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| Mon, 11th May 2020 16:31:00 |
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Why Young Professionals Are Steering Clear Of Oil & Gas |
A career in oil used to be an attractive option for college students and high school grads alike. Oil and gas was one of the few industries where one could make six figures a year without a college diploma. And those with a diploma? They made high six figures with all sorts of perks and benefits.
Those days are gone.
During the last oil crisis, between 2014 and 2016, a few hundred thousand jobs were lost in the industry globally as oil companies were forced to shrink their exploration and production activities. Now we are seeing a repeat of that same scenario: frac crews in the U.S. shale patch are being dismissed because companies are suspending all new drilling and shutting in operating wells. Industry majors are revoking internship proposals. Oil and gas is once again viewed as a poor career choice.
Notably, this dramatic change is taking place just months after a new trend emerged in oil and gas hiring: the digital shift, one might call it. Focused on a digital transformation aimed to streamline and improve their operations while maintaining cost control, oil and gas companies began hiring more information technology professionals. It was time to go digital, and oil was going digital all the way.
But there was a second reason for this change in hiring trends: many market researchers were warning the oil industry was facing a talent crisis as fewer young people picked engineering majors at university. That, in turn, was a result of both the 2014-2016 crisis and the bad rap the industry has drawn over the past few years concerning its carbon footprint and climate change contribution.
Read original full article
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