Elvin Mahmudov

As businesses strive to achieve efficiency and productivity, one crucial factor that often goes overlooked is staffing norms. Staffing norms refer to the established guidelines and standards for determining the optimal number of employees required to fulfill the operational needs of a business. These norms play a significant role in ensuring that the business is operating with right number of staff, right people are in the right positions, leading to improved performance and cost saving. Implementing staffing norms in businesses is essential for several reasons. Firstly, it helps in maintaining an appropriate balance between workforce demand and supply. By analyzing the value chain, value stream map, business processes, activities, jobs, how the job is done, the technology and equipment used in value creation, market trends, historical data and projected growth, businesses can determine the ideal staffing levels necessary to meet customer demands without overburdening resources or incu

In today's rapidly evolving business landscape, digital transformation has become a necessity rather than a choice for companies across industries. The digital revolution has brought about significant changes in how organizations operate, communicate, and interact with their stakeholders. One area that has undergone a profound transformation as a result of digitalization is corporate governance and compliance. In this article, we will explore the impact of digital transformation on corporate governance and compliance, the advantages of embracing this change, the challenges and risks associated with it, strategies for successful implementation, best practices for ensuring compliance, the role of technology, and the future of corporate governance and compliance in the digital era. Corporate governance refers to the system of rules, practices, and processes by which a company is directed and controlled. It encompasses the relationships between a company's management, its sharehold

The oil and gas sector is known for its complex and demanding operations, requiring efficient and effective management of its workforce. In recent years, the integration of technology in various industries has revolutionized traditional processes, and the field of human resources is no exception. One such technology that has gained significant attention is Robotic Process Automation (RPA). RPA has the potential to streamline HR operations and enhance people management in the oil and gas sector. In the oil and gas sector, people management plays a crucial role in ensuring the success and productivity of the workforce. With a large number of employees, contractors, and suppliers, managing human resources becomes a complex task. HR professionals in this sector are responsible for recruitment, onboarding, training, performance management, and compliance. Effective people management is vital for maintaining a skilled workforce, ensuring safety, and achieving operational excellence. By lev

The Zangezur Corridor, located in the South Caucasus region, has emerged as a transformative route for international trade and logistics. This strategic corridor connects the landlocked countries of Azerbaijan and Armenia providing them with access to vital markets and enabling seamless connectivity between Europe and Asia. The development of the Zangezur Corridor has the potential to revolutionize trade routes and reshape global transport networks. In this article, we will explore the significance of the Zangezur Corridor for international trade, delve into its potential economic benefits, analyze the challenges it faces, and discuss the government initiatives and investments that are driving its development. The Zangezur Corridor holds immense significance for international trade due to its strategic location and the opportunities it presents for seamless connectivity. Previously, Armenia and Azerbaijan were geographically isolated from major markets, hindering their ability to parti

Karabakh, the recently freed region from occupation, now faces the challenge of rebuilding its economy and ensuring sustainable growth for its people. One potential solution lies in implementing an economic growth model tailored specifically to Karabakh's unique circumstances. To begin with, it is important to assess the current economic situation in Karabakh. Years of conflict and occupation have left the region devastated, with infrastructure in ruins and a high number of internally displaced persons (IDPs) who have lost their homes and livelihoods. The priority must be on creating new opportunities for these IDPs while also attracting investment and fostering entrepreneurship. The economic growth model for Karabakh should focus on several key areas. There needs to be a strong emphasis on diversifying the economy beyond traditional sectors such as agriculture. This could involve promoting industries like tourism, technology, and renewable energy that can provide much-needed jobs

In today's global economy, corrupt business practices have become a significant concern. Corruption not only undermines the integrity of businesses but also has severe implications for society as a whole. It erodes public trust, hampers economic growth, and perpetuates social inequality. To combat this issue, it is crucial to enhance transparency and accountability within organizations. By implementing effective management tools, businesses can mitigate the risk of corrupt practices and foster a culture of integrity. Transparency and accountability are fundamental pillars of a well-functioning business environment. Transparency ensures that information flows freely, enabling stakeholders to make informed decisions. It involves disclosing relevant data, processes, and transactions, thereby creating trust among stakeholders. Accountability, on the other hand, holds individuals and organizations responsible for their actions. It establishes a framework where ethical behavior is reward

