After emerging from bankruptcy, LyondellBasell Industries knew it had to focus its efforts on managing its assets, building up the company’s reputation with shareholders and developing a strong presence in the petrochemical field.
Unfortunately, during the rebuild, human resources focused primarily on cost control instead of investing in attracting, retaining and developing high-quality talent. To remedy that problem, a three-year, three-pronged plan was developed to “fix the basics,” “become performance-focused” and “provide HR functional excellence.”
The company, whose operations are based in Houston and London, overhauled its talent management process covering more than 7,000 salaried employees to create a proactive department within the organization that helps build leadership skills and drive a positive employee-relations culture. As a result of these efforts, HR has been able to reduce its budget by 6 percent, according to the company, deliver 99.9 percent payroll accuracy and eliminate 70 percent of the company’s global processing errors. HR customer satisfaction ratings have also improved by 21 percent over the past two years.
For the overhaul of its HR system to work more efficiently, LyondellBasell is the silver 2015 Optimas Award winner for Business Impact.
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