Demand And Requirement Of Global Oil And Natural Energy: Analysis Of Inpex Corporation

Thesis statement

Discuss about the Demand And Requirement Of Global Oil And Natural Energy.

In the modern world, demand of global oil and natural energy provides for requirement of talented candidates to be a part of the sector. The shortage of skilled personnel concerning the increasing demand in the oil market has led companies like Inpex to develop new strategies and human resource management methods to attract and recruit new talents to the industry. The diversity and inclusion policy is one such innovative idea that has led the company to attract people from diverse cultural and social backgrounds. Moreover, this has led to the sharing of ideas and talents, which has not only satisfied the company’s demands of talented individuals but also has led to the development of the company’s growth owing to the rising demand of the oil and energy market.

The increase in oil and gas companies in the modern world has provided opportunities for young talented candidates to get employment opportunities. Therefore, it is necessary that an analysis of the largest natural energy company in Australia be made to understand the importance that this sector have played in providing employment to the people of the country. The report takes into account the positive aspect of this particular rise of the sector.

Inpex Corporation is currently one of the largest natural energy companies in Australia. A strong human resource infrastructure is required for the maintenance of such a large organisation. The company’s human resource policy gives importance to the diversity of the workforce and inclusion of global employees (inpex.com.au, 2018). They believe that that this type of human resource idea helps in the sharing of resources among talented individuals with expertise in the oil and natural gas sector. This can enrich the system of the organisation which can lead to employee satisfaction and ultimately the development of the company. The Inpex HR Vision is a structure that the organisation follows for its internal employee growth and development (inpex.co.jp, 2018). Inpex Corporation was initially established in Japan, in February 1966. The company was founded as the North Sumatra Offshore Petroleum Exploration Company Limited before being renamed so that it can get a more international stature. The company was listed in the Tokyo Stock Exchange on November 17, 2004 (inpex.co.jp, 2018). The company provides natural gas and oil to the people in need of it. The company owns 53.96% stake and has a share of 343, 725 shares. The company was considered as the second subsidiary to receive public stature in Japan (inpex.co.jp, 2018). As of 2011, the company has about 2146 number of employees with 784 of the workers on temporary payroll of the company. Ever since its inception in 1966, the company has been among the top class companies operating in Japan and have extended its shore beyond the country to international waters such as Australia. As of March of this year, the company has been reported to have 1030 members with labour management council and regular meetings being held within the premises (inpex.co.jp, 2018).

Background

Integrated talent management is a new concept that is developed for recruiting, training, selecting and developing talents in the organisations. According to Hollenbeck, Noe and Gerhart (2018), the development of the framework have provided every organisation with an opportunity to recruit the best talents in the market. The approach towards recruitment, development and performance management of an employee along with the learning can help an organisation to succeed in the competitive market and ensure that the goal of the human resource management is attained (Brewster, Mayrhofer and Morley 2016). As stated by Armstrong and Taylor (2014) the goal of the managers in an organisation is to ensure that human resource functions operate in a proper manner with efficiency.

For a company like Inpex, it is necessary to create an integrated system so that people can be managed in an efficient manner. As supported by Bratton and Gold (2017) organisations rapidly and effectively respond to the business needs. In this regard, an example can be considered so that the talent management framework can work in an effective manner. Bailey et al. (2018) stated that in order to apply the integrated framework it is necessary that processes and systems be kept in place so that key leaders and functions of the organisation can be analysed and undertaken. The main advantage of the framework and its application in Inpex is the fact that it is helpful in recruiting people particularly during the expansion of the company. Therefore, it can be said that integrated talent management framework helps in not only create a local business organisation but also help it to expand in the international market.

Inpex can explore the interconnectedness between the factors that affect talent management and the manner in which it can be used to plan for the future of an organisation makes the framework one of the best in business application. In the case of Inpex, the organisation can implement the framework so that it can expand its market oversees and at the same time ensure that proper precautions are taken while recruiting talent and managing it so that it can help in the development of the future.

Banfield, Kay and Royles (2018) observed that the employer of choice strategy could be used to attract the best candidates that are suitable for the particular job. In the case of Inpex the strategy may be difficult as it needs to convince candidates by outcompeting its rivals. Therefore, the strategy to attract the candidates needs to be based on the type of motivation that is provided by the managers (Kramar 2014).

