More than half (51%) of global oil and gas hiring managers say that they have decreased their hiring efforts in the past three months, and an additional 13% say they have frozen their recruitment plans completely, according to a Rigzone survey that was released June 25.
Even with the price of oil tracking upward this quarter, most global hiring managers remain reluctant to expand their hiring efforts over the next six months. For the