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    ONGC

    PERFORMANCE APPRAISAL IN

    ONGC

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    EXECUTIVE SUMMARY

    Oil and Natural Gas Corporation Limited (ONGC) is engaged in the business of

    exploration and drilling of crude oil and natural gas and is the worlds second biggest

    exploration and production company ONGC owns and operates more than 11000

    kilometers of pipelines in India, including nearly 3200 kilometres of sub-sea pipelines.

    The company contributes more than 78% of Indias oil and gas production.

    Today, ONGC is the flagship company of India; and making this possible is a dedicated

    team of nearly 40,000 professionals who toil round the clock. It is this toil which amply

    reflects in the performance figures and aspirations of ONGC. The company has

    adapted progressive policies in scientific planning, acquisition, utilization, training and

    motivation of the team. At ONGC everybody matters, every soul counts.

    ONGC has a unique distinction of being a company with in-house service capabilities in

    all the activity areas of exploration and production of oil & gas and related oil field

    services.

    Needless to emphasize, this was made possible by the men & women behind the

    machine. Over 18,000 experienced and technically competent executives mostly

    scientists and engineers from distinguished Universities/Institutions of India and abroad

    form the core of our manpower. They include geologists, geophysicists, geochemists,

    drilling engineers, reservoir engineers, petroleum engineers, production engineers,

    engineering & technical service providers, financial and human resource experts, IT

    professionals and so on.

    This report concentrates on the study of the performance appraisal system being

    practiced in ONGC and to check its effectiveness and further to suggest and

    recommend any possible ways to improve and strengthen its PMS.

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    INTRODUCTION TO THE INDUSTRY

    The India Petroleum Industry is a case in point for exhibiting the giant leaps India

    has taken after its independence towards its march to attain a self-reliant economy.

    During the Independence era of 1947, the India Petroleum Industry was controlled by

    foreign companies and Indias own expertise in this sector was limited. Now, after 60

    years, the India Petroleum Industry has become an important public sector

    undertaking with numerous skilled personnel and updated technology that is

    comparable to the best in the world. The vim and the achievement during these yearsis the growth of productivity in petroleum and petroleum-based products. Even the

    consumption has multiplied itself nearly 30 times in the post-independence era.

    An important advancement in the petroleum industry came with the Industrial Policy

    Resolution, 1956 which signified the promotion of growth of industries. The ONGC

    originally set up as a Directorate in 1955, was transformed into a Commission in 1956.

    In 1958, the Indian Refineries Ltd., a government undertaking, came into existence.

    The Indian Oil Company (IOC), also a government undertaking, was set up in 1959 with

    the purpose of marketing petroleum-related products. Indian Oil Corporation Ltd. was

    formed in 1964 with the merger of the Indian Refineries Ltd. and the Indian Oil

    Company Ltd. Presently, 17 refineries operate under the India Petroleum Industry.

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    OVERVIEW OF ONGC LTD:

    Born as a modest corporate entity within serene Himalayan settings on 14 th August

    1956 as Commission, Oil and Natural Gas Corporation Limited (ONGC), has grown

    into a full fledged horizontally integrated upstream petroleum company. Today, ONGC

    is a flagship public sector enterprise and Indias highest profit making corporate, which

    has achieved the landmark since inception, ONGC has produced more than 600

    million metric tonnes of crude oil and supplied more than 200 billion cubic meters of

    gas, thus fuelling Indias economy.

    GLOBAL RANKING

    ONGC ranks as the Numero Uno Oil & Gas Exploration & Production (E&P)

    Company in Asia, as per Platts 250 Global Energy Companies List for the year

    2007.

    ONGC ranks 23rd Leading Global Energy Major amongst the Top 250 Energy

    Majors of the World in the Platts List based on outstanding performance in

    respect of Assets, Revenues, Profits and Return on Invested Capital (RIOC) for

    the year 2007.

