Experience has an undeniable significance in a job role and particularly when it comes to passing on knowledge to the younger generation. Therefore, with skilled workers leaving the energy sector before sharing essential information that can have a huge impact on the future of the oil and gas industry, companies are reconsidering alternatives to the current strategy of mass hiring and layoffs.
The energy sector is no stranger to boom and bust cycles, however, in recent years firms have experienced a struggle due to declines in commodity prices. Due to the instability surrounding the last recession, workers delayed retirement but, with the return of demand, these workers have either moved on to other fields or, have in fact taken the opportunity to retire. Once a substantial level of recovery is reached via a reasonable level of activity, the view that there will be a sufficient number of experienced personnel has come in to question. Talent growth is a process that requires great detail and a poor recruitment system can hinder a full recovery. The advantage of having new employees work side-by-side with skilled workers would be very welcomed in this circumstance, but with recent global layoffs, this advantage seems to have been quashed. The importance of hiring needs are highlighted by the prediction of experts, who suggest that in the next 10 years, 125,000 new workers may be needed in the UK alone. In the US, 170,000 jobs have been eliminated since 2014 and with recruiting agency Airswift estimating a total of 291,500 job losses, the time to act is now.
HR executives must focus on the development of the current STEM and business graduates and use specific research findings to build on an ever-changing strategy. With Universum’s latest report, all vital aspects of these students’ desires to seek a career in the oil and gas industry are covered. Taking into consideration a few of these aspects, it is helpful to recognize that there is a difference in opinion between both STEM and Business students wanting to enter the energy sector, and this could play a key role in your company’s approach.
Innovation is a clear motivation in a STEM students choice of employer whereas Business students are attracted by an employers market success. The challenge employers face is the ability to remain competitive and assure future high standards through their talent pipelines.
One of the most common values that consistently appears when considering millennials entering their chosen industries is professional training and development. The energy sector is no different as development and training are valued as a top priority, even above a secure employment. This may seem unusual in terms of what we expect to hear from young workers however, it challenges HR departments to design training programs that invest in advancing skills rather than focusing too far into the future.
It isn’t just innovation alone that is held in such high regard by STEM students wanting to enter the energy industry. A culture of dynamic innovation and a creative work environment is critically important in attracting these students. This can be challenging as it requires huge capital investments which lead to a lower tolerance for risk. A good work environment above all has a positive effect on morale and can nurture a greater commitment, particularly from younger workers. Business students are seeking leaders who can support as well as help them develop within their roles. This is why it is of vital importance that skilled and experienced workers are able to help enhance the new workers’ abilities with the aim to avoid the proposed supply crisis.
To be attractive from the outside, companies must create the right conditions on the inside. Enabling employees to grow and develop takes leadership, training and a long-term structure in place to show the whole workforce, both young and experienced, that they are valued. Investing in young talent by mentoring them and providing a fun and dynamic learning culture in the workplace will be rewarded with commitment.
The sharing of experience and knowledge by older workers should be a top priority when it comes to the immediate future. Young talent are actually seeking opportunities where they can collaborate with skilled workers and therefore, mentorship or apprenticeships are widely appreciated and also effective in developing future leaders.