Many companies in the previous years have been facing both internal and external problems. The problems have not gone well with the operations and the reputation of the companies. Failure to address the various problems existing in the companies in advance leads to negative impacts which are felt in every department of the company ranging from the managerial to the subordinate staff. Therefore, the research paper will discuss the Oilfield Services Company and its potential problems, indicators that the company is effectively using the research studies, how the company might use both the secondary and primary research and what might Oilfield Services Company do in the future to expand its research.
The Oilfield Services Company is one of the largest company dealing with oil and gas in Vietnam. Currently according to the statistics taken it has been discovered that it occupies a market share of over 70 percent not only in the country but also in the entire region. However, although the company has been recording impressive performance regarding the market share, it has had a big problem concerning human personnel. According to Daiyin et al. (2016), many of the engineers in the company work and resign after a short while hence creating a big gap in the personnel. This prompts the company to employ foreign engineers where the cost of mobilizing such engineers come out to affect the companys profit. For that reason, this becomes to understand why the training and the recruiting costs for new engineers in the company have been increasing significantly over the past few years. The oilfield company being in such a situation is very risky simply because it is very hard for the company to maintain its profit and market share both in the country and also in the Middle East.
Having analyzed the symptoms it comes out to be a clear indication that there exists something wrong with employee retention. The first problem evident from the scenario is that the engineers are dissatisfied with the aspect of being far away from their families for so long and this makes them feel exhausted which in turns leads to high employee turnover (Mittal & Groening, 2016). Second, the payment in the company may not be satisfying thus forcing the engineers to go for higher-paying competitors.
The key indicators prevalent demonstrating that the Oilfield Services Company is effectively using research studies within the organization is by identifying at the same time measuring the number of key variables such as offshore days and offshore bonus related to engineers loyalty while they are working in the company. Second, another indicator showing that the company is effectively using the research studies within the organization is by assessing the various strategies and their contribution towards the engineers satisfaction. According to Pedroni et al. (2013), making use of the appropriate research techniques makes any company in the world to find an alternative or simply a solution to deal with it problems.
Undertaking a thorough research puts the Oilfield Services Company in a better position to have the most relevant information in making decisions regarding its engineers. After making the right decisions, this will fuel to build the loyalty of the engineers and hence at the end of the day the retention will increase. In addition, the mobilization costs, training and subsequent recruitment will decrease. Therefore, there exist various solutions that can help the Oilfield Services Company to build engineers loyalty and make them have the highest possible level of satisfaction. First, the company needs to familiarize with all the factors interfering or compromising with the engineers loyalty specifically within the company. Second, the company needs to evaluate various intervention strategies and their impact on engineers satisfaction.
It is true that the Oilfield Services Company may use secondary research to get any information in various sources such as journals and internet regarding the company human resource compensation policies for employee retention and loyalty and the most appropriate practice of offshore days (Pedroni et al., 2013). External secondary data resources that may be available include market research, offshore magazines, web and internet. In addition, the internet resource for the secondary data includes performance tools, personal profiles and records. On the other hand, the Oilfield Services Company can utilize the primary research by using interviews and questionnaires to various employees at all levels to collect relevant information that will be used to build engineers loyalty as a way to decrease the recruitment, mobilization and subsequent training costs as well as increasing the retention of the employees.
The Oilfield Services Company needs to do a number of things in the future to expand its research. First, the company needs to undertake thorough research on the wages and bonus vs. performance management. Second, it is crucial to look at the various policies regarding work-life balance. Third, it is also important for the company to evaluate both the inclusiveness and diversity policies in the future. Fourth, it is also advisable for the company to identify the most appropriate mob and demob policies for not only the engineers but also for all other employees.
Daiyin, Y., Teng, L., & Xinkuang, C. (2016). The research of microcosmic pore structure parameters and oil-driving efficiency of ultra-low permeability reservoir in outer edge of Daqing Oilfield. Journal of Petrochemical Universities, 3, 007.
Mittal, V., & Groening, C. (2016). Do oilfield-services companies strategically manage customers and employees? Halliburton, National Oilwell Varco, and Schlumberger.
Pedroni, P. M., Jaramillo, H., Torres, C. M. D. L., Navarrete, Z. H., BernalRamirez, J., & Reed, T. (2013). A partnership approach to addressing applied ecological research needs of an oil and gas business. Journal of Applied Ecology, 50(3), 539-543.
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