    ONGC is the only Company from India in the Fortune Magazines list of the

    Worlds Most Admired Companies 2007. ONGC is 9th position in the Industry of

    Mining, crude oil production.

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    AIMS OF THE STUDY:

    To study the Performance Appraisal System of ONGC.

    To find the important factors that is taken into consideration for Performance

    Appraisal.

    VISION , MISSION AND OBJECTIVE

    ONGC VISION

    To be a world class Oil and Gas Company integrated in energy business with dominant

    Indian leadership and Global presence.

    ONGC MISSION

    Dedicated to excellence by leveraging competitive advantages in R&D and

    technology with involved people.

    Imbibe high standards of business ethics and organizational values.

    Abiding commitment to safety, health and environment to enrich quality of

    community life. Foster a culture of Trust, openness and mutual concern to make a stimulating

    and challenging experience for our people.

    Strive for customer delight through quality products and services.

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    OBJECTIVES OF THE COMPANY

    To maximize production of hydrocarbon, self reliance in technology, promoting

    indigenous efforts to achieve self reliance in technology, promoting indigenous efforts to

    achieve in all related equipment, material and services.

    Assist in conservation of oil, more efficient use energy and development of

    alternate source of energy.

    Environmental protection

    Observe 100% safety in work.

    SWOT ANALYSIS

    STRENGTHS

    A) O.N.G.C LTD is perceived to be the leader in oil production industry.

    B) O.N.G.C has a very efficient and professional management team.

    C) O.N.G.C being an international company has sufficient resources and capital toinvest.

    D) O.N.G.C has ISO-9001 & ISO 14001 registration.

    WEAKNESSES

    A) O.N.G.C facing difficulties to produce oil from aging reservoirs.

    OPPURTUNITY

    A) Energy utilization of buried coal resource (700 -1700M), estimated 63BT

    Equivalent to 15000 BCM.

    B) O.N.G.C facing difficulties to produce oil from aging reservoirs.

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    THREATS

    A) Security of personnel & property especially crude oil continues to be a cause of

    concern in certain area.B) In some exploration Campaign Company involves high technology, high

    technology, High investment and high risk.

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    HR VISION, MISSION AND OBJECTIVE

    HR VISION

    "To attain organizational excellence by developing and inspiring the true potential of

    companys human capital and providing opportunities for growth, well being and

    enrichment".

    HR MISSION

    "To create a value and knowledge based organization by inculcating a culture of

    learning, innovation & team working and aligning business priorities with aspiration of

    employees leading to development of an empowered, responsive and competent

    human capital".

    HR OBJECTIVES

    To develop and sustain core values

    To develop business leaders for tomorrow

    To provide job contentment through empowerment, accountability and

    responsibility

    To build and upgrade competencies through virtual learning, opportunities for

    growth and providing challenges in the job

    To foster a climate of creativity, innovation and enthusiasm

    To enhance the quality of life of employees and their family To inculcate high understanding of 'Service' to a greater cause

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    HR Strategy

    To meet challenging demands of the business environment, focus of the HR

    strategy is on change of the employees mind set.

    Building quality culture and resources.

    Re-engineering and redeployment for maximizing utilization of HR potential .

    To build and upgrade competencies through virtual learning, opportunities for

    growth and providing challenges in the job.

    Re-strengthening mutual faith, trust and respect.

    Inculcating a spirit of learning & enjoying challenges.

    Role of HR

    Alignment of HR vision with corporate vision.

    Shift from support group to strategic partner in business operations.

    HR as a change agent.

    Enhance productivity and performance by developing employee competency and

    potential.

    Developing professional attitude and approach.

    Developing Global Managers for tomorrow to ensure the role of global players.

    Measuring HR Performance

    HR Parameters have been incorporated in the MOU by ONGC since 1994-95 to

    systematically and scientifically evaluate effectiveness of HR Systems, which enables

    and facilitates time bounds initiatives

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    Challenges faced by Oil and Gas Industry

    The oil and gas industry is totally a global industry. However, its underlying importance

    in Indias growth cannot be ignored. Current business scenario has raised many

    challenges for oil and gas industry and policy makers.

