Top 3 Human Capital Trends in Oil and Gas
In this day in age, relationships with workers, customers and communities are just as important for oil and gas companies as are hard metrics, such as financial performance and quality of products or services.
This is made clear in Deloitte’s Human Capital Trends Survey of 2018, which includes responses of more than 11,000 business and HR leaders.
Deloitte authored a paper looking specifically at the oil and gas perspective of the survey and found that three important trends emerged.
Managing Beyond the Enterprise
Only 16 percent of oil and gas survey respondents said their organizations have a well-defined strategy and established policies for the hybrid workforce.
While contractors have long been part of the oil and gas workforce ecosystem, the report suggests business and HR leaders should manage relationships with traditional and contract/freelance workers better by:
- Working with division leadership, legal and IT to provide contractors clear performance goals, secure communication systems and proper training
- Being more involved in sourcing and selecting workers who may be chosen for their technical expertise, but not subjected to cultural norms of full-time employees
- Formalizing incentive programs that will include all employees
New Rewards Plans
The survey showed that just five percent of oil and gas respondents described their organization’s rewards as innovative and flexible in regard to type and frequency, personalized to employee preferences and aligned to incent specific behaviors.
In the past, oil and gas rewards programs have been beneficial to more tenured, veteran employees. Today’s workforce warrants a different approach – to include programs for physical, mental, financial and spiritual health.
Work in the 100-Year Lives Era
Seventeen percent of oil and gas survey respondents indicated that age is viewed as a disadvantage in their organization; the remaining respondents indicated that age does not have an impact on ability or is viewed as an advantage.
The most proactive organizations will embrace the older talent pool by extending their career models, creating new development paths and creating roles to accommodate older workers. Rather than discriminating against the more veteran workers, they could serve as mentors, coaches and subject matter experts for the younger workforce.
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