Industry Interaction Cell of IIM Amritsar successfully organized the fifth guest lecture under its flagship series- SpotLight. The industry leader invited to address the students in the SpotLight session Mr. S. K. Bose, Executive Director I\C (HR) of Indian Oil Corporation Limited (IOCL). The event was marked by the presence of faculty members of IIM Amritsar including Prof. Nagarajan Ramamoorthy- Director- IIM Amritsar along with the students of PGP-05 batch.
Mr. Bose began the interactive session by thanking Director Prof. Nagarajan Ramamoorthy for inviting him for delivering the lecture. He began the lecture by reflecting on the fact about how at a time when most of the companies which were earlier present in the Fortune 500 list are not there, IOCL is continuously making its mark, as it is consistently growing which is due to the culture present in the company.
He then listed the four important factors behind the company’s success. Firstly, the people component. It’s due to the presence of several leaders in the company, who in turn are creating a responsible team and creating more leaders for the company. Secondly, process, which in IOCL is very strong, which is evident by looking at the company’s Balance scorecard. Thirdly, Learning and Development, where he stated that IOCL has launched an e-learning platform that has 300 modules for the employees to escalate their learning process. Lastly, Finance and Projects which are really strong for IOCL as currently 30,000 crores worth of projects are going on.
Mr. Bose then talked about the ‘Employee Value Proposition’- what the company offers to its employees. He stated that the employee should follow a ‘VOICE’ framework before joining any company. Firstly, the vision of the company- where the company sees itself in the nearby future. Secondly, Opportunity, whether there is a proper skill utilization happening in the company. Thirdly, Incentive- what the company is offering in CTC. Fourthly, Career Profile- whether the company provides a ‘strategic advantage’ and sufficient growth opportunities are available. Lastly, Experimentation, whether sufficient time as well as resources are given for proper experimentation.
He then talked about the tremendous logistics support of IOCL and how automation is constantly simplifying things in retail and terminal outlets. He also explained different ‘Corporate Social Responsibility’ and ‘Individual Social Responsibility’ measures which the company, as well as its employees, are taking for the betterment of the society. The company has a goal of achieving the plantation of 1 trillion trees and re-skilling of the people by 2030.
Overall, it was an insightful session and knowledge gained by the students was immense.