    In order to acquire and sustain competitive advantage, companies need to continuously

    innovate; un-learn; learn; restructure; and improve their core and support processes. It

    is not just enough to manage current processes; but go beyond the existing model and

    framework to question and reassess how value is created and delivered. Functional

    area challenges must be unique for this unique and growing industry.

    STRATEGIC VISION

    For focusing on core business of E&P, ONGC has following Objectives:

    To double Reserves.

    To improve average recovery from 28% to 40%.

    The focus of management will be to monetize the assets as well as to assetise the money.

    GLOBALIZATION

    ONGC operations are being internationalized with a view to acquiring

    exploration acreage and access to oil in other basics world over in line with the over

    strategy followed by international oil companies .ONGC Videsh Limited .a subsidiary of

    ONGC , is managing the overseas ventures.

    PERFORMANCE APPRAISAL

    Performance appraisal can be defined as the process of evaluating the performance of

    an employee & communicating the result of the evaluation to him for the purpose of

    rewarding & developing the employee. According to Michael Armstrong Performance

    appraisal is a formal assessment & rating of individual by their managers at usually at

    annual review meeting.

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    Performance can be defined as the degree of accomplishment of tasks by an employee

    in his job. In some organizations it is measure of the result achieved & target

    accomplished whereas in others, it is a measure of employee efforts & behaviour.

    However most organizations use a combination of both efforts & results. Performance

    appraisal is also termed as performance review, annual review & annual appraisal.

    THE APPRAISAL PROCESS

    1. The first step in the appraisal performance process is the determination of

    standard of performance based on the organizational objectives & job

    descriptions.

    2. The next step of performance appraisal is the measurement of employeesperformance against the pre-determined goal & standards.

    3. The next step is the actual process of measurement. Performance appraisal has

    to be a continuous process & feedback should be given to the employee at

    regular intervals.

    4. The next step is the very critical step & involves communicating the result of the

    appraisal to the employee concerned.

    5. Once appraisal is finalized after discussing it with the employees, it have to be

    put effective use.

    MAJOR PLAYERS IN PETROLEUM

    Indian Oil corporation

    ONGC

    Reliance Industries

    NTPC

    Hindustan Petroleum

    Bharat Petroleum

    TCS

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    PERFORMANCE APPRAISAL METHODS

    1. Management by objective or goal setting.

    2. Graphic rating scale.

    3. Work standard approach.

    4. Essay appraisal.

    5. Critical incidence method.

    6. Forced choice rating method.

    7. Point allocation method.

    8. Ranking method.

    9. Check list.

    10.Behavioural anchored rating scale.(BARS)11. 360 degree performance appraisal.

    12.Team appraisal.

    13.Balanced scorecard method.

    MANAGEMENT BY OBJECTIVE (MBO)

    The main aspect of MBO is clear & well defined goals, a definite time span to achievethe goals, action plan & finally, timely & constructive feedback. It is also called a goal

    setting approach; MBO is more commonly used for managers & professionals.

    GRAPHIC RATING SCALE

    This method of appraisal requires the rater to rate the employee on factors like quantity

    & quality of work, job knowledge, dependability, punctuality, attendance etc. This

    method is also used for performance appraisal of employees. They check their

    employees daily by using this method.

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    WORK STANDARD APPROACH

    This method of appraisal is more suitable in a manufacturing scenario, where the goals

    are pre determined work standard. These work standards can be set based on the

    average output of a typical employee in the organization or by bench marking againstthe work standard of a competitor in a similar business.

    ESSAY APPRAISAL

    In the essay appraisal method, the appraiser prepares a document describing the

    performance of the employees. Questions or guidelines are provider to the appraiser

    based on which analyses & describes the employees performance.

