Oil & Gas industry professionals fear that a skills shortage is imminent, but they believe improved training provisions will help the sector weather the storm.
The Oil & Gas industry has been experiencing difficult times as of late. But despite the fall in oil prices in 2020, and the worldwide pandemic, the industry has pulled through.
That being said, the Oil & Gas sector needs to do all it can to guard against complacency. This is because the industry now faces what is seen as an even bigger challenge – specifically, what The Global Energy Talent Index Report 2021 has described as a “looming skills shortage.”
The US Oil & Gas sector workforce reduced in size in 2020. A dramatic fall in oil demand, as well as plummeting oil prices meant the industry shed 120,000 jobs last year. And the expectation is that the labor supply will decrease in size again this year. It is forecast that the number of US Oil & Gas jobs could fall from 960,000 to 950,000, in 2021.
Worried About a Talent Crisis?
Consequently, it seems that the current Oil & Gas sector skills shortage will be exacerbated in the coming months.
It’s a trend that has been observed by those operating in the industry. Four out of ten industry professionals think the Oil & Gas sector got smaller in the last year, and, of those, 57 percent believe the decrease in the size of the sector was substantial.
As a result, there is widespread and increasing concern about the imminent skills shortage in the Oil & Gas industry.
A total of 60 percent of Oil & Gas professionals are “worried” about an impending talent crisis, up from 48 percent two years ago. Meanwhile one in four now describe themselves as “very worried” about the skills shortage.
Increasing Training Provisions as a Solution
Yet, despite concerns about an Oil & Gas talent drain, there is, generally speaking, considerable optimism in the sector. Despite the shrinking workforce, a total of 57 percent of Oil & Gas industry professionals say that their employer is “resilient both to recent and future changes.”
However, some in the industry are less bullish. A total of 14 percent say they are “not confident” about the resilience of their organization.
So, how can Oil & Gas businesses ensure they are better able to cope with economic turbulence?
The answer is by increasing their training provisions. A total of 41 percent of respondents to The Global Energy Talent Index Report 2021 survey said “increasing training and mentorship” would make their organization more resilient.
Employees are always receptive to more formal training programs, and as career stability and progression become increasingly valued, training, development, and mentorship become even more important.
The Global Energy Talent Index Report 2021
The Investment in Training is Inadequate
Despite the considerable value offered by training, there are concerns among Oil & Gas workers about an “inadequate investment” in such opportunities.
A report by social and environmental research organization Platform found that Oil & Gas workers feel that, in downturns in previous years, accessing training has been difficult.
Meanwhile, the report also said that the training that was accessible often imposed unreasonable financial burdens. It added that retraining opportunities offered in the past have involved “red tape” that is extremely difficult to navigate.
Providing access to quality training is one of the areas of expertise at Workrise. We’ve invested in building a full-time safety program to help ensure that your workers always have the right training available to them, and are up to date on their certifications.
We also conduct accredited training courses, on-site and online, to ensure that all the workers you hire have the skills needed for your project.
Providing training and cross-training means workers are able to adapt their skills and continue working.
How Will High-Quality Training Help You?
The benefits of high-quality training for businesses and workers include:
- Improved Employee Performance
When employees are provided with appropriate training, it results in them doing their job more effectively and carrying out tasks more efficiently. The result? Fewer delays and fewer accidents.
- A More Highly Qualified Workforce
This means businesses boost their chances of winning work in situations where they are competing for contracts with rival firms.
- Workers Have a Greater Sense of Job Satisfaction
As a result, businesses benefit from better retention rates.
At Workrise, quality and safety are our top priorities when providing training. We offer compliance, safety, and skills courses to ensure the workers on your job site meet your requirements. We also:
- Document your project's compliance and training specifications
- Offer more than 200 flexible safety and HSE training courses online and in-person
- Upskill local talent through onsite and online training to help keep costs low
Get In Touch
Workrise can help with training, staffing, technology, and professional services – so you can get back to focusing on what you do best. Visit our website at workrise.com.