Vedanta, the diversified natural resources company has begun the procedure to analyze the prospective future Chief Executive Officers (CEO), down the lane.
The company intends to surge its production and revenue up to 50% during the next two years.
Currently, it has identified about 500 new leaders and has given them higher roles in various group companies as a part of an initiative to vest the top talent and to create a pipeline of future prospective leaders from within the company.
Apart from handing over certain responsibilities, it has included these new leaders in business-unit executive committees, councils and other decision making bodies as either members or invitees.
"Our aim is to create a pipeline of future leaders by identifying and giving more visibility to top internal talent," said Suresh Bose, Head, Group Human Resources, at Vedanta group.
"Through this initiative we have not only been able to provide visibility to deserving top minds across the group but also ingrain within those individuals our strong focus in the areas of HSE (health, safety & environment), ethics-governance-compliance, technology, benchmarking, continuous innovation and power of analytics, which, in turn, they have percolated across their respective functions/businesses," Bose added.
Vedanta Ltd currently has nearly 12,000 professionals in the group.
The body is also planning to introduce leadership to measure the total contributions and accomplishments of these new leaders. They will also be measured on the basis of how they have added value to the business in their enhanced leadership roles. This will be linked to their respective KPI's (Key Performance Indicators) to develop an online-measurement metric. They have been assigned with mentors to identify the talented ones to take up the role of the future leaders.
The identified leaders will get group's employee stock options scheme (ESOS). They will be assigned high impact projects across locations and business, which will be measured on a regular basis by the respective executive committee team.
Currently, a total of 513 leaders are identified for the project, out of them around 24% of them are women. The average age of the employees in the group is between 34-35 years.