Free «Management (HR Report)» UK Essay Paper
Table of Contents
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- Performance Management Practices and Their Positive/Negative Effects on Stakeholders
- Identification of Learning and Development Needs
- Target Future Performance
- Assessing Past Performance
- Forecasting Future Trends
- Need for Further Research
- Related Free Management Essays
Each company, whether government-owned or privately-owned, has the goal of making profits in order to involve all the stakeholders much more effectively than it was in the past. For a company to be successful, it is important that it uses the appropriate management practices in relation to its industry, and forms strategic partnerships to realize profits.
IPIC was founded in 1984 by The Late HH Sheikh Zayed Bin Sultan Al-Nahyan, the first UAE president, in Abu Dhabi. It was mandated to work in the energy and related sectors across the globe. It currently manages investments of over 18 leading companies in the oil and chemical industry. Ownership of share capital was on a 50-50 basis by the Abu Dhabi Investment Authority and the Abu Dhabi National Oil company in 1984. Two years later, the government of the Emirate of Abu Dhabi acquired the entire share capital (IPIC, 2015). Since 2012; the government has made six equity contributions to IPIC. IPIC's objective is to maximize long-term shareholder value through active participation of the board of directors and other strategy making-bodies of every company in its investment portfolio.
IPIC assumes a vital part in the administration of Abu Dhabi's method to secure and create end markets for the emirate's unrefined petroleum creation. Its part is to defend the transportation and export of Abu Dhabi's raw petroleum by distinguishing long-term global interests in the hydrocarbon markets, paying attention to downstream operations (refining, transportation, and appropriation). IPIC has fabricated an extensive and enhanced arrangement of long-haul speculations, conferring it with a key shareholder. Besides, IPIC is additionally in charge of overseeing key speculation extensions that are critical to the national security of the United Arab Emirates. IPIC's open strategy order is to actualize the legislature of Abu Dhabi's long-haul system as illustrated in the 'Monetary Vision 2030' approach motivation (IPIC, 2015). This plan presents expansive long-term arrangement objectives to drive monetary, social and geopolitical changes in Abu Dhabi. The principal objective is to accomplish financial improvement through broadening inside and outside its the most vital parts. It requires the quest for geographic expansion through key interests in upstream, midstream and downstream hydrocarbon resources outside the UAE. Moreover, it intends to broaden into other modern areas. IPIC is mainly responsible for the administration's essential records as it plays a vital part in executing these activities. Securing the long haul nourishment supply is one of IPIC's additional objectives.
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Performance Management Practices and Their Positive/Negative Effects on Stakeholders
Identification of Learning and Development Needs
Through the years, IPIC has been effectively seeking after a few preparation and improvement exercises with the goal of teaching individuals new considerations and evoking innovative thoughts in their minds. World class and complex courses are exceedingly taught to the employees. They are given a chance to develop their insight owing to their experience in other countries and preparation in local institutions. Best-in-class innovation is utilized as a part of accomplishment of a few improvement projects to set up employees as indicated by current patterns. There have been a few activities, for example, skill confirmation administration framework. This framework considers a few courses and projects, which aim at raising the nature of aptitudes present in the specialists. It is fulfilled in order to augment the execution level of the workforce so that they can effectively contribute to the oil economy of the nation (Kumetat, 2012). The center of this project is fundamentally based on the recently procured specialists, so association does not confront any insufficiency in the execution models. IPIC grant projects are a motivating force to find and investigate the raw material with a particular goal to clean it for future purposes. Human asset administration of this organization has also established Glenelg School of Abu Dhabi, which gives magnificent instruction.
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IPIC specialized foundation has turned out to be of incredible significance. It is a professional preparation organization that creates key potential for the youth. Through the years, it has comprehended how to prepare a number of individuals. Work instructional preparation is additionally provided by the organization to the trainees to boost their advantage and make them attain a higher degree in the field of vitality segment. It has given tremendous chances to a few individuals, which became able to instruct in the field of energy segment. It is one of the main instruction and examination focuses, which started with the assistance of a few worldwide accomplices. The center has been initially to advance the work power because it is the preeminent conviction of the association that citizens must be given an opportunity to contribute to the inspiration of the nation. The organization is profoundly dedicated to consistent change and upgrade of its exercises identified with the development, advancement and the extension of the industry. It seems emphatically committed to the vision of Emirati government to improve the methodology of Emiratization. This variable preparation is exclusively given to all the individuals, including administrative and non-administrative staff. Youthful Emirati understudies have a particular end goal to build up their enthusiasm for the field of oil and gas, preparing the variables as well (Kumetat, 2012). The human asset administration manages all sorts of preparation and improvement programs inside the association. Progression arrangement is thought to be of central significance. Organization is effectively occupied with the venture for expertise and advancement projects of workers. The association is conferred to a considerable degree, developing proactive and talented workforce who can adhere to demands and face the difficulties according to various requests of the worldwide prerequisites. A few activities have assumed control through the years. A fitness certification administration framework is the real action that supports and prepares the staff for the rising worldwide needs and necessities. The preparation and formation projects are thought to be mandatory for the association. The administration accepts that the room for improvement exists in every office and anytime. These exercises are vital, and all the people are esteemed to learn new systems identified with expertise improvement. On the other hand, their solicitation not to attend the training is acknowledged at individual levels. An occasional assessment of the trainees, regarding utilization of moved information in the occupation, has a huge influence on highlighting the criteria for compelling and preparing. The association can guarantee that its objectives are satisfied due to steady assessment and standard preparation of a single person. The responsibility for each part is the main focus of the organization to ensure that the legitimacy wins totally.
