ONGC suffering from brain drain
ONGC has lost nearly 900 of its experts in the last one year to its competitors, who offered 4-5 times more salary.india Updated: May 05, 2006 16:19 IST
Oil and Natural Gas Corp (ONGC), India's largest oil producer, has lost nearly 900 of its skilled experts in the last one year to its competitors, who offered 4-5 times more salary than the state-owned firm.
"In last one year alone, ONGC has seen 900 key personnel leave the company to joint mulitnationals or private companies... And this outflow is expected to increase to alarming proportions in the near future," warned ONGC's Association of Scientific and Technical Officers (ASTO) president LK Mirchandani.
New multinational and private exploration firms offer wage packages at least 4 to 5 times that of ONGC, while the latter flounders when it comes to offering either a a career prospect or attractive wages, he told reporters here.
Mirchandani said ONGC officers would join the indefinite strike called by Oil Sector Officers' Association (OSOA) from May 31 to demand higher wages.
A strike could mean loss of 36.54 million dollars per day in revenue from stoppage of 71,000 tonnes per day of crude oil output. Besides 54 million standard cubic meter per day gas production would also be shut, he said.
"While the (ONGC) management is doing lip service in public, to offer better packages to its employees to arrest the flight of critical talent, it is actually withdrawing even the existing benefits in the name of rationalising compensation package," an ASTO press release said.
"This problem is further compounded by lack of clearly defined career growth prospects, unattractive pay package, and orthodox and unimaginative HR practices prevailing in PSUs resulting in employee de-motivation and mental disengagement from the parent company," ASTO, which has 24,000 officers under its banner, said.
That has resulted in an increase in the exodus of middle- rung executives with 15-20 years of experience in cutting edge geo-sciences, directional drilling, production that constitute the bedrock of organisational competency.