Report suggests fresh thinking needed to reduce skills gap, improve oil and gas hiring
The third annual Global Energy Talent Index (GETI) report revealed that oil and gas businesses must continue evolving their approach to attracting and recruiting talent.
The report by Airswift and Energy Jobline indicates that 48% of oil & gas professionals are concerned about an impending talent emergency. In fact, 40% of survey respondents believe the sector to already be in the grips of a crisis, with a further 28% expecting one to hit within the next five years.
However, there is reason for optimism. When asked whether they would pursue a career if they were entering the energy industry now, many said yes. Encouragingly, 81% of those aged 25 and under remain enthusiastic about a career in oil and gas. While the pace of recruitment may have slowed during the downturn, the quality of these efforts remains strong.
Janette Marx, CEO at Airswift, said, “In recent years, GETI has proven hugely successful at providing hiring managers with the insights they need to manage the expectations of the energy workforce. This year is no different, as we respond to what they told us was their biggest concern: the energy skills gap. And the oil & gas chapter makes for interesting reading. Having cut graduate schemes, apprenticeships and training during the downturn, the sector is playing catch-up. But it’s making good progress. And, most importantly, companies now realize that no matter what happens economically, they need to consistently invest in their talent strategies.”
Competition and worker retention
Key findings within oil and gas include:
- Remuneration is on the up. Forty-one percent of non-hiring professionals report an increase in pay over the past 12 months, with 21% citing a raise of more than 5%.
- Sixty-five percent of non-hiring professionals anticipate further pay rises in 2019. Hiring managers share their optimism, with 63% expecting to see an increase,
- Ninety-two percent of professionals would consider relocating to another region for their job, with career progression opportunities the number one factor attracting talent to a region.
- Renewables remains the biggest source of competition for talent, with 42% of those open to switching sectors attracted to the industry
Hannah Peet, managing director at Energy Jobline, said, “Competition between sectors remains as fierce as ever, but oil and gas employers are well set to succeed. Leaders and hiring managers recognize that the world has changed and the desires of young people are different, with only 30% of those aged under 25 believing that higher pay effectively attracts talent. The trick now is to respond by working to provide individuals with more opportunities to grow their careers, travel and work with new technologies.”
– Edited from a GETI press release by CFE Media.