Financial Daily from THE HINDU group of publications
Saturday, Feb 04, 2006
Financial Daily from THE HINDU group of publications Saturday, Feb 04, 2006 |
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Petroleum Corporate - Human Resources To prevent talent poaching — ONGC seeks more autonomy on fixing pay Richa Mishra
New Delhi , Feb. 3 CONCERNED at increased instances of talent poaching, oil giant Oil and Natural Gas Corporation (ONGC) has pressed for greater autonomy in deciding employees' remuneration. The company has approached the Department of Public Enterprises (DPE) to authorise it to fix the salary structure of its employees. The company is also going to move the Petroleum Ministry for immediate action to address the issue. Speaking to Business Line, an ONGC official said, in the New Exploration Licensing Policy (NELP) regime, instance of poaching of trained technical employees by private sector competitors has also risen. The movement is more prominent among the middle and senior level officials belonging to the cadre of geo-physicists, drillers, petroleum geologists, petroleum engineers and those in production, the official stated. These are the critical areas, which matter to a company in exploration and production, he added. "We are going to approach the Government to allow us to evolve our own remuneration package that are similar to the competitors in the private sector," the official said. The company was seeking similar status for itself as it is accorded to other knowledge-based industries such as information and technology. The overall attrition rate, though low at present, was a cause of concern, the official said. ONGC lost close to 100 middle and senior level officials in 2004-05 alone. It has close to 9,000 middle and senior level employees at present. Every year, apart from paying the salary, huge investments are made on training these employees, the official said. Currently, the company is governed by the DPE guidelines prescribed for navratna companies, which also sets the salary structure. Thus, lured by heavy remunerations offered by competitors, the company was losing its talent bank, the official said. The problem is that the company was not able to recruit people at middle and senior level management due to regulations. Therefore, the company hires at the entry level and invests in them. But after a few years, private firms poach on these skilled employees, leaving the company to hire more trainees.
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