Dominion Energy Company specializes in generation, storage and relaying of energy. It offers fossil gas and electrical energy transmission to different users in the United States. The company is headed by Thomas F. Farell who is the Chairman, President and CEO with two Executive Vice President and Co-Chief Operating Officers ( dominionenergy.com, n.d) . The company has 21,000 employees with an approximate energy generating capability of 26000 MW.
Mission Statement
The company’s mission is to provide clients with safe and reliable services, by strengthening communities, motivating employees and rewarding shareholders in an environmentally friendly manner.
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Size and Structure of the organization
Dominion Energy structure comprises of different sections which include Virginia power, Dominion gas and Dominion midstream. The structure is critical in enabling Dominion Energy achieve improved energy production, transmission and distribution.
Current status-organizational performance
Dominion Energy reported earnings of $ 1.32 per share in the last quarter of 2019 when the operating earnings was $1.8 per share; however, during the full year, the company reported annual earnings of $ 1.73 per share when the operating earnings was $ 4.24 per share (dominionenergy.com, n.d). The company has initiated an operating earning guidance of $ 4.25 to $ 4.60 per share in 2020.
Current Status-Business Strategy
As a cost leadership strategy, Dominion Energy utilizes a mix of energy sources including renewable resources to preserve the environment and ensure uninterrupted power supply. Similarly, it differentiates itself by improving clients and shareholders expectations, fostering superior customer experience, and pursuing technological advancements for continued success. The strategy helps in business growth and income generation by enhancing expansion.
HR Strategy
The firm employs a workforce diversity strategy by attracting, building and retaining a team of motivated workers. The firm encourages an inclusive work environment by bringing together variety of talents, opinions and energies. As evidenced in an interview with one of Dominion employees, the firm HR strategy provides staff with an opportunity for career development for example through promotions. The Dominion employee revealed that his rank had risen to senior sourcing specialist focusing on diversity and inclusion. The HR strategy as indicated by interviewees is focused on promoting employee diversity. Crystal notes that Dominion energy holds diversity conferences to foster inclusion of workers from different cultural backgrounds such as minorities. Aron posits that the predominant HR strategy in Dominion energy is to be an employer of choice by attracting competent candidates from diverse origins.
Culture
The company embraces a growth culture to adapt in a rapidly evolving world, where each production division has an inventive group that teams up on developing fresh promising ideas that create innovative and sustainable value to the business.
Biggest Challenges
The challenges faced by the organization include the ruling on groundwater contamination where arsenic from coal ash pit leaked into groundwater making it unsafe for consumption. Additionally, methane gas emissions pollute the environment thus affecting the company’s objective of achieving an ecological healthy production. Moreover, due to Covid-19 outbreak the company has adapted the system of working from home hence having a reduced number of employees serving an increasing residential load in power supply with reduced income as many people have been rendered jobless. The interviewees also note that the company is facing a challenge related to employee turnover as highly skilled workers frequently leave the workforce which makes it hard for the firm to replace them.
Summary and general comments
The company has been described as a good place to work in with superb management and flexibility because its leadership is strictly committed to public safety, regulatory compliance and ethical standards ( glassdoor.com, n.d) . However, there are some negative public feelings about the company due to mis-information endorsed by a specific interest group. As Aaron reveals, Dominion energy is a reputable company in Richmond which is why he chose to the organization. Crystal however states that although the company had not embraced diversity when he was joining, currently the firm reflects the diverse culture in Richmond by integrating men and women from different ages, families and backgrounds.
Employee Rights/Wellbeing
Dominion Energy provides employees with a health-benefit package and upholds worker’s wellbeing through free-health screening coupled with onsite fitness centers. Besides, it provides parental leave to enable new mothers and fathers bond with their newborns ( dominionenergy.com, n.d) . The firm offers flexible work timelines in business functions that accommodate diverse schedules to foster employee’s work-life balance. One of the interviewees notes that the company has in place benefit plans for the employee’s welfare and motivation where bonuses are issued if employee met their goals. Other benefits revealed during interview include 3 weeks’ vacation, separate sick bank and sick pay, cash balance pension plan, tuition reimbursement, dental, medical, vision and life insurance as well as eligibility to work from home.
Transparency of Equitable performance management
The company awards its workers based on their inputs in achieving the firm’s goals which is founded on a fair and equitable compensation plan aligned to its business and organization plan.
Use of Internet
Dominion energy installs devices in power lines to gather information used to help the firm understand the functionality of power distribution by using fiber cables that transmit internet. Furthermore, the company is engaging internet service providers to enable superior internet coverage in areas not presently served with broadband connectivity. Internet has helped the company research innovative approaches such green power strategies that have enabled it be at par with the rapid technological advancement globally.
Security Plans
The company has partnered with HomeServe USA to offer client voluntary home refurbishment plans which provide protection against expensive repairs. Additionally, the company plans to build renewable energy, smart network technology, a stronger and more secure energy program at reasonable priced rates to clients.
Safety Policies
Dominion Energy Company establishes safety awareness at every level of the company to ensure all employees and contractors are secure by analyzing potential hazards, coming up with control and prevention strategies. The firm also educates and trains its workers on appropriate and secure ways of handling different equipment to prevent injuries.
Analysis
Dominion Energy has proved to be a forward looking company that offers training opportunities, fresh experience, stable business and competitive paybacks ( glassdoor.com, n.d) . However, a section of glassdoor reviews report that Dominion Energy lacks good leaders in middle-level management; although the company is taking steps to improve. Aaron and Crystal recommend that Dominion Energy ought to improve in areas such as applicant tracking as there are multiple challenges in the system.
References
dominionenergy.com (n.d). https://www.dominionenergy.com/
glassdoor.com (n.d). https://www.glassdoor.com/
Rees, G., & Smith, P. (Eds.). (2017). Strategic human resource management: An international perspective . Sage.
