Many people who attended the 29th Conference of the Parties (COP29) in Baku, Azerbaijan, may have been surprised by the choice of location.
A rich and diverse nation, Azerbaijan has a deep and historic connection to fossil fuels. Its abundant reserves have shaped its economy, geopolitical significance, and development for centuries. Now, Azerbaijan faces the challenge of balancing its reliance on these resources with economic diversification and environmental sustainability. Along with many oil-producing nations, it must veer from local pride in oil toward achieving the transformational shift needed to address climate change.
Developing the economy
The Azerbaijan 2030 plan for the country’s long-term development is focused on a green growth economy in an inclusive society fostering competitive human capital. The plan is to create a digitally focused society that supports cutting-edge tech industries and innovation as the driving force for development.
In full alignment with the national plan, PASHA Bank, one of the nation’s largest, plays a significant role in supporting economic development in Azerbaijan through a variety of initiatives and services aimed at fostering business growth, financial inclusion, and innovation.
“The bank’s mission is to support economic development, especially non-oil segment particularly through SME growth,” said Zibeyda Hajiyeva, chief human resources officer at PASHA Bank. She spoke at COP29 in Baku about the importance of attracting and retaining talent, leveraging technology, and fostering a purpose-driven work culture.
PASHA Bank provides tailored financial products, such as business loans, credit lines, and advisory services, mainly to corporate and small and medium-sized enterprises (SMEs), which form the backbone of Azerbaijan’s economy. The bank organizes and sponsors workshops, forums, and training sessions to help entrepreneurs build financial literacy and business management skills.
The bank also promotes innovation and digitalization by investing in fintech and digital banking solutions, improving financial accessibility and reducing operational costs for businesses.
Startups in Azerbaijan primarily focus on IT, fintech, e-commerce, and Agritech, aligning with efforts to diversify its oil-dependent economy. However, challenges include limited funding and skills gaps.
Developing talent
“PASHA Bank has a young workforce with an average age of 31. Supporting the younger generation means adapting HR strategies to retain talent. People are our most valuable capital,” said the HR specialist.
PASHA Bank became the first bank in Azerbaijan to apply SAP SuccessFactors solutions to align HR strategies with organizational goals, drive innovation, and improve workforce agility. After implementation, managers had an effective digital tool that increased payroll efficiency by 50%.
Retaining talent
“Our biggest goal is to create a workplace where people want to come and feel part of the culture,” said Hajiyeva.
The bank collaborates with universities and the UN Global Compact to develop talent. It extensively uses SAP solutions, advocating for digital HR to enhance efficiency and retain talent with technology.
PASHA Bank’s vision to drive economic growth throughout the region requires exploring new horizons through customer centricity, seamless services, and innovative product offerings. That can only be achieved by attracting, and retaining the best talent, nurturing leadership, and fostering growth to propel a new era of capabilities. With 1,400 employees, the bank focuses on hiring young people, preparing them for careers, and enabling quick onboarding with cross-departmental rotations.
“That’s really our purpose as a bank. By giving people opportunities, we are also strengthening our identity as a country,” Hajiyeva concluded. “Even if people leave, we’re confident we’ve given them purpose and values they can take on their personal journey.”
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