Integrated talent management framework

Brewster et al. (2016) is of the opinion that social responsibility along with the urge to complete work can be accounted for a proper employee in an organisation. Therefore, it is necessary that Inpex provide sufficient training and development to the employees so that it can maintain its dominance in the business. As stated by Tyson (2014) this particular strategy helps in the development of the full potential of an individual. The full potential of an individual is realised and the potential is embraced in an efficient manner.

Maslow’s hierarchy of needs understands the psychological demands of a person so that they can mitigate their curiosity and ensure that development of a person takes place in an organisation. According to Albrecht et al. (2015), the implication of Maslow’s hierarchy needs provides employees with an opportunity to remain motivated in the business and at the same time ensure that the employees provide their best so that they can contribute towards the organisation success. The stages of growth of human beings are described by Maslow and based on the stages of the employees working in an organisation can develop (Sparrow and Makram 2015).

As stated by Storey (2014) the first couple of steps satisfy the basic needs of the employees. The psychological needs are the basic needs that imply the necessity of food, clothing and shelter. In the case of Inpex without providing a proper and stable job, it can be difficult for the company to retain an employee. Therefore, it can be said that the basic amenities of life are provided by fulfilling the psychological needs of the people. As observed by Jackson, Schuler and Jiang (2014) it can be difficult for the people to progress to other stages in the hierarchy.

As stated by Shields et al. (2015) balanced scorecard is considered as a performance management tool that is presented in the form of a semi-structured report. Managers use it effectively so that they can maintain a track of the employees for conducting activities and controlling them. It can be used said that the consequences arising from this particular management technique can help in the development of an organisation as well as the employees involved in the performance management (Bolman and Deal 2017). The management team takes control of the performance management report and ensures that employees reach their full potential while working.

As observed by Newell and Scarbrough (2017) the team on which management focuses the implementation of the balanced scorecard includes efficient teams that help in the management of critical operations in business. In the case of Inpex, the balanced scorecard is considered as a strategic planning as well as management system that helps in maintaining certain functions in an organisation. For example, communication on the aspects that needs to be accomplished is presented by the application of balanced scorecard. As stated by Cooke, Saini and Wang (2014) it is important to align the daily work of the employees with the strategies that has been developed by the organisations.

Employer of choice strategy

The four aspects of the balanced scorecard such as customers, finances, internal process as well as organisational capacity are analysed with this process (Deery and Jago 2015). For Inpex the cost of lowering the materials for supply as well as increasing the profitability of the organisation can be determined by the application of the framework. At the same time, organisational capacity needs to be developed so that skills and knowledge of the employees can be developed. The organisational capacity is directly related to the financial capacity of Inpex. In the process, steps such as internal process and satisfaction of the customers are included.

The method used for the completion of the report can b broadly categorised in three parts. These include research philosophy, research design and research approach. According to Silverman (2016), research philosophy assists in the collection and evaluation of data relevant to the topic. In this case, the theories and frameworks that are relevant for conducting the research in a proper manner are required. The research philosophy includes three more aspects such as interpretivism, positivism and realism philosophy. As stated by Flick (2015) these three aspects help in conducting the research in a proper manner. The application of positivism philosophy can help in collecting information that is authentic and relevant for the topic.

On the other hand, research approach helps in gaining proper information about a particular topic. The research approach can be of two types that include indicative and deductive. According to Lewis (2015), the approach helps in assessing the variables that exist in a research topic. In this case, the multiple opportunities that are used by Inpex to recruit talented individuals can be used to understand the process. The inductive approach denotes the development of new models and its application while the deductive approach analysis the relevant theories required for research. In this case, the research approach used is the deductive approach so that theories can be applied for the research.

According to Taylor, Bogdan and DeVault (2015), research design can help in collecting the relevant information that is required for the success of a research. Understanding the variables that exist in the research can help in maintaining effective collection and analysis of data. The research conducted will be in the form of exploratory case study. The case study used for conducting the research is Inpex and the manner in which the employer of choice strategy can be implemented in the organisation. The exploratory case study is used to analyse the PESTEL situation along with the bench marking strategy.

