Maintaining Profitability through Modern HR Practices
Added on 2019-09-23
18 Pages4626 Words363 Views
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ORGANIZATIONAL BEHAVIOR AND HUMAN RESOURCE MANAGEMENT
Table of ContentsIntroduction......................................................................................................................................1Company Background.....................................................................................................................1Task 1...............................................................................................................................................2Reward Practices adapted by Oman Oil......................................................................................2Intrinsic Reward Practices........................................................................................................2Extrinsic Reward Practices.......................................................................................................4Motivation Practices adapted by Oman Oil.................................................................................5Recommendations........................................................................................................................9Summary......................................................................................................................................9Task 2.............................................................................................................................................10Human Resource Functions of Oman Oil..................................................................................10Difference between the traditional practice and modern practices of HRM..............................12Summary....................................................................................................................................12Conclusion.....................................................................................................................................13References......................................................................................................................................141
Introduction In this paper, we have been studied about the reward, motivation, and human resource functionsor practices of Oman Oil. It is a famous company of Oman and completely owned by itsgovernment. The company is famous due to its well-structured internal environment and high-quality products and services. This paper will prove beneficial for a lot of target audiences whoare interested in the same field. On the other hand, the conclusion is also propounded here. It hasbeen prepared on the basis of overall analysis of the paper.Company Background Oman Oil Company is defined as a commercial organization which is fully managed by theOman government. It was established during 1996 to pursue investment opportunities in theenergy sector both outside and inside Oman. The main motive of the company behindparticipation in energy-related projects is to diversify the Omani economy and foreign privatesector investment (https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=10877852). The mission of the company is to grow talent by developing businessleaders and professional, maximize value through Oman's resources, create meaning employmentwithin Oman, and invest in profitable business houses domestically and globally. The currentstructure of the organization is developed on four different pillars which operate OOC's assetsand projects. These four pillars are named as; Oman Oil Duqm Development L.L.C, Oman Oilcompany exploration and production, Oman Oil Facilities Development Company L.L.C, andTakamul Investment Company S.A.O.C. All these four pillars are effectively managed by theOOC international investment unit. Moreover, it is also said that the outside Oman, the2
organization is actively engaged in the energy value chain to offer revenue and an alternatesource for the Oman government.Task 1 Reward Practices adapted by Oman Oil Ajmal (2015) has been defined reward as benefits offered by an organization to its employers. Itis in the form of both monetary and non-monetary forms. Oman Oil also used a lot of rewardpractices which gives it a unique identity among the employers and other competitors. It is thereward practices of the company which help it in gaining the competitive advantage in existingmarket. Oman Oil is utilizing both the intrinsic and extrinsic reward practices. Armstrong (2014)concluded the intrinsic reward as a reward linked to the job itself. On the other hand, Brewster(2017) defined the extrinsic rewards as rewards which are not linked to the job’s content. Theinclusion of both intrinsic and extrinsic reward practices makes easy its operations. Due to theeffective reward practices, Oman Oil able to attract new talent in an effective manner. Thebelow-mentioned are intrinsic and extrinsic job practices adapted by Oman Oil to motivate itsemployees and spread happiness among them.Intrinsic Reward PracticesOman Oil believed in the approach propounded by Frederick W. Taylor. According to hisapproach, the company design jobs to stimulate work performance of its employees and gain aneffective outcome (Beardwell, 2017). No wasted time and no wasted movements added up toeffective performance. The following are intrinsic reward practices followed by Oman Oil tokeep its employees motivated and engaged in their day to day activities: Job Enlargement3
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