    CRITICAL INCIDENT METHOD

    In this method of performance appraisal, the appraiser makes a note of all the critical

    incident that reflect the performance & behaviour of the employee during the appraisal

    period. These are recoded as & when they occur & can demonstrate either positive or

    negative traits or performance.

    FORCED CHOICE RATING METHOD

    In this method the appraiser is required to assign ranks to different attributes are allseemingly positive, but have different weights which are unknown to the appraiser.

    Once the employees attributes are ranked the human resource department applies the

    weights & arrives at a score which is the final appraisal score.

    POINT ALLOCATION METHOD

    In this method of appraisal, the appraiser has to allocate points to different members in

    his team. He has at disposal, a specific number of points which he has to distribute

    among his team members, based on their performance during the appraisal period.

    RANKINNG METHOD

    There are three commonly used methods of ranking namely alternation, paired

    comparison & forced distribution. The first two methods are used when there are only a

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    few employees to be ranked, whereas forced distribution method is used in large

    companies which have thousands of employees.

    CHECKLIST

    In this method the rater has to respond yes or no to a set of questions which assess

    the employees performance & behaviour. Normally weights are attached to each of

    these questions based on which the final appraisal score of the employee is calculated.

    BEHAVIOUR ANCHORED RATING SYSTEM (BARS)

    BARS concentrates on the behavioural traits demonstrated by the employees instead of his actual

    performance. Some of the other methods like graphic rating scale & checklist also measure the

    behaviour based on the assumption that desirable behaviour result in effective performance.

    360 DEGREE PERFORMANCE APPRAISALS

    A 360 degree appraisal system aims at a comprehensive & objective appraisal of employee

    performance. In a 360 degree appraisal system the employees performance is evaluated by his

    supervisor, his peers, his internal external customers, his internal external suppliers & his

    subordinates. This system reduces the subjectivity of a traditional supervisor appraisal.

    TEAM APPRAISAL

    In the new economy era, where team work is essential for any venture to succeed, team appraisal

    has emerged as one of the best tool for the performance management. In the team appraisal

    method the individual team member evaluate their colleagues in the team & provide feedback.

    BALANCED SCORECARD

    The balanced scorecard as a method of measuring performance channelizes the efforts

    of people to achieve organizational goals. The implementation of balanced scorecard

    involve formulating a strategy & deciding what each employee needs to do to achieve

    the objectives based on strategy.

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    PERFORMANCE APPRAISAL SYSTEM AT ONGC

    Performance appraisal report is an index of an employees work performance over a given

    period of time. It is crucial for his or her career growth as it indicates the strengths, weaknesses,

    training needs, nature of job being performed and problems faced in work situation.

    The objectives of the performance appraisal system at ONGC are:

    To set norms and targets of work performance, as well as, to monitor the work

    progress of employees.

    To facilitate placement of employees in accordance with their suitability for

    different types of assignments.

    To provide an objective basis for determination of merit, efficiency and suitability

    for the purpose of promotion. To identify areas requiring exposure for training and development.

    The performance appraisal system seeks to evaluate:

    The work performance of an employee on the present job in relation to the

    expected levels of performance, both qualitative and quantitative.

    The extent of development achieved by the employee during the period under review.

    Evaluation of behavioural attributes attitudes and abilities.

    Evaluation of potentials for assuming higher responsibility.

    The appraisal covers:

    Performance during the period from 1st April to 31st March of every year.

    All regular employees of the company.

    a) Non Executives.

    b) Executives

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    RESEARCH METHODOLOGY

    RESEARCH DESIGN

    The present investigation is descriptive type of study undertaken to estimate the

    effectiveness of the performance appraisal system of ONGC Ltd. The present study

    identifies views of employees of different levels and disciplines.

    They have divided the whole sample into various groups on various criterions like age,

    experience, discipline, and management level.

