The volatility of oil prices in 2015 has made it a challenging year for both candidates and companies in the Oil & Gas industry. This instability has resulted in employers being more risk averse when making recruitment decisions. Many major companies have responded to this challenging environment by restructuring their organizations and eliminating redundancies. Cutbacks have been made to both temporary and permanent staff, and have resulted in an influx of candidates on the market.
With the price of oil dropping almost 50 per cent since mid 2014, the industry has experienced the longest running decline for 20 years, making it imperative that each hire and fire decision is done strategically. We are seeing contractors being used to cover short term skills gaps and niche expertise, shifting from long term staffing solutions. This is expected to continue as employers look to curb project spend.
The oil industry has been aware for years of a looming exodus of oil workers who joined in the 1970s in a so-called Great Crew Change. And now, it’s déjà vu all over again!, as the oil & gas roller coaster is in full swing. But even so, skills shortages remain the number one concern for employers around the globe, with inadequate succession planning and deficient for knowledge transfer being the key reasons behind this. Companies continue to tackle this issue by hiring graduates early on to leave enough training time, while career and competency development and upskilling remain a focus.
The 6th Annual People in Energy Summit will feature strategies and opportunities to streamline HR processes, optimize spending, increase ROI and effectively manage the workforce during these challenging times. Learn from the best on: global recruiting, engagement and retention strategies, accelerating employee development, identifying and creating leaders and how HR can support the business and effectively manage the workforce in a volatile market.
Focused Sessions will tackle:
• Using technology to optimize recruiting and training processes
• Cost effective strategies for HiPo development
• Innovative learning methods that increase ROI and decrease time to competence
• Engaging early career professionals
• Managing performance
• Sustaining engagement and driving retention