The Future of Human Resources in Oil and Gas
Back in 2016, IDC’s FutureScape: Worldwide Oil and Gas Predictions estimated that 40% of oil and gas companies in 2017 will progress towards digital, collaborative, cognitive and social capabilities to enhance the integrated talent management system. However, at the same time there is a study by Accenture that points out that 75% of human resource (HR) executives believe that their current operating model is not providing a competitive advantage and is struggling to address emerging business needs. Both these studies bring out the fact that there is a gap that exists between the expectation vis-à-vis reality.
3 major disruptions that will shape the future of HR in oil and gas sector
Traditional technical talent is no longer competitive for the energy industry. They require better and more advanced skills. The shift in approach has led to the emergence of the following factors that would shape the future of HR:
Futuristic talent management approach for oil and gas industry
To sustain and progress in this volatile economy, oil and gas companies must ditch the traditional HR operational models and practices, and switch to a more agile and resilient one. To build a sustainable model for HR practices that will carve the future of HR in the oil and gas sector, it is required to:
As oil and gas sector transforms itself like other competitive manufacturing businesses, the mindsets, behaviors and working style will change. The prime focus will be on cost efficiency and continuous improvement. This will lead to an organizational and attitudinal shift that will empower the next-gen HR professionals and in return boost the community of oil and gas professionals.
Something interesting to share?
Join NrgEdge and create your own NrgBuzz today
Tyre market in Bangladesh is forecasted to grow at over 9% until 2020 on the back of growth in automobile sales, advancements in public infrastructure, and development-seeking government policies.
The government has emphasized on the road infrastructure of the country, which has been instrumental in driving vehicle sales in the country.
The tyre market reached Tk 4,750 crore last year, up from about Tk 4,000 crore in 2017, according to market insiders.
The commercial vehicle tyre segment dominates this industry with around 80% of the market share. At least 1.5 lakh pieces of tyres in the segment were sold in 2018.
In the commercial vehicle tyre segment, the MRF's market share is 30%. Apollo controls 5% of the segment, Birla 10%, CEAT 3%, and Hankook 1%. The rest 51% is controlled by non-branded Chinese tyres.
However, Bangladesh mostly lacks in tyre manufacturing setups, which leads to tyre imports from other countries as the only feasible option to meet the demand. The company largely imports tyre from China, India, Indonesia, Thailand and Japan.
Automobile and tyre sales in Bangladesh are expected to grow with the rising in purchasing power of people as well as growing investments and joint ventures of foreign market players. The country might become the exporting destination for global tyre manufacturers.
Several global tyre giants have also expressed interest in making significant investments by setting up their manufacturing units in the country.
This reflects an opportunity for local companies to set up an indigenous manufacturing base in Bangladesh and also enables foreign players to set up their localized production facilities to capture a significant market.
It can be said that, the rise in automobile sales, improvement in public infrastructure, and growth in purchasing power to drive the tyre market over the next five years.
Headline crude prices for the week beginning 14 January 2019 – Brent: US$61/b; WTI: US$51/b
Headlines of the week
GEO ExPro Vol. 15, No. 6 was published on 10th December 2018 bringing light to the latest science and technology activity in the global geoscience community within the oil, gas and energy sector.
This issue focusses on frontier exploration, downhole acquisition tools and how we can collaboratively increase the efficiency of the exploration and production of oil, gas and energy resources. With a geographical focus on the Gulf of Mexico, this issue provides a lesson on the carbonate geology of the Florida Keys and details coverage of newly improved tectonic restorations of the US and Mexican conjugate margins which have enabled enhanced mega-regional hydrocarbon play and reservoir fairway maps of the region.
You can download the PDF of GEO ExPro magazine for FREE and sign up to GEO ExPro’s weekly updates and online exclusives to receive the latest articles direct to your inbox.
To access the latest issue, please visit: https://www.geoexpro.com/magazine/vol-15-no-6