Innovation is the willingness and ability to take a creative approach to problems or issues, to “think outside the box”, to go beyond the conventional, and to explore creative uses of resources (e.g., doing more with less). It involves the ability to develop, adopt and apply new and unique approaches and ideas with clear impact on improving business outcomes. It also includes using intuition, experimentation and fresh perspectives to enhance performance by developing or promoting new processes, services and/or programs. The main elements of innovation are: 1. Is open to new ideas - Is open minded when presented with a new perspective. - Applies new information to work problems and situations. - Recognizes when a situation calls for or can be improved by an approach different from the usual. 2. Questions conventional work methods - Questions/challenges conventional approaches and/or current thinking. - Uses new information to offer realistic alternatives. - Is prepared to “try out” diff

Business acumen is the ability to understand the business implications of opportunities and decisions, and to implement successful business strategies to improve organizational performance. It requires an ability to see the big picture by combining an awareness of business issues, processes and outcomes, and the impact they have on the community and organization’s strategic direction. The main elements of business acumen are: 1. Possesses basic knowledge of business - Understands how own job fits in relationship to results / outcomes / performance. - Appropriately applies existing policies to address business needs. - Improves one’s understanding of the business. - Demonstrates a basic understanding of business fundamentals. 2. Incorporates business fundamentals - Understands tactical business fundamentals and incorporates them into decision making and setting and measuring outcomes against critical performance indicators (e.g., financial, productivity, etc.). - Builds the business cas

"The optimal span of control for managers is the extent to which they can assess and manage the individual effectiveness of employees" - Elliott Jaques Span of control refers to the number of employees who report directly to the manager. In the first half of the last century, the maximum number of employees directly subordinated to the manager was 6 people, or even less. But since the 1980s, with the development of industry and information technology, organizational leaders have flattened their organizational structure, and the upper limit of this range has been increased to 10 or more people. The main reason for this was the development of information technologies and the availability of these technologies. Information technologies have gradually replaced middle management functions such as collecting, processing, and presenting operational data, and organizations have been able to reduce the number of middle managers and employ more employees with fewer managers. It is no c

Since the end of 2014, as a result of the rapid drop in oil prices, there has been a decrease in the gross domestic product of our country, and the GDP of 2014, which was 75.2 billion dollars, has decreased in the following years to the level of 37.49 billion dollars in 2016. At the end of 2016, a 3.8% decrease in GDP was observed compared to last year. (see chart 1) Chart 1 According to the information provided by the Statistics Committee, 66% of the GDP was formed by the non-oil and gas sector, and 34% by the oil and gas sector. A 27.6% decline in the construction sector was noted as the biggest impact on the decline of GDP. The analysis of GDP by sector structure shows that the growth rates of the oil and gas industry are weakening and the share of the oil sector in GDP is decreasing year by year. This is mainly due to two reasons. The main reason is the decrease in oil production from 2011 to the present. The second is related to the price movement of oil in world markets. Due to t

Internal control is a management system consisting of financial and other control systems intended for effective and efficient implementation of activities, protection of assets and resources, correct and complete accounting, timely and reliable processing of financial data. Within the framework of the COSO model, which is the best accepted model of this system, internal control is designed to ensure the conformity of work and activities in the organization to the norms, the reliability of financial and management reports, the effectiveness of activities and the protection of assets. According to the methodology, there are 5 main components of the internal control system, and the first of these components is the "CONTROL ENVIRONMENT". Other components are risk assessment, control activities, information and communication and monitoring. According to the COSO methodology, the control environment creates the basis for other components of internal control by ensuring the formati