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The administration of IPIC considers advancement of staff as a definitive extraneous intention necessary for affecting and inspiring the team to perform in an ideal and valuable way. The inherent variables incorporate yearning of an individual to show an efficient execution to improve the welfare of the organization. It includes the inward fulfillment and joy of the individuals in adapting new assorted thoughts. The outward components are more subjective; hence, they increase interest. Nonetheless, genuine development of the company can never be attained without fulfillment of a single person in the work that he or she is performing (Neuhof, 2011). The motivational power of people is driven by extraneous components that are exceptionally materialistic, as well as natural variables that are identified with the satisfaction of individual needs and yearnings. Since the outward variables are given enormous significance, the company needs to provide limited time bundles and recompenses to the employees. Extraneous components overwhelmed by wages expansion, limited time exercises together with different advantages are significant elements aimed at making an abnormal state of inspiration amongst the workers.
Target Future Performance
The company targets to include one of a billion dollar company which depends on IPIC in order to encompass an advancement of Abu Dhabi’s gas and petroleum deposits and tis project is to be completed by the year 2015. IPIC is the biggest company dealing with petrochemicals in the world. Abu Dhabi also has ADCOP which has a 400km pipeline that connects the west coast to the inland oil fields (Kumetat, 2012). The major role of the pipeline is to minimize danger or the risk if any problem arises with the Strait of Hormuz. The other future possibility for the company would be a partnership with the Mubadala Oil and Gas which deals mainly with liquefied natural gas. The pipeline has been able to handle major amounts of fuel from 2012 when it first started. When it started, the pipeline could handle 1.5 million barrels but this gradually increased to 1.8 million barrels. The company also has plans of continuing with the Borouge venture. The partnership with Borouge will bring about more skills to the company and more hydrocarbon and petrochemical ventures. Another future venture for IPIC would be to partner with Emirate of Fujairah that will make use of the unrefined petroleum belonging to the UAE.
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Assessing Past Performance
IPIC’s joint venture with ADIA created superpowers in the oil and gas industries. IPIC was able to come out as a major company in the energy industry worldwide. IPIC was further recognized worldwide when it purchased a 24.9% stake in one of the biggest oil and gas company in Western Europe (Khaled, 2014). The stake that IPIC has of the company enabled them to deliver more oil and gas to the country hence improving the economy of the entire country at large. In addition to the stake at OMV, the company also has complete ownership of Cepsa. The decision by IPIC to use its raw petroleum and gas ensures that the company is able to make profits even without processing it and further reducing costs of the company even in the long run. He company’s relationship with japan is marked by the 20% stake in Cosmo oil. IPIC is one of the major companies in the energy sector. The pipeline is likely to be the longest in the United Arab Emirates (Khaled, 2014). Despite the success that IPIC has had over the years, the company has had major failures. Since the company returned the two million dollars which was a debt in September of 2013. That was a loan from the World Bank which was aimed at being a security for the Malaysian venture.
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Since the oil and gas industry in the UAE is the cornerstone of the economy, IPIC will need governmental control in order for it to continue growing. However, the government can involve other private investors not only to raise money for the activities of the company, but also to increase its portfolio. Private individuals will add more expertise and skill to the company, increasing its profits.
Forecasting Future Trends
In future, the company is likely to gain even more coverage in the markets, considering that it continues to acquire more partnerships with various companies across the globe. The more partnerships the company forms, the more profitable it will be. Due to the company’s human resource training, it is likely to get more skilled labor for the sake of its productivity increase. Since demand for oil and gas is likely not to end in the near future, the company should look for ways to ensure that they have constant supply of the commodity. Environmentalists are advocating for friendlier sources of energy and the company could explore this area so they remain relevant in a long time to come.
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Need for Further Research
There is a need for further research on the company and its profitability, including the advantages it brings to the economy of the country. Further research will help the company strategize different options aimed at its improvement. It will also enable the company to form more strategic partnerships in order to determine the best methods of its development, as well as define important aspects that have to be fulfilled. Research will be able to identify various companies in the world that would be beneficial to IPIC and this would help in making IPIC an even more profitable and epic company in the oil and gas industry.
Despite the fact that IPIC is owned by the government, the main aim is to make profit and to steer the nation forward. It concentrates on the employees by providing training for them and ensuring that they are rewarded appropriately whenever there are any major profits. The company has also concentrated on major partnerships with other oil and gas companies in other parts of the world. The company minimizes their risk of bankruptcy by spreading their portfolio as much as possible. Strategic partnerships with various major companies have been one of the major reasons for its success. The company has made major steps since its inception, which contributed to its image as a cornerstone of the Emirates’ economy. However, the company has also faced some major setbacks in the past due to poor management and too much control by the government.
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