    To do the better analysis these groups are further incised as

    Age

    Age less than 40 years

    Age between 40-50 years

    Age above 50 years

    Age not provided

    Experience

    Experience less than 10 years

    Experience between10- 20 years

    Experience between20- 25 years

    Experience between25- 30 years

    Experience above 30 years

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    Discipline

    Finance Geo Sciences

    HR

    Production

    Technical and Engineering

    Managerial Level

    Junior Management(E0 - E2)

    Middle Management(E3 E4)

    Senior Management (E5 and above)

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    MAJOR FINDINGS

    Performance Appraisal System in ONGC is not transparent.

    Appraisers are usually unbiased.

    Employees are not able to know their actual position after the appraisal.

    The management is serious about the appraisal process.

    The appraisal process provides them an opportunity for development andgrowth.

    Relations with the superior affect the evaluation.

    Greater weight age is given to the recent performances.

    There are fixed standards to evaluate the performance but those are not clear

    due to the subjectivity of the topic.

    Raters know how to conduct the appraisal.

    Raters are not that much concerned about the varied needs of people at

    levels of experience and background.

    Superior-subordinate relations are good. Superior helps them set and

    achieve meaningful goals. This makes the environment amiable and

    congenial.

    Performance appraisal sheet is lucid and easy to understand and fill.

    The parameters used to appraise the potential are ample.

    The system being not so transparent, employees are unable to identify theperformance gaps in order to prepare for the future.

    Individual feedback is not provided.

    The management helps provide an atmosphere where all are encouraged for

    comradeship and teamwork.

    Appreciation is provided for the good job done.

    The appraisers are generally aware about their subordinates and their talents

    and potential.

    Most of the raters have the ability to give constructive criticism in a friendly,firm and positive manner.

    Employees dont have the opportunity to respond to the appraisal result.

    Employees are being rated on their knowledge and skills.

    Majority of people want that there should be some incentives based onperformance.

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    Employees are not provided with the genuine feedback.

    Appraisal counselling is considered beneficial for future developments.

    Management doesnt bother much about the training requirements mentioned in

    the appraisal sheet.

    Most of the employees want that 360o feedback system should be introduced.

    PORTERS 5 FORCE MODEL

    Threat of new entrants:

    Due mostly to the industry that ONGC is in, its hard for there to be many new entrants.

    The only real threat that might arise would be another government funded Oil and Gas

    company. The reason for this is that a government would not have as hard a time

    raising funds and gaining access to resources. This is assuming that the company

    would be researching and developing on domestic soil. The only other threat may not

    be from new entrants but from smaller competitors who already have access to

    resources and distribution channels. There is really not much of a threat because there

    are two main barriers to entry that would be stopping potential threats. These would

    be very high capital requirements as well as access to Cost disadvantages

    independent of scale.

    Even though this industry if very attractive because of the high profits it would be very

    hard for a company to have enough capital to get in the market. Every part of Oil and

    Gas Exploration and Development is costly and not something that would be worth the

    costs as a new entrant into the industry. Going along with the high cost of capital are

    the cost disadvantages. The companies already in the industry already have the access

    to raw materials as well as desirable locations. This is something that would be very

    difficult for a new entrant to try and gain.

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    Bargaining Power of Suppliers:

    ONGC is a vertically integrated company that really deals in all areas from finding the

    product to refining the product to selling the product. With this being said there is not

    much to worry about the bargaining power of the suppliers. Supplier power is high as

    the net margins are strongly dependent on the price of the crude. Due to crude price

    volatility and supply risks, a lot of the Indian companies are integrating backwards into

    E&P activities.

    Bargaining Power of Buyers:

    Not too critical for most companies as refining operations are a part of the complete

    supply chain, with the refining operations supplying the product to the marketing

    company. However in case of standalone companies (which may no longer apply) long

    term contracts have to be signed with the marketing companies. The margins in such

    cases are dependent on such long term contracts.

