Navigating Gen Y In A Time of Great Change
Recruiters are facing many challenges in today’s world of employment needs, placing them in a time of great change. The aging workforce is slowly retiring while members of Generation Y, or the millennial generation, are rapidly becoming the go-to candidates to fill the vacant spots in the oil and gas industry.
It is essential for business leaders to do more than just observe the changing times and demographics – they must understand them and be at the forefront of recruiting efforts in order to successfully attract and retain the next generation of oil and gas talent.
“Companies’ commitments to employees and career expectations have evolved drastically,” said John-Frederick van Zuylen, group manager of Power & Renewable Energy at Allen & York and president of the Dubai chapter for Young Professionals in Energy (YPE).
“Only well-established companies with long-term goals and stable business can afford to have a real recruitment and retention strategy. Other companies need to adapt more frequently and more quickly to changes in the market.”
The oil and gas industry, one of Europe’s largest employers, contributed significantly to the European economy. The sector’s total economic contribution continues to outpace other major industries, as well as provide well-paying jobs, revenue to governments and bountiful opportunities for Europeans.
Specifically, capital investment of 11.4 billion euro ($14.8 billion) in the United Kingdom’s oil and gas reserves in 2012 was the highest in 30 years; and this amount is expected to rise to over 13 billion euro ($16.9 billion) in 2013. All while supporting at least 440,000 jobs across the UK, according to Oil & Gas UK.
Three quarters of the UK’s current primary energy demand is met by oil and gas. In 2011, oil produced on the United Kingdom Continental Shelf (UKCS) satisfied 68 percent of domestic demand while gas produced in the UK met 58 percent of demand. Although this demand means additional jobs, the shortage in skilled, educated workers is hurting the industry’s recruiting efforts.
There are four big shifts that have radically redefined the workforce and corresponding recruitment, retention and training strategies, according to a white paper released by McCrindle Research in May 2009. These shifts are: an aging population; transitioning generations; increasing options/information; and a redefined work life.
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