BAKU, Azerbaijan, February 11. Companies must establish and implement proper systems for evaluation, reward, and punishment, said Jalal Gasimov, CEO of PASHA Holding LLC,Trend reports.
Speaking at the Human Development Forum in Baku, Gasimov stressed that the heart of the matter for businesses is to bring on board employees who have the right know-how and expertise under their belts.
"Despite its apparent simplicity, it is regrettably not consistently manifested in practice. This is attributable to both subjective and objective factors. Simultaneously, organizations ought to establish and execute appropriate mechanisms for assessment, remuneration, and disciplinary action. In numerous organizations, employee performance is evaluated based on results.
In my opinion, the Azerbaijani business community should focus not only on results but also on intention. Everyone can make mistakes, and the result may not be successful. But it's crucial to understand: What was the intention? Do businesses accept and apply this? This is a big question.
One of the key aspects is the establishment of management systems grounded in the principles of internal integrity. Every system should be designed in a way that makes it difficult to make mistakes, especially for young people. The system should encourage them to take the right actions and make correct decisions," he said.
Established in 2006, “PASHA Holding” Limited Liability Company, via its subsidiaries, strategically allocates capital across diverse sectors including banking, insurance, construction, information technology, property development, and tourism. The Holding leverages its operational framework through strategic management paradigms, robust corporate governance structures, and meticulously formulated investment strategies. The holding encompasses dual categories of investment asset portfolios: controlling interests in PASHA Holding and its affiliated entities (collectively referred to as PASHA Group) alongside minority private equity stakes.
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