    The industry that ONGC is a part of is different than many other industries. It is different

    in the fact that people really cannot go without their product. While over a long period of

    time it may be possible to find other fuels it is not really feasible in the short term. This

    has been seen in the US in the last few years. Gas companies can keep the prices high

    and consumers will still pay the high prices. When looking at the individual buyer they

    have almost no bargaining power because they are only buying such an extremely

    small portion of the industries total output. Another reason for this lack of bargaining

    power is that as of right now there is not a real alternative to Oil. All of these reasons

    make it very hard for the buyer to have much bargaining power at all.

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    Threat of Substitutable Products:

    Although gas, solar power etc exist as substitutes, none of them are big enough to

    impact the demand of the petroleum products.

    As stated above there is not a real alternative to oil at this time. There is research being

    done to try and find substitutes. With the price of oil as high as it is at this time, it is only

    giving more reason to try and find other fuel sources. This is where the main players in

    this market must be careful. The prices are staying fairly high now because people

    really dont have a choice and must pay. If other fuel sources do come out that are less

    costly, many people will go towards those alternatives. It does not seem that at this time

    there is a huge threat of this happening but it is definitely a possibility that any player in

    the market must be aware of.

    Intensity of Rivalry among Competitors:

    The rivalry in the industry was low till as the industry was tightly regulated by the

    government. However, the level competition has increased with Reliance and other

    MNC becoming more aggressive.

    The largest competitors in this industry for ONGC are Exxon Mobile and Royal DutchShell. ONGC is currently in 14 different companies whereas Exxon Mobile is in 20

    different countries. While Exxon may be a larger company now ONGC is growing and is

    becoming a very important global player.

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    STRATEGIC DECISIONS

    Strategic decisions taken by ONGC

    o ONGC changed from a Commission to a company.

    o ONGC appointed MC Kinsey as a consultant for complete revamping

    and restructuring of the organization.

    o ONGC expanded its global operation through its

    subsidiary OVL. ONGC bought 71% stake in the

    MRPL refinery.

    o ONGC decided to acquire equity oil abroad through the

    endeavours of the OVL. Human resource development.

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    OPERATIONS:

    ONGC to sign 17 oil, gas contracts

    Oil and Natural Gas Corporation (ONGC) along with its partners will sign contracts for

    half of the 34 oil and gas blocks awarded in the latest round of auction under the New

    Exploration Licensing Policy (NELP) on Wednesday. Of the 70 blocks offered in NELP-

    VIII, companies bid for only 36 blocks. ONGC and its partner won 17 areas out of their

    bidding for a maximum of 25 blocks.

    ONGC to finalize Rs800 crore shipbuilding contract in a week

    Bangalore: Indias biggest oil exploration company, the state-owned Oil and Natural

    Gas Corp. Ltd (ONGC), is expected to name within a week the winner of a tender to

    build 12 ships that will support its oil drilling operations. ONGC has budgeted about

    Rs800 crore for the purchase.

    Pipavav Shipyard Ltd, Indias newest private sector shipbuilder, has submitted the

    lowest price quotation, said a person familiar with the price quotations submitted by the

    eight firms, whose bids have been opened. He did not want to be named ahead of a

    formal announcement by ONGC and also because the price quotations are confidential.

    In the first round of bidding, the lowest price quotation was $16.7 million (Rs81 crore)

    for building each vessel. Several shipbrokers Mint spoke with said the ships would

    now cost about $13.5 million each, as prices have declined in the wake of the global

    economic down turn.

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    Recruitment and selection procedure of ONGC

    Oil and Natural Gas Corporation carries out its recruitment process in the process

    as shown in the block diagram as shown in the figure above. The methods

    involved are:

    1) Internal Recruitment.

    2) Direct Recruitment.

    3) Indirect Recruitment.

    4) Third Party.

    Internal Recruitment

    Internal Recruitment involves selecting the deserving candidates to various

    posts by promotions and transfer job posting. Internal Recruitment is also done on the

    basis of employee referrals.

