There is much talk about the shortage of talent to fill jobs in the energy industry. Known as “The Great Crew Change,” over half of the energy workforce will be retiring in the next seven years. Even as hiring has slowed in the face of moderating oil prices, companies have only been able to hire one new employee for every two exiting the workforce. Who will fill these positions? Perhaps not young people.
An EY poll reveals that only 18% of Millennials and 6% of Gen Zers found a career in oil and gas to be very appealing, with many young people viewing the industry as dangerous, unstable and bad for the environment. This has resulted in, among other things, companies such as Statoil actively rebranding to alter their organizational attractiveness. As jobs requiring STEM degrees skyrocket, more industries are competing with oil and gas for STEM candidates. Many of these industries offer more work-life balance and inclusivity than oil and gas, which are more attractive to younger employees than a large paycheck (which the competition also offers).
If the energy industry hopes to improve its labor shortage problem, it must take steps now to embrace practices that have been shown to create environments that attract talent.
