Yip’s Chemical Holdings Limited：Constructing talent management to promote the common growth of employees and the enterprise

Company Profile
Yip’s Chemical Holdings Limited, formerly known as Hang Cheung Hong, was established in 1971 and listed on the Hong Kong Stock Exchange in 1991. The Group focuses on the production and sales of petrochemical products, including solvents, coatings, inks and lubricants. It is the largest producer of acetate solvents in the world, China’s largest manufacturer of inks and one of the leading coating brands in the country.
Yip's Chemical, headquartered in Hong Kong, has a Group R&D Centre in Shanghai Zhangjiang Hi-tech Park. Various manufacturing plants spread all over China and the Group boasts a distribution network that covers all major provinces and cities. Brands operated under the Group include “Bauhinia” for paints, “Bauhinia Variegata” for inks, “Hang Cheung Coating” for industrial paints, “Hercules” for automotive lubricants and “Pacoil” for specialty lubricants.
Yip’s Chemical is a constituent in the MSCI (Morgan Stanley Capital International) China Small Cap Index Series. In 2014,Yip's Chemical made its annual turnover up to 10.2 billion Hong Kong dollars, with employees over 4000 people.
Challenges
Of all the economic resources, human resource is the one with the least efficient, and thus it is also the most promising resource to improve the economic efficiency. The growth and development of one enterprise depends on the growth, responsibility and dedication of employees for their work. In this context, all enterprises are eager to absorb the talents, and struggle in the talents competition, making talent recruitment more difficult. Yip's Chemical has developed for more than 40 years, and a batch of leading personnel gradually have step down, so it urgently need the high-level succession. How to create a good development space for employees and let employees grow with enterprise and enjoy the common benefit is vital for the development of Yip's Chemical.
Solutions
Talent problem is produced due to the internal and external environment. Yip's Chemical also does efforts in the inside and outside aspects, and has actively digging talents to establish a successor talent team.
Management trainee program
Since the beginning, Yip’s Chemical has always attached great importance to talents. It introduced management trainee program as early as 10 years ago, which has cultivated many young talents and built a sound foundation for talent team for management to promote the company's business development.
Yip's Chemical’s management trainee program mainly includes two elements: on-job training and part-time training. During the 24-month training, trainees will have rotational training and learning on different jobs to understand the operation of each unit and cultivate trainees to manage the business process. Part-time training includes many aspects, such as classroom training. Each trainee will regularly accept practical training on management and business operations so as to enhance the training applicability and increase the training efficiency. In addition, the program also contains regular sharing.  The sharing session will provide them a chance to report their experience and feelings. By links of question &answer, challenges and suggestions, they can enrich their work experience and lessons.
In recent years, the program has a highlight: the overseas training. the chairman of executive committee of Yip's Chemical personally led all the trainees to visit the well-known chemical enterprises in the mainland or other countries for a few days .By visiting other better companies, the trainees learn from them. This greatly widens their horizons, enhance their thinking and thus is a real help for the development of Yip's Chemical.
Internal talent pool
Talent demand is increasing and the original management training program has not met the Group’s need. Yip's Chemical begin to build an internal talent pool, looking for employees with high performance and potential and training them to provide more suitable successor for the Group in the future.
Yip's Chemical designs appropriate selecting tools according to their demand for future talent, and conducts a comprehensive evaluation on the candidate's performance and ethical behavior, and development potential. This program objective mainly aims to select successor for the manager and director, which will establish the first and second leadership of Yip's Chemical.
 
Under the perfect internal talent selection mechanism, the cooperation with appropriate training and development plan can reach the goal, accelerate the development of talent and last relevant results. In the past two years, according to the actual situation of company management, Yip's Chemical tailored a series of management courses, and launched the regular rolling classes according to company training needs. In 2015, Yip's Chemical management course adds training for basic management personnel, aiming to improve the site management, communication management skills and other skills of production line management personnel. at the same time, it also added career planning to motivate and create more autonomous learning motivation for the trainees.
And the internal talent team will attend Yip's Chemical management courses after selection to promote internal talents’ management knowledge and skills rapidly, and speed up their competency for the next important job. from the beginning of 2014 to now, the management courses have trained 488 person-time, and the trainees covers the managers from its subsidiary .The 14 courses focus on leadership, marketing management, job skills and so on .
Achievement
Promoting the development strategy of inside and outside talent selection and cultivation provides stable numbers of talents for Yip Chemical and solves the problem of talent competition and talent shortage. At the same time, it also solves the employment difficulties for inexperienced and unskilled staffs.
Yip's Chemical’s management trainee program has developed very mature, and its effect is also significant. From October 2013 to September 2014,the natural turnover rate is 15.1%.after two-year training, every trainee has been grown fast and holds important positions in different categories. So far, the Group has many trainees to hold the director level position. One management trainee joined Yip's Chemical after he graduated from college in 2007 and after five years, he has become a general manager.
For early and middle managers, these courses can satisfy management knowledge and skills that their current work requires, and also reserves the corresponding management knowledge and ability for the advanced management positions; for senior managers, these courses pay attention to the understanding of the current internal and external management environment, and are forward-looking for the business development trend, which can provide effective support for the company’s stable development.
Prospect
Looking to the future, Yip's Chemical will continue to invest more resources to develop internal and external talents, and establish a comprehensive talent team, which will inject more power for the Group business development in the future.it will continue to boost the society to solve the problems of labor shortage and employment difficulty.