Oil & Gas.
In 2019, a strong focus for companies in the sector was on adopting sustainable practices and show care for the community for the geographies they operate in.
What were some top talent trends the industry witnessed in 2019?
Mining and metals industry is undergoing a major overhaul in recent times. Experts in Digitalization, Analytics, Blockchain are in demand and are replacing traditional specializations.
With the growing emergence of Artificial Intelligence, Blockchain, Internet of Things, Analytics etc. in Mining Technology & Practices, traditional knowledge and specializations have become obsolete. It is important for existing and aspiring employees in the mining industry to be tech-savvy and specialized in courses on innovation, analytics, information technology etc. In Vedanta, hence, we seek to hire best-in-class digital talents from top institutes. We also conduct structured workshops and talent identification processes for digital leaders. We promote digital learning across our businesses to inculcate this culture.
The core technical skills like underground mining, operations/ planning will remain key for the natural resources industry to derive maximum value.
In light of global and technological revolution in mining & metals industry, it is very important to have a future-ready workforce led by capable leaders with a knack for transformative thinking. For this, it is essential to have high-impact talent management & development initiatives to identify such leaders who can lead the transformation and bring innovation to the table.
To drive transformation and innovation from the top, we run Chairman’s Internal Growth Workshop, a signature initiative for identifying high-quality talents in the Group. Further, keeping in mind the importance of creating a pipeline of diverse leaders, we also have a vision of achieving 30 percent diversity by 2020.
Companies are laying greater importance on elevating internal talent from within wherever possible. Therefore, we have also structured talent elevation and development initiatives to identify internal leaders from within.
How are you preparing Vedanta’s workforce for the future?
We have always aimed to design an organization which is spearheaded by our 'leaders from within’.
Recognizing internal talents and promoting them to leadership roles has been the driving factor in our journey of rapid growth.
Some of our key initiatives to nurture talent include:
Internal Growth Workshop: Aligned with the philosophy of recognizing internal talent and promoting them to leadership roles, the Group conducts ‘Chairman’s Internal Growth Workshops’ to identify potential candidates across the Group. These workshops have resulted in the identification of 600+ cross-functional high potential new leaders to date who have taken up significantly enhanced roles and responsibilities.
Job Rotation: In line with our philosophy of promoting growth of internal leaders and adding a diversified perspective to business strategy, it is important to provide cross-functional exposure to senior leaders. Leaders who have been in a function for more than 3 years are moved to cross-functional roles to further enhance their competencies and capabilities in other areas.
Wealth creation (Stock options): To ensure a sense of ownership in our employees and make them realize that they are involved in Vedanta’s growth story, stock options have been an integral part of the talent strategy. This contributes to fulfilling their long-term desires and align their personal ambitions to the organizational goals.
Performance Bonus: To promote a performance-driven culture and to foster delivery of high performance, teamwork and involvement in Vedanta’s growth story. This is in line with our performance orientation and outcome focus, and we have also recently started with a structured quarterly performance scorecard system for our senior leaders for providing high level of empowerment and to be sharply focused in delivering outcomes aligned to their respective business, function and role.
Anchoring Focus: We are also ensuring that we provide a strong anchoring network for our young, high quality talent who joins our group, to enable them to charter their career path seamlessly with proper guidance and motivation.