PE Turnaround Mission
Solution Area
Organisational Development & Advisory
Sector
Offshore Energy
Photo taken from www.marinelink.com/news/delivers-mermaid-vessel374358
Background
Client is a listed 30-plus year old local Offshore Energy Service group comprising a fleet of specialized offshore vessels and reputable shipyards looking to transform its culture and workforce to be more professional and performance oriented.
Challenge
New investors with a turnaround agenda installed a new CEO and replaced key leadership positions to support a new ambition and strategy. This was a shock to the organization and the immediate tasks at hand were to bring in and align a new team and set a course for modernization.
Solution
Post diagnostics, a deeper 10-month long HR transformation engagement - delicate work since there were recent and ongoing leadership changes. It began with the clarification of strategy through detailed facilitated workshops; a group wide Employee Effectiveness Survey to gather independent input from the ground; and the design and implementation of human capital structures to support the business goals (including putting in place a robust performance management system that incorporated both balanced scorecard KPIs and behavioral competencies reflecting the new core values, supported with job evaluation and a new rewards structure, career roadmaps and a series of training and communication sessions to equip manager to carry out the changes sustainably) to offices in Singapore and Indonesia.
Results
The company successfully implemented its transformation agenda and executed on its strategy by retaining the trust of employees and using a disciplined management approach. A year later, a leading Australian oil and gas marine services provider agreed to buy all of the client's assets in a S$625 million cash deal.
"Eugene has been a source of great support, guiding the senior management team on developing a business strategy, leading to a robust HRM strategy. He has always been available... ready to listen, guide, and mentor. His positive can-do approach, his ability to never judge, his willingness to go the extra mile, his management of diverse expectations, all these qualities have been of tremendous help to both the organization and our senior management team."
- CEO Testimony
