Advanced technologies like digitization, big data, automation, artificial intelligence, IoT will shape the future of the Oil and Gas industry making it more profitable and stable.
The trepidation for the industry is that the working style, skill requirements, and operation will all be different for the new age of oil and gas industry. The current system of operation will turn obsolete and numerous technological advancements will replace and challenge the traditional setup. The bigger question here is: Is oil and industry equipped to meet the changing needs of the industry? Do they have the required skillset and expertise? The answer is NO.
That’s where the relevance of millennials play a vital role. To bridge this knowledge and skill gap, the industry needs to hire and retain a fair mix of professionals from other industries including software engineers, data scientists, analysts, and other digital savvy staff.
The mindset of millennials towards oil and gas industry
Deloitte surveyed 10,000 millennials born in the year 1983 to1994 and around 2000 Gen Z were surveyed who were born from 1995 to 1999 from across the world. Here are the key findings of the report:
Millennials seek opportunities beyond eventual leadership positions and a fat paycheck. They have immense untapped potential and are ready to contribute more for the greater good. With their tech-savvy mind, they can bring in innovation and advancement at every step.
Amy Chronis, Houston managing partner for Deloitte, draws a conclusion on the survey by stating that, “I think the younger generation represents the New World Order … they represent the viewpoint of today,” “I think [diversity and inclusion] is an acute issue in terms of attracting, fostering and retaining talent. The oil and gas industry is already doing a lot of things talent-wise, but I think the survey illustrates that it needs to find better ways to communicate and engage talent in their efforts.”
How to attract and retain Millennials?
Here are a few initiatives that recruiters can take up to hire and retain millennial workforce:
Studies show that millennials look beyond paychecks. They prefer challenging new age roles and oil and gas industry can provide them the right platform. As every function of oil and gas industry is getting automated today with rapid digitization there is a need for employees who can operate in the dynamic environment. Changing the job description according to the changing needs of the industry is a way to attract the young generation.
The current perception of the oil and gas industry amongst millennials is turning off the interest of the new generation. The recruiters must work on rebranding the image of the industry. Although it is a time-taking process it’s high time the industry starts working on it. Collaboration with community colleges can play a key role in the process by developing a curriculum and imparting the right information about the industry. Additionally, social media can be leveraged to rebrand the industry. The new developments, job roles, benefits, and work expectations can be highlighted along with employee testimonials to improve the perception. The new age job roles like a data scientist, software engineers, analysts can also be advertised. Additionally, the companies can highlight their initiatives that have been taken to reduce environmental footprint to enhance its social appeal.
In a recent survey conducted by EY, millennials and generation Z rank salary, work-life balance and on-the-job happiness as the top 3 priorities in any job. The oil and gas industry ranks well in terms of compensation however it is important to understand what monetary benefits the current generation is seeking? The millennials are more interested in stock options than pensions because millennials do not believe in sticking to one job for long period to avail pension benefit, so they prefer stock options.
Other intangible needs like work-life balance and on-the-job happiness are crucial too. Some companies have recognized this need and have started offering benefits like flexible work hours, relaxed leave policy, work-from-home options and so on. Most of the oil and gas companies are still conservative in this regard but the sign of changes are evident. For instance, beginning 1 January 2018, Shell has announced a global standard of 16 weeks paid maternity leaves for its employees. Additionally, to enhance the job environment, the oil companies are following the trend of healthy dining options, green space, public transportations and even gyms.
Make clear and transparent career growth trajectory so that the millennials are aware of their career progression. When the vision is clear, reliability increases which will eventually lead to talent retention. Companies like Saudi Aramco who have 50% workforce under 30 years of age, has invested handsomely in training and development of the employee. This increases the job satisfaction level. The company also sponsors its top performers for an advanced degree at universities across the world to increase loyalty among employees. Similarly, other oil and gas companies can show clear career progression, skill development, and benefits.
It can be safely concluded that the millennials are seeking opportunities to challenge the status quo and develop innovative solutions in the traditional setup. Their inherent curiosity and initiative will fuel the oil and gas industry with breakthroughs and innovation.
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ParamountEnterprises with a renowned brand .PARENTNashik is an ISO 9001:2015 certified company, listed in major leading manufacturers, suppliers & exporters of resistance spot welding consumables, spares, weldparts in Nashik – India.
PARENTNashikis younger energetic, with highly skilled engineering group having extensive more than 2-decade experience in resistance spot welding supplies and installed latest technology machining facility at works, manufacturing all sorts of resistance gun spot welding spares &consumables.
Product know-how more than 20 years of experience in resistance spot welding
Design, optimization & production of special spares, parts
Products that meet all international quality standards & requirements.
Productionline having next-generation CNC machinery.
Express production service available
Resistance Welding Consumables &Spot Welding Gun Spare WeldParts Offered:-
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.PARENTNashikalso offers variety of unique refractory metals for resistance spot-welding like Elkonite- Tungsten, Tungsten copper, molybdenum,graphite, TZM tipped electrodes.
Presentlysatisfied customers are in India, Malaysia, Middle East, Europe-France, Spain, Italy, and USA.
Headline crude prices for the week beginning 16 September 2019 – Brent: US$69/b; WTI: US$63/b
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