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Image source: reuters.com
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Oil producers are looking to boost capital expenditures in 2017 with a marked change of events in the sector. In line with plans of expansion, many oil firms are faced with the challenge of recovering the hundreds of thousands jobs lost during the oil price crisis, compounded by the problem of retiring baby boomers.
In 2016, more than 440,000 industry jobs were terminated around the globe, most of which came from oilfield service providers, drilling contractors, and equipment manufacturers. For the past couple of years, the sector posted one of the leading counts for layoffs. Such has damaged the sector's reputation as a career destination, with qualified labor turning to other industries offering greater job security.
The retrenchment also drove out numerous workers in their 30s to 50s who could have been qualified to replace baby boomers in senior management. Companies have resorted to training programs for younger employees, enticing professionals from other industries, and appealing to veterans to stay a little longer.
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Image source: oilandgaspeople.com
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In a highly cyclical industry, oil and gas firms may want to innovate in the areas of talent acquisition, development, and deployment so as to prevent human resource cost inflations and bottlenecks every time the market experiences an upturn.
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