For the full findings and analysis from the ‘Talent Insight Index 2016: An annual barometer for the Oil, Gas and Energy Industry’ please sign up using this form to receive your copy of the report once it is released.

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Executive Summary

This report was commissioned to better understand the impact of career challenges faced by professionals in the oil, gas and energy industry during this period of difficult market conditions. Petroplan is a specialist recruiter for the sector and has witnessed the real life issues and concerns that candidates have experienced over the last 18 months. The report findings demonstrate that the way employers have responded to the need to reduce their workforce during this time has had a negative effect on the employment outlook of many professionals in the sector. Over 1,500 professionals from 107 countries completed an online survey in November 2015, which forms the basis of this report.

The overall sentiment from energy professionals, regardless of whether they are currently in permanent employment, working as a contractor or unemployed and looking for a role, is that they are committed to a career in the industry with 60% actively committed to the sector and 63% recommending a career to others.

However, they are less committed to employers, with 9 out of 10 actively looking for a new job opportunity. The fact that industry professionals show loyalty to the industry rather than their employer indicates that the reputation of organisations has been damaged by the decline in the oil price, and the subsequent action industry players have taken to manage their cost base has implications for talent management in the longer term. Over 50% of all respondents said that their jobs were directly affected by the current oil price. This could have an impact on employers’ ability to attract experienced talent when the industry eventually recovers.

Adding to this negative situation, one in three respondents are likely to leave the oil and gas sector for another field and 63% believe there is already a skills shortage in the industry. This provides further evidence that there is a risk for employers, who might struggle to fulfil their workforce requirements in the future.

ANDREW SPEERS, CEO OF PETROPLAN, SAYS:

“The results of the Talent Insight Index show that there needs to be a major shift in employer attitudes to retention and talent management. Although we have a committed workforce, people are weary of the ups and downs of the sector. Companies have to balance the risks and rewards of job cuts with retaining key people and skills shortages.”

“While it might seem like a strange time to talk about loyalty and talent retention, we must. The industry has to take a longer-term view of investing in, retaining and developing its people. It’s the only way that we can slow down the rollercoaster of boom and bust.”