New Delhi: Saturday, the 3rd of January, was not a very auspicious day for one of the major Fortune 500, Oil & Gas, Indian PSU. A very senior Board Level Director died under not so normal circumstances in NCR. The resultant speculations in the mainstream media were loud, though a bit fuzzy. While one Newspaper reported he had stepped onto the balcony of his 17th floor flat to get better mobile connectivity, when he fell down and died. Some persons even claimed he had a heart attack while on the balcony, slipped and fell. These, to NewsIP, appeared to be too much of a coincidence.
Well later, as it was to be, another media house reported that the cause of death appeared to be Suicide and a Note had been recovered the spot. The Note mentions that no one should be held responsible for his death. Well the concerned police authorities are investigating the matter from all angles and would reach conclusions soon. The matter becomes more concerning when it emanates that he held Executive Director’s position in Delhi, he was on Board of several Subsidiaries and also served at the Chairman of a JV. With such a bright career, the sudden death comes as a huge shock.
This particular company has had instances of Suicides on earlier occasions also. Apart from speculations nothing much is available on public domain regarding the numbers and causes. Sometime back, the Management had even attempted to have paid outside counselors for employees. That a relatively easy PSU job with security and less severe pressures as in Private Sector should have employees committing suicide has made many wonder at probable causes. Not being very alarming the management may be taking it in its stride.
However, some Oil & Gas experts opine that the PSU culture being what it is, most employees feel very content. They are kind of insulated from exacting realities and almost live in a cocoon. This sometimes does not make them tough enough to face harsh realities of the outside world. When confronted with difficulties some tend to cave in. The fortifying process is somehow missing. These coupled with the sudden demands of competition, achieving targets comparable to the private entities, hindrance from strictly hierarchical structure, lack of authority, bureaucratic blocks, absence of career progression, sudden cost cutting, hanging sword of privatization and consequent loss of jobs etc. make Oil & Gas PSU executives increasingly edgy. The lack of new projects, diversification, loss of markets to new players and an uncertain future of PSU Oil & Gas Companies also prey heavily on minds.
The feeling of lack of worth and constant criticism, despite Oil & Gas PSUs doing well is definitely a contributing factor. Observers also point out to the lack of transparent communication which makes employees, especially the executives wary of promises. Some say, there do exist underpinnings of discontent and pain points which have resulted in Unions/ Associations giving letters to the management. Even taking up matters to the labour department.
It is said that a Corporate Career is not a bed of roses and one has to constantly learn and adopt. However, the PSU culture over the years have developed its own DNA which needs to be carefully nurtured. Employees and executives should have viable options and see a clear cut future. Lack of options may make employees who have spent their youth in the company to feel the heightened pressure. Some can digest it many cannot. When even Seniors Executives seek premature ‘final’ exits, it calls for some very serious thinking.