Maslow’s hierarchy of needs

According to Mackey and Gass (2015), the application of the data collection method can help in identifying the manner in which research can be conducted in a proper manner. In this case, the application of secondary data is used so that the conditions regarding the talent management can be analysed. The data collection tools to be used is in the form of secondary data can help in understanding the manner in which Inpex Corporation can effectively use talent management framework. The source of data that is collected for conducting the research is for various books, journals as well as websites so that effective literature on talent management can be obtained along with details about the application of theories in the organisation.

The application of the secondary research can help in identifying the vision of the company and the human resource framework. The analytical tools that are used to identify the talent management include the use of SWOT and PESTEL analysis. The reason for the application of PESTEL is that it can help in identifying the factors that can help Inpex to recruit talented employees. At the same time, the application of the secondary data can help in making a comparison between competitors of Inpex. Apart from this, benchmarking can help in understanding the best method that can be applied by Inpex. The employer of choice strategy helps in identifying the people that are keen to work for the company and provide the company with an opportunity to excel in the market. This has been done as the main issue of the company is the shortage of skilled worker.

The findings are presented by analysing the literature review that is related to the application of talent management in an organisation. It has been seen that in order to implement proper talent management technique it is necessary that a complete SWOT analysis be conducted so that the internal capabilities of Inpex can be understood. The SWOT analysis conducted can be used for identifying the opportunities that Inpex can gain in the competing business environment of Australia.

• Geographically diversified
• Improved operational efficiency
• Strong research and development team
• Employee base of over 2000

• Decline in the production of natural gas
• Excess use of renewable sources
• Shortage of staff

• Business reach can provide a wide reach and options for diversification
• Growth in global energy demand
• Medium and long term business strategies accrue profits

• Intense competition with similar business
• Excessive legal and Government restrictions
• Fluctuation in prices
• Occurrence of natural disasters

Based on the analysis it can be said that the strength of Inpex lies in the fact that it is geographically diversified. The fact that the projects undertaken by Inpex reaches about 25 countries overall can be attributed to the fact that the popularity of the company is huge. Thereby, the company can reap high dividends and in the process gain a competitive advantage over its competitors. The improvement of the operational efficiency of the company provides for obtaining huge operational profits and makes it lucrative for the investors. With the existence of a strong research and development facility, Inpex can ensure that a technological edge over the rivals can be gained. At the same time, the fact that the company owns more than 2000 employees provides an idea about the loyalty and the management ability of the company (Inpex.com.au 2018).

Balanced Scorecard

At the same time, the weakness of Inpex is that decline in the production of natural gas may cause concern for the managers. This is mainly because natural gas production may decline due to the depleting resources in the environment (Inpex.com.au 2018). Inpex can lose making profits and at the same time, the operational activities of the company can be exposed. This can provide Inpex with a huge disadvantage in the market. Along with this, the growing use of renewable resources has led to the introduction of new rules in various countries (Inpex.com.au 2018). Inpex also has shortage of staffs, which provide a considerable drawback for the organisation. Hence, employer of choice strategy can used to mitigate the weakness that may arise due to lack of workers.

The opportunities that can be derived by Inpex are that the business expansion initiatives can help the company to gain recognition in the international market. Options for diversifying the business can be gained with the effective application of strategies and recruitment of talents (Bailey et al. 2018). On the other hand, growth in the demand for global energy can provide Inpex with an opportunity to expand in the market. Therefore, the increase in the demand for oil and gas in various countries can provide the company with rich profits in business. Therefore, it can be said that the opportunities derived by Inpex can help it to increase its revenue in the market (Inpex.com.au 2018). Apart from this, strategies to gain profit can be based on the middle and long-term business deals so that a competitive edge over the rivals can be gained. This can help Inpex to strengthen its position in the market.

The threat of the company is that an intense competition can provide tough challenge for Inpex. One of the competitors of Inpex, is Shell, a leading company in the supply of natural gas. Shell is more established in the local and international market and has more financial stability as compared to Inpex (Inpex.com.au 2018). Therefore, Shell provides intensive competition for Inpex. At the same time, in Australia, the company is subjected to restrictions from the Government as well as the law. Different law governs every state of the country, and due to this, it can be difficult for Inpex to remain consistent with following a particular law. Therefore, compliance cost of the company can increase and the impact can be a high drop in profit. The fluctuations in the prices of the oil and gas in the country can provide the company with an added disadvantage in the market. This can be accounted with the natural disasters that may occur in the country and therefore, can cause a huge loss in the operations of the company (Inpex.com.au 2018).