    Direct Recruitment

    Direct Recruitment involves conducting the campus recruitment. HR employees

    Of ONGC are responsible for conducting the recruitment process at the campuses of

    many Colleges and undertake the selection procedure that involves various tests that

    are discussed as follows:

    a) Aptitude Test;

    b) Group Discussion;

    c) Personal or Technical Interview.

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    Indirect Recruitment

    Under the indirect recruitment, company informs about the vacancies through

    various advertisements on newspaper, internet etc. The aspirants need to fill the online

    application form which is available on ONGCs website i.e. ongcindia.com. After filling

    the application form the aspirants are issued admit cards as they have to go through

    series of tests which were discussed above. After the completion of the all the above

    mentioned steps the final decision on hiring the candidates is taken. Now let us have a

    look at the eligibility for various posts in the company.

    Third Party Recruitment

    Under third party recruitment, ONGC contact the following:

    Private Employment search firms.

    Employment Exchange.

    Gate Hiring and Contractors.

    Unsolicited Applicants/ Walk-ins.

    RECOMMENDATIONS

    The performance appraisal system of ONGC is of good quality. With the introduction of new

    e-PAR system, the PMS system is refined further. On the basis of the analysis of responses

    and findings I have reached to some conclusions. So taking them into consideration few

    steps may be considered to strengthen the performance appraisal system.

    The system should be made more transparent. This can be achieved bycreating awareness among the employees regarding each and every aspect of

    the appraisal process. They should be made aware about the standards and the

    criterions for evaluation. Further they should be shown the appraisal result.

    The appraiser and appraise should sit together and then the appraiser should

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    rate the appraise for his performance and should state the reason for the same.

    This will increase the level of transparency and the employee will feel satisfied

    as he will have an opportunity to respond at that very moment itself.

    The genuine feedback should be provided to the employees. So that they may

    be in a position to know where they stand exactly. So that they can identify their

    performance gaps and prepare accordingly for the future.

    The general belief among employees is that the relations with the superior affect

    the evaluation process. This is not good as this creates a sense of favouritism in

    the organization. No doubt one should be in pleasing terms with the superior but

    that should not affect the evaluation at all. For this the raters should always

    consider the performance as the only measure for the evaluation.

    The raters should take note of the critical performance incidents of an individual

    so that at the end of the year it should not be that only the recent performances

    are given more weight age.

    Raters should consider the specific requirements of the people to do the job. They

    should help them out by providing necessary skill set to do the job more efficiently.

    They should set the goals as per the potential and calibre of the individual.

    Employees should have the opportunity to respond to the appraisal result. For

    this individual feedback should be provided.

    Management should take serious note of the training requirements shown by the

    individual in the appraisal sheet. Training plays a vital role in the development ofan individual and helps improve the performance.

    Some incentives should be introduced on the performances basis. This thing

    creates a sense of healthy competition among employees which boost up the

    growth of the individual as well as the organization.

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    Corporate Governance Recognized

    In recognition of excellence in Corporate Governance, the following awards have been

    conferred on ONGC:

    'Golden Peacock Award for Excellence in Corporate Governance - 2002' by the

    Institute of Directors;

    'ICSI National Award for Excellence in Corporate Governance' - 2003 by the

    Institute of Company Secretaries of India; and

    'Golden Peacock Global Award' for Corporate Governance in Emerging

    Economies -2005 by World Council for Corporate Governance, U.K.

    'Golden Peacock Award for Excellence in Corporate Governance - 2005' by the

    Institute of Directors;

    Golden Peacock Award for Excellence in Corporate Social Responsibility in

    Emerging Economies' 2006 - by World Council for Corporate Governance, UK.

    'Golden Peacock Award for Excellence in Corporate Governance - 2006' by

    Institute of Directors.

    References:

    http://www.ongcindia.com

    www.citehr.com

    http://www.ongcindia.com/http://www.citehr.com/http://www.citehr.com/http://www.ongcindia.com/