Surviving the downturn – How to keep your key players and help them help you! Chris Taylor, HR...
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Surviving The Downturn How to keep your keep players and help them help you. 17 November 2016 Chris Taylor Corporate HR Director Subsea 7
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Transcript of Surviving the downturn – How to keep your key players and help them help you! Chris Taylor, HR...
Surviving The Downturn How to keep your keep players and
help them help you.
17 November 2016Chris Taylor
Corporate HR Director Subsea 7
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What I am going cover?
1. Impact of the current downturn on Oil and Gas and Subsea 7.
2. How did the downturn impact our HR Strategy, and talent management.
3. Our Approach to Talent Management in Downturn4. Why is it so Important to get this right
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What we do
ROV and Remote
Intervention
SURF
Conventional
Life of Field
Hook-up
Renewables, Heavy Lifting,
Decommissioning
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Impact of the current downturn on Oil and Gas and on Subsea 7
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How are we impacted - Oil Price
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How did the downturn impact HR?
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Impact on HR• Recruitment
– Reduction in vacancies – Reduce external recruitment– Recruit only temporary positions– Renegotiate recruitment rates– Reviewed preferred suppliers list– External recruitment freeze– Remove contractors– Global headcount reduction
• Increase cost focus / reduction– Reduce contractors rates– Tightened rules on salary increases– Increased overtime approvals requirements– Reducing existing reward programmes – Reducing cost of benefits programmes– Freezing annual salary reviews– Removing additional organisational benefits– Removing specific incentives
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Impact on HR?• Learning and Development
– Review cost of existing programmes– Reduced participation on programmes– Move away from global to local programmes– Remove low value, low impact training. – Pause specific development programmes– Pausing graduate and apprentice programmes– Focus on key strategic programmes only
How did this affect our L&D Strategy?
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Our Approach to Strategic Talent Management during a downturn
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Subsea 7 Overall Talent Strategy does not change
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Clear Focus on Talent Review
A simplified approach - we want to know:1. Our Top Talent2. Our Targeted Talent3. Our Management Succession
This is about identifying our key employees we must retain and moving to an individualised development approach.
Talent Group Ownership Who
Top Talent – Level 1 Group HR Could be VP or Exec
Target Talent – Level 2 or Below Regional HR Small group of individuals with annual focussed development
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Talent Review Output• Identification of clear succession plans at Senior and Executive level.
• Our development activities focus on those who can fulfil strategic business requirements, with an individualised approach:
– Target Talent to be placed in roles to get specific experience and knowledge for succession purposes.
– Top Talent with clear career plan with supporting development plans.
– All key talent understand how to be more effective.
• We want our key people to know they are being developed and have clear career plan, to ensure they know their future with company and that we value them this highly.
– This is the only key retention tool left.
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Why is Talent Review so important to get right
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Why is Talent Management so important?• In current challenging conditions, Our Top and Target Talent will have to:
– Select the best people to be retained and manage those who are leaving. – They must lead by example, demonstrate our values and share the vision and direction of the
company and continually communicate.
– Deliver the company key business objectives and keep our customer happy.
• Even in downturn, our top talent will be targeted by competitors and other companies.
• To survive we need high performance & employee engagement. This is achieved with the right culture, driven by Leadership & implemented by management.
• Our Top and Target Talent therefore must feel engaged, valued and committed to the long term.
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seabed-to-surfacewww.subsea7.com
