Understanding human capital Management In The Petroleum Industry can make a difference in success and failure.
Valuable assets are difficult to manage, particularly when the assets are employees. Compliance, communication and control are the three most important aspects of human capital management. In highly regulated industries like the petroleum industry, having the right HR management tool is key. Comtracts’ HR tool provides a platform that creates the control and provides the communication necessary for petroleum business to maintain compliance in a way that is easy to use, efficient and effective.
First, creating and maintaining a culture of safety for employees not only in day to day service but over time is incredibly important for employees and business owners. Documenting and assuring compliance with federal, state, and local laws and regulations regarding petroleum and food mart operations in transport and delivery, sales, service and safety is an on-going process. In addition, building this process into day to day operations make compliance routine and easy. Employees must be knowledgeable and adhere to requirements for employee, customer, and environmental well-being. For example, employees must be properly trained and understand the legal ramifications of licensing and compliance requirements involving the sale and distribution of alcoholic beverages, tobacco & vaping products, gaming, and any other licensed products or service.
Training employees and giving them the resources to achieve and maintain compliance is an investment. Being able to document and prove compliance is important for in all aspects of the petroleum business. Employees must document all required information related to the operation of the business. A well-trained employee is an asset “whose current value can be measured” and “future value can be enhanced through investment”. Documenting and storing HR, training, licensing, and various federal, state, and local compliance documents have been labor-intensive practices in the past. Comtracts’ HR platform provides the tool that makes compliance and documentation easy. The HR tool’s automated features eliminates risk of non-compliance.
Next, effective communication starts with the hiring process. Regularly update job descriptions and expectations to accurately reflect responsibilities. Employee reviews with regular feedback and follow-up and a system that accounts for employees work hours are important and must be communicated in a timely manner. Clear communication of what constitutes full and part-time status and compensation including bonus calculation is important. Failure to properly and accurately communicate information can result in loss of employees, customers, earnings and regulatory violations. Comtracts offers a communication tool that allows easy and timely communication with individual employees or groups of employees. Employers communicate effectively and quickly with employees via text and/or email. With a built-in documentation feature, employers communicate with employees regardless of their location.
Finally, employees are important and valuable assets. A knowledgeable employee who understands and adheres to a culture of compliance is vital for smooth, efficient, and cost- effective business operation. Moreover, training is an investment in improved performance and quality of operation. Ultimately, training builds and maintains a better workforce. Comtracts’ platform creates control so employers can properly train employees. Taking the time to train and communicate with employees builds a culture of compliance. Comtracts’ HR platform measures and documents employee compliance, which is the cornerstone of a culture of compliance. With its automated feature, the Comtracts’ platform will notify employers when employees are not compliant. In short, businesses in the petroleum industry can better manage their investment in important human capital.
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