After completing a SWOT analysis, an external analysis of the company can be conducted with the application of PESTEL. The factors that are included in the analysis include the influential factors that can help Inpex to gain a competitive advantage in the market. Each of the factors of the PESTEL analysis can be analysed separately.

Political: As stated by Banfield, Kay and Royles (2018) the political scenario in Australia is stable and due to this, a company like Inpex can find itself in a proper situation in the market. This can provide an advantage for the company to remain competitive and ensure that the aid of the Government becomes an important stakeholder for the company. However, the rules of the Government need to be followed so that Inpex can continue conducting a legal business in the market (Inpex.com.au 2018).

Economic: The economic condition can be a threat for the country as well as for the companies in Australia (Bolman and Deal 2017). This is mainly because the fluctuations in the economy can result in the loss of business. As seen from the SWOT analysis, fall in price can reduce the purchase of the oil and gas. Therefore, it is necessary that Inpex understand the rate of fluctuations that exist in the market and accordingly develop strategies (Inpex.com.au 2018).

Social: The social responsibility of the company can be attributed to the Corporate Social Responsibility undertaken by the company. At the same time, the social factor includes the support of the local people so that the company can gain the support of the customers. The development of the society and the support of the local people can be used for gaining success in the company.  

Technological: The technological progress of the society can bring about drastic changes for a company like Inpex. In the modern world, the technological competence can help in the development of a company (Bratton and Gold 2017). The technological competence can provide the company with an opportunity to expand. It has been seen that the research and development of the company is strong and this is mainly because the technological competence of the company is high. Therefore, this can be considered as a strength that Inpex have in business.

Environmental: It is a known fact that the Australian Government takes extra precautions for protecting the environment. Therefore, it is important for Inpex to ensure that the environmental factors are taken into consideration (Inpex.com.au 2018). The fact that the company deals with oil and gas can be problematic for the environment. Hence, it can be said that the environmental condition of the country can act as a medium threat for the company.

Legal: The legal compliance that Inpex need to follow may deal with the environmental laws and other legal compliance in the market. As the laws of Australia are different in different states, it can provide problems for the organisation (Brewster, Chung and Sparrow 2016). Therefore, it can be said that the legal compliance of the country can be a threat for the development of Inpex in the local market.

Benchmarking can be considered as a tool that can help Inpex compare its strategies with that of Shell. This can help the company to learn from the best organisation in the business circuit and at the same time ensure that formulae strategies that can help in understanding the level of maturity in business. Inpex can undertake the approach to ensure that competitive advantage is gained in the market.

Benchmarking can help Inpex to compete with the recent changes in the economy of Australia. The market of Japan as well as Australia is different and it is important that a strategy such as benchmarking be used to analyse the process that exists in the market of other companies. Similar companies can be analysed so that Inpex can gain a competitive advantage in the market. The benchmarking process helps in providing an analysis of the market in which the company works. The operating system that exists in the market provides for an added advantage in the market. Therefore, the benchmarking process can help Inpex to develop its business and maintain a stable growth in the economy. Hence, it can be said that benchmark is one of the most significant factors that can be used to understand the growth of the company and at the same time formulate strategies.

Therefore, it can be said that the implication of the results derived from SWOT and PESTEL analysis can be considered as both advantage as well as disadvantage for a company like Inpex. This is mainly because of the fact that the company deals with oil and gas that can be lethal in spoiling the environment.

It can be seen that in the case of Inpex, the integrated talent management framework can help the company to develop its market in the Australian market. This is mainly because the company can recruit people from the local market and hope to strengthen its dominance in the domestic market. Therefore, it can be said that mitigation related to ensuring that the dominance in the domestic market takes place can be provided for Inpex.

The managers of the company need to ensure that it provides sufficient wages and salary to the candidates in order to recruit them and retain them in the organisation. The satisfaction of the employees needs to be taken into consideration so that they can be encouraged to continue working in the organisation. Thereby, it can be said that Inpex can increase the capacity of the employees and its productivity so that the company can remain the best in the industry. This can be considered as a recommended factor so that Inpex can help its employees to continue working in the company.

Other gaps that can be accessed by the research are the fact that motivation is one of the factors that help in the retention of the employees. The manner in which the company can retain employees can help Inpex to remain dominated in the business. The application of Maslow’s need hierarchy theory does not provide the exact emotions of the people. The fact that the nature of human development can be accessed by the application of Maslow’s hierarchy needs is not defined properly. For example, the security of an employee that has work experience would want to accomplish the self-actualisation needs for progress in the organisation.

At the same time, mitigation techniques can be provided so that Inpex can provide motivation to the employees. Maslow’s Hierarchy of needs can define the manner in which human psychological development can take place. Therefore, it needs to be taken into consideration the factors that help in the development of the people. In the case of Inpex, the application of Maslow’s Hierarchy of needs provides an advantage for the employees to understand the motivating factor. Therefore, it can be said that Inpex can apply the theory and ensure that every employee can be provided with proper motivation and promotion in the company.

The balanced scorecard can provide the company with four benefits and it can provide Inpex with an opportunity to analyse and connect every factor in the company. One of the gaps that have been identified in the analysis of the balanced scorecard is the fact that it does not provide a direct link with the organisational structure with the financial stability. In companies like Shell, the financial strength of the company lies in the fact that the organisational capability of the company provides stability. Therefore, it can be said that the manner in which Inpex can implement the strategies related to the application of the financial situation can rest in the application of an increase in profitability.

At the same time, external threats that the company faces such as hindrance from the PESTEL factors can provide Inpex with a disadvantage in the business organisation. Factors such as economic factor as well as the environmental factor may provide threat to the company. Therefore, these threats can be mitigated by considering alternatives in the form of strategic management in business. For example, Inpex can start developing sustainable sources of energy so that the company can develop its position in the competing market in Australia. In this regard, a proper conclusion can be drawn that summarises the implementation of theories and practises.

The application of the benchmarking procedure can help Inpex to understand the best in the business and at the same time ensure that it can help in the improvement of the policies undertaken by the company. It can also help Inpex to continuously develop its business strategies and ensure that it maintains its dominance in the market.

Therefore, it can be concluded that in order to recruit talented individuals in the market it is necessary that a company like Inpex analyse the business market. Talent management is an important function that needs to be considered by every business organisation for its development as well as for the implementation of the business strategies. In the case of Inpex the company can apply various theories and framework that can help it to retain employees. The employer of choice strategy can be used to manage the talents of Inpex as it provides with an opportunity to assess the loyalty of the employees along with the manner in which it can help in the motivation of employees.

The analysis of the SWOT and PESTEL provides an idea about the threats and opportunities that Inpex have on the business. The fact that it is well established in the market can provide it with an opportunity to continue its dominance. At the same time, the treat from Shell can provide Inpex with strong and intense competition in the business market. At the same time, Inpex can formulate strategies so that it can mitigate the threats and ensure that it continues its development in the society. The support from the stakeholder and the Government can provide Inpex with an added advantage for the company to maintain its stability in the competing market of Australia.

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Marchington, M., Wilkinson, A., Donnelly, R. and Kynighou, A., 2016. Human resource management at work. Kogan Page Publishers. Available at: https://books.google.co.in/books?hl=en&lr=&id=0QfGDgAAQBAJ&oi=fnd&pg=PR1&dq=Marchington,+M.,+Wilkinson,+A.,+Donnelly,+R.+and+Kynighou,+A.,+2016&ots=cmt_RBCpVe&sig=Rvk5aNArXegq6mC0ltlwjj2tZDQ#v=onepage&q=Marchington%2C%20M.%2C%20Wilkinson%2C%20A.%2C%20Donnelly%2C%20R.%20and%20Kynighou%2C%20A.%2C%202016&f=false

Newell, H. and Scarbrough, H., 2017. Human resource management in context: a case study approach. Macmillan International Higher Education. Available at: https://books.google.co.in/books?hl=en&lr=&id=-i9dDwAAQBAJ&oi=fnd&pg=PR1&dq=Newell,+H.+and+Scarbrough,+H.,+2017&ots=nxdJncrVWG&sig=equswVu7B-bAGpp_1smJDJNhQpE

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Reiche, B.S., Stahl, G.K., Mendenhall, M.E. and Oddou, G.R. eds., 2016. Readings and cases in international human resource management. Taylor & Francis. Available at: https://books.google.co.in/books?hl=en&lr=&id=KjolDwAAQBAJ&oi=fnd&pg=PP1&dq=Reiche,+B.S.,+Stahl,+G.K.,+Mendenhall,+M.E.+and+Oddou,+G.R.+eds.,+2016.+Readings+and+cases+in+international+human+resource+management.+Taylor+%26+Francis.&ots=BZHxLXjPBK&sig=qq4-CiRaV2yQRUcSPTEZtz8RoaA#v=onepage&q&f=false

Shields, J., Brown, M., Kaine, S., Dolle-Samuel, C., North-Samardzic, A., McLean, P., Johns, R., O’Leary, P., Robinson, J. and Plimmer, G., 2015. Managing employee performance & reward: Concepts, practices, strategies. Cambridge University Press. Available at: https://books.google.co.in/books?hl=en&lr=&id=mqKNCgAAQBAJ&oi=fnd&pg=PR8&dq=Shields,+J.,+Brown,+M.,+Kaine,+S.,+Dolle-Samuel,+C.,+North-Samardzic,+A.,+McLean,+P.,+Johns,+R.,+O%27Leary,+P.,+Robinson,+J.+and+Plimmer,+G.,+2015&ots=P5Ylq6Mcwn&sig=9XLp1XWRJtyB6bBXRpPom0f582I#v=onepage&q=Shields%2C%20J.%2C%20Brown%2C%20M.%2C%20Kaine%2C%20S.%2C%20Dolle-Samuel%2C%20C.%2C%20North-Samardzic%2C%20A.%2C%20McLean%2C%20P.%2C%20Johns%2C%20R.%2C%20O’Leary%2C%20P.%2C%20Robinson%2C%20J.%20and%20Plimmer%2C%20G.%2C%202015&f=false

Silverman, D. ed., 2016. Qualitative research. Sage. Available at: https://books.google.co.in/books?hl=en&lr=&id=9FALDAAAQBAJ&oi=fnd&pg=PP1&dq=Silverman,+D.+ed.,+2016.+Qualitative+research.+Sage&ots=9naAmw0sbN&sig=K7hJLAXA7ZcoI4lHOP2MzXNEc-4

Sparrow, P.R. and Makram, H., 2015. What is the value of talent management? Building value-driven processes within a talent management architecture. Human resource management review, 25(3), pp.249-263. Available at: https://www.sciencedirect.com/science/article/abs/pii/S1053482215000200

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Taylor, T., Doherty, A. and McGraw, P., 2015. Managing people in sport organisations: A strategic human resource management perspective. Routledge. Available at: https://www.taylorfrancis.com/books/9781134709052

Tyson, S., 2014. Essentials of human resource management. Routledge. Available at: https://content.taylorfrancis.com/books/download?dac=C2015-0-77754-8&isbn=9781136155086&format=googlePreviewPdf

Vaiman, V., Sparrow, P., Schuler, R. and Collings, D.G. eds., 2018. Macro Talent Management: A Global Perspective on Managing Talent in Developed Markets. Routledge. Available at: https://books.google.co.in/books?hl=en&lr=&id=FjZlDwAAQBAJ&oi=fnd&pg=PT13&dq=Vaiman,+V.,+Sparrow,+P.,+Schuler,+R.+and+Collings,+D.G.+eds.,+2018.+Macro+Talent+Management:+A+Global+Perspective+on+Managing+Talent+in+Developed+Markets.+Routledge.&ots=t1etaBz9do&sig=JgAs0_l9xD1lf5Dpx512xMeH544#v=onepage&q&f=false

Wilton, N., 2016. An introduction to human resource management. Sage. Available at: https://books.google.co.in/books?hl=en&lr=&id=rQPMCwAAQBAJ&oi=fnd&pg=PP1&dq=Wilton,+N.,+2016&ots=9CJ1zw3vjx&sig=OkIHu_qAfi7AtFdhLYrCP6Fxuq8#v=onepage&q&f=false