OPINION: Sector mobility – The Good, The Bad and The Ugly.
August 15, 2017
Energy Jobline and Airswift have recently released the first edition of the Global Energy Talent Index (GETI), a market-leading report that investigates industry trends such as salaries and benefits, sector mobilization and hiring changes.
Since the downturn, the oil and gas market has become much more fluid, which presents hiring managers with both an opportunity and a challenge. On Energy Jobline alone, we have seen a 48% increase in professionals applying for energy jobs outside of their working sectors. According to the GETI research, two thirds of hiring managers in the wider energy market are interested in hiring oil and gas professionals. Also, just under half (49%) of oil and gas professionals would even consider reducing their salary to move to another sector. These results tell us that the concerns hiring managers in other sectors may have regarding oil and gas professionals’ high pay requirements could be incorrect.
This presents a challenge for oil and gas hiring managers in the sense that, if other energy sectors are targeting oil and gas professionals, where does that leave the oil and gas sector? According to GETI’s results, nearly three quarters (72%) of hiring managers believe there is a skills shortage within oil and gas, which shows hiring managers need to reconsider how their companies can plan to retain talent. With the industry’s recovery projected to be at least 18 months away, do Hiring Managers really want a skills shortage to continue being a challenge once the market returns?
Despite the downturn, it’s not all ‘doom and gloom’ for oil and gas when it comes to candidate attraction. The GETI report reveals that 18% of renewables and nuclear professionals considered the oil and gas sector as an interesting alternative sector to work in, showing that the downturn hasn’t dampened the intrigue to work in oil and gas.
The oil and gas industry was always known as one of generous salaries. GETI’s findings suggest that salary is slowly becoming less of a driver when it comes to candidate’s wants from an employer, with 30% highlighting corporate culture as the main attraction for professionals to a company. For the first time, professionals care more about company values than an attractive salary.
Nearly three quarters of oil and gas professionals are considering a move to a different energy sector, the main driver being increased job security. Hiring Managers need to consider these changes in wants and needs when they are planning for talent acquisition and retention. If professionals feel insecure about a role, the industry is at risk of losing a considerable amount of talent to the wider energy sectors, who are able to offer these professionals increased job security.
This reflects a disparity in how positive hiring managers are about sector mobility and what oil and gas professionals assume their career options are and this needs to be overcome. As a business, Energy Jobline is passionate about mobilizing the workforce to not only, where the jobs are but where they are interested in working.