Article: #4 in Manufacturing & Production: IOC - From Navratna to Maharatna

Employee Engagement

#4 in Manufacturing & Production: IOC - From Navratna to Maharatna

The 1964 merger of Indian Refineries Ltd., and Indian Oil Company, led to the establishment of Indian Oil Corporation Ltd., or IndianOil as we know it today. Ever since its inception, the company and its people embarked on a golden journey, fuelled by nothing but the spirit to serve and a passion to excel. Today, IndianOil stands poised, with an ambitious agenda for the next 50 years spanning the entire spectrum of the hydrocarbon chain, focussing on the core values of care, innovation, passion & trust and strengthening India’s energy security and resolving to remain as a symbol for a new generation of Indians. In fact, IndianOil, the nation’s flagship oil company with business interests straddling the entire hydrocarbon value chain – from refining, pipeline transportation and marketing of petroleum products, to exploration & production of crude oil & gas, marketing of natural gas and petrochemicals, is the leading Indian corporate in the Fortune 'Global 500' listing. With revenues worth over USD 68 billion, and a portfolio of powerful energy brands such as Indane LP Gas, SERVO lubricants, XtraPremium petrol, XtraMile diesel amongst others, it ranks 98 in the global rankings. In tune with the global dynamics, the company has a new vision, which is based on core values looking at energy in a holistic way with a matrix of identified elements of people, innovation, environment, technology, customers and ethics, backed by the aspiration of becoming a globally admired company.
 

IndianOil inculcates strong ‘core values' among the employees and continuously updates skill-sets for full exploitation of the new business opportunities

 

The 1964 merger of Indian Refineries Ltd., and Indian Oil Company, led to the establishment of Indian Oil Corporation Ltd., or IndianOil as we know it today. Ever since its inception, the company and its people embarked on a golden journey, fuelled by nothing but the spirit to serve and a passion to excel. Today, IndianOil stands poised, with an ambitious agenda for the next 50 years spanning the entire spectrum of the hydrocarbon chain, focussing on the core values of care, innovation, passion & trust and strengthening India’s energy security and resolving to remain as a symbol for a new generation of Indians. In fact, IndianOil, the nation’s flagship oil company with business interests straddling the entire hydrocarbon value chain – from refining, pipeline transportation and marketing of petroleum products, to exploration & production of crude oil & gas, marketing of natural gas and petrochemicals, is the leading Indian corporate in the Fortune 'Global 500' listing. With revenues worth over USD 68 billion, and a portfolio of powerful energy brands such as Indane LP Gas, SERVO lubricants, XtraPremium petrol, XtraMile diesel amongst others, it ranks 98 in the global rankings. In tune with the global dynamics, the company has a new vision, which is based on core values looking at energy in a holistic way with a matrix of identified elements of people, innovation, environment, technology, customers and ethics, backed by the aspiration of becoming a globally admired company.

IndianOil inculcates strong ‘core values’ among the employees and continuously updates skill-sets for full exploitation of the new business opportunities. It takes upon itself an obligation to develop the capabilities of its people and facilitate their career progression through appropriate training and career planning. It is a result of its healthy ‘Industrial Relation’ (IR) practices and sound personnel policies that ranks it amongst the best companies to work for. The HR strategy of the company is aligned with its business vision. IndianOil’s strategy is exclusively focused on seeking out people who have the ‘right fit’ for the oil and gas sector. In fact, it was the first corporate to adopt the Graduate Aptitude Test in Engineering (GATE) scores for recruitment of engineers, which not only simplified the recruitment process but also helped attract truly outstanding talent. IndianOil considers its human resource as assets and has been the first amongst PSUs in introducing many path-breaking HR initiatives such as e-PMS, performance-based reward management, cafeteria, approach for disbursing perquisites, etc. The emphasis on continuous learning and development implies availability of learning opportunities and challenges for its employees.

For more than half a century, IndianOil has been successfully meeting the vital energy needs of the consumers in an efficient, economical, and environment-friendly manner. A market leader in the Indian market accounting for over 48 percent of petroleum products market share, 34.8 percent of national refining capacity and 71 percent of downstream sector pipeline; IndianOil aims to maintain its consistency in terms of leadership while providing the best quality of products and services. As an organization, IndianOil believes in constantly benchmarking itself against peer organizations and the corporate sector in general, thus standing to gain from the best practices of leading and most-admired organizations. This also gives it an opportunity to make others aware of the innovative and best practices followed within the organization. As a leading public sector enterprise, IndianOil has been successful in combining its corporate social responsibility with its business offerings, and meeting the energy needs of millions of people. The prestigious status of a 'Maharatna' will further empower the company to chart new and innovative strategies and inspire it to scale greater heights in the future.
 

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Topics: Employee Engagement, Culture, #BestPractices

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