Rigzone's 2Q global hiring survey reveals oil and gas companies' reluctance to increase hiring efforts in the near term.
Still grappling with market uncertainty, 51 percent of global hiring managers decreased their hiring efforts in the past three months, according to Rigzone’s latest global hiring survey. Additionally, 13 percent have completely frozen their recruitment plans.
Since oil prices bottomed out in mid-March, the industry has seen slight increases in oil price per barrel, but not enough for oil and gas companies to feel comfortable enough to actively increase hiring plans in the near future, the survey revealed. In fact, 54 percent of global hiring managers said they believe job cuts are more likely in the next six months and 65 percent expect to experience a loss of budget for approved headcount in 2015. Since the beginning of the downturn, globally, the oil and gas industry has already seen more than 150,000 jobs lost.
A very valid concern among oil and gas companies during a downturn, especially with the continued challenge of the Great Crew Change, is employee attrition. According to the same hiring survey, almost 70 percent of global hiring managers expect an anticipated decline in voluntary departures of employees throughout the next six months.
Despite the decreased hiring and recruitment efforts, opportunities still exist for oil and gas companies to secure skilled workers, with 81 percent of global hiring managers expressing that the candidate pool has grown in the last three months and 34 percent said the time to fill open positions has shortened in the last three months. Additionally, 70 percent indicated candidates are not asking for more compensation compared to three months ago.
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