In a recently released report, it is noted that oil and gas businesses should invest more into attracting and recruiting talent to continue evolving their approach to the global workforce. The Global Energy Talent Index (GETI), the world’s largest energy recruitment and employment trends report, also says that 48% of oil and gas professionals are concerned about an impending talent emergency.
- Having cut graduate schemes, apprenticeships and training during the downturn, the sector is playing catch-up. But it is making good progress
- 81% of respondents aged 25 and under remain enthusiastic about a career in oil and gas
- Remuneration is up with 41% of non-hiring professionals reporting pay increases the last year
- Two-thirds of non-hiring professionals anticipate further pay increases in 2019
The report by Airswift, the global workforce solutions provider for the energy, process and infrastructure sectors, and Energy Jobline, the world’s leading jobsite for the energy and engineering industries, provides insights into skills shortages and attracting talent and is also the industry’s most comprehensive salary and mobility survey.
The two companies surveyed more than 17,000 energy professionals and hiring managers in 162 countries across five industry sub-sectors: oil and gas, renewables, power, nuclear and petrochemicals for the report.
Of the 48% of oil and gas professionals concerned about an impending talent emergency, some 40% believe the sector is already in the grips of a crisis, with a further 28% expecting such a crisis within the next five years.
Though most of the report is dismal, there is reason for optimism. Managing Director at Energy Jobline, Hannah Peet, says that oil and gas employers are well set to succeed even as competition between sectors remains “fierce”.
A large majority of oil and gas professionals agreed when asked if they would pursue a career in the sector if they were entering the energy industry now. Encouragingly, about 81% of those aged 25 and under remain enthusiastic about a career in oil and gas.
Janette Marx, Chief Executive Officer at Airswift says that recently, GETI has proven hugely successful at providing hiring managers with the insights needed to manage the expectations of the energy workforce.
This year’s biggest concern: the energy skills gap.
Other key findings within the oil and gas sector include:
- Better remuneration – 41% of non-hiring professionals report an increase in pay over the past 12 months, with 21% citing a raise
- Pay rises – 65% of non-hiring professionals anticipate further pay rises in 2019; hiring managers share their optimism, with 63% expecting to see an increase
- Development – 92% of professionals would consider relocating for their job, with career progression opportunities the number one factor attracting talent to a region
- Renewables — is the biggest source of competition for talent, with 42% open to switching sectors attracted to the industry
Although graduate schemes, apprenticeships and training were eliminated with the economic downturn, the oil and gas sector is catching up with good progress, and the quality of these efforts remain strong. The companies now realise that no matter what happens economically, they need to consistently invest in their talent strategies.
Peet concluded that executive leaders and hiring managers recognise that the changed world and the desires of young people are different – only 30% of those aged under 25 believe that higher pay effectively attracts talent within an industry. The necessity is in providing recruits with more opportunities to grow their careers, travel and work with new technologies.