Oil & Gas Industry
The global Oil & Gas sector is being severely tested by market and industry disruption as a result of new supply sources - e.g. fracking -, geopolitical unrest, and the accompanying price volatility and industry restructuring. Dividend payments are very costly in this environment of project cancellations and investment withdrawals. Against this backdrop, building and maintaining rational and balanced HR organizational and compensation structures has never been more challenging, along with the optimization of industry-specific compensation models that promote retention and training of critical talent.
Frequent personnel movement between companies, often due to mergers and acquisitions, with major differences in compensation philosophies, puts extra pressures on compensation structures.
Talent management also continues to play a demanding and crucial role, particularly with the industry’s international focus. Recognizing individual employee potential and fostering their development, utilizing them sufficiently, and making appropriate appointments within the company, is paramount to maintaining qualified and motivated managers.
In terms of HR organization, many personnel departments have restructured as Centers of Excellence, Business Partners or Shared Service Centers – albeit with varying degrees of consistency and success with regard to implementation and professionalism. In many cases, the new responsibilities and processes have yet to deliver on their promise.
The hkp/// group service portfolio addresses these challenges with consultants who are skilled practitioners in designing and optimizing industry-specific organizational structures, compensation systems and IT for technical specialists, managers and executives. We also specialize in building and implementing practical, effective talent management processes, and designing and optimizing HR units as a whole. We have added sensitivity and expertise to the Oil & Gas industry as some of our expert staff hail from the industry.
Within hkp/// group, hkp/// RemuNet provides a distinct portfolio of services based on its long history of building and maintaining industry-specific club survey networks which provide reliable market- pay, policy and performance data and analysis. In the Oil & Gas sector, hkp/// RemuNet derives its deep knowledge from having established and maintained one of the earliest industry specific club surveys. We provide an excellent resource for managing and improving Oil & Gas HR, confidently tackling the current industry challenges and expanding opportunities.