Stockholm, October 11th – Today Universum launched the third industry report as part of its Future Talent Insight Series, which focuses on the Energy Industry and the business and STEM students interested in joining it.
Over the last 24 months, energy firms have struggled mightily due to a prolonged slide in commodity prices. While boom and bust cycles aren’t anything new for the sector, companies are reconsidering whether mass hiring and layoffs are the best way to manage those swings.
When industry rebounds, workforce growth takes time – and a poor talent pipeline can impede recovery. In the US alone, 170,000 jobs have been eliminated since 2014, and recruiting agency Airswift, estimates global energy job losses at 291,500. Robust hiring can’t take place until well after prices stabilize and recover. When the industry gets back to a reasonable level of activity, there’s going to be a supply crisis of experienced personnel. The hiring needs within the industry are significant. In the next 10 years, experts predict the UK alone may require as many as 125,000 new workers and to make matters worse, the workforce that was let go over the past two years may no longer be there, waiting to return to work
The next five years are critical to ensure the older generation stands shoulder-to shoulder with younger workers, sharing experience and knowledge. To deal with it, companies will need to think about how they can accelerate mentorship opportunities between more experienced employees and younger generations stepping in to replace them.
Each year, Universum surveys the professional expectations of more than 1,000,000 career-seekers from 55 countries, and publishes dozens of reports on the top issues affecting global talent and the companies that hire talent. In this report, part of our Talent Insight Series, we uncover what university students look for from future employers in renewable energy, oil and gas – and how companies can translate these findings into actionable steps for HR, recruiting and C-level leadership.
“The energy sector is going through a major transformation. From the rising of fracking to the disruption led by the Tesla Group in the way we produce, store and use energy. We see the whole sector in need of new profiles and a new type of talent capable of working in a faster-paced environment. This puts extra pressure on the HR teams in this sector, as they will need to be able to find the right talent to keep their companies succeeding”.
Joao Araujo, Portugal, UK and Ireland Country Manager, Universum
For Energy industry employers aiming to hire business and STEM students, our latest report offers data driven insights and advice on how to:
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