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 importance 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 countries, it must move away from local oil pride toward achieving the transformative change needed to address climate change.
Development of the economy
Azerbaijan’s 2030 plan for the country’s long-term development focuses on a green growth economy in an inclusive society that fosters competitive human capital. The plan is to create a digitally focused society that supports cutting-edge technology industries and innovation as a driving force for development.
Aerial skyline of Baku, Azerbaijan
getty
In full compliance with the national plan, PASHA Bank, one of the largest in the country, plays an important role in supporting economic development in Azerbaijan through a series of initiatives and services aimed at fostering business growth, financial inclusion and innovation.
“The bank’s mission is to support economic development, especially the non-oil segment, especially through the growth of SMEs,” said Zibeyda Hajiyeva, head of human resources 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 offers tailored financial products, such as business loans, lines of credit and advisory services, primarily to corporations and small and medium enterprises (SMEs), which form the backbone of Azerbaijan’s economy. The Bank organizes and sponsors seminars, forums and training sessions to help entrepreneurs build financial knowledge and business management skills.
The bank also promotes innovation and digitization by investing in fintech and digital banking solutions, improving financial access and reducing operational costs for businesses.
Startups in Azerbaijan focus primarily on IT, fintech, e-commerce and Agritech, aligning with efforts to diversify its oil-dependent economy. However, challenges include limited funding and skills gaps.
Talent development
“PASHA Bank has a young workforce with an average age of 31 years. Supporting the new 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%.
Talent retention
“Our biggest goal is to create a workplace where people want to come and feel part of the culture,” Hajiyeva said.
The bank partners with universities and the UN Global Compact to develop talent. He makes extensive use of SAP solutions, championing digital human resources to increase efficiency and retain talent with technology.
PASHA Bank’s vision to drive economic growth across the region calls for exploring new horizons through customer focus, seamless services and innovative product offerings. This can only be achieved by attracting and retaining the best talent, nurturing leadership and driving growth to drive a new era of skills. With 1,400 employees, the bank focuses on hiring young people, preparing them for careers and enabling rapid onboarding with cross-departmental rotations.
“This is really our goal as a bank. By giving people opportunities, we are also strengthening our identity as a country”, concluded Hajiyeva. “Even if people leave, we’re confident that we’ve given them purpose and value that they can take on their own personal journey.”
follow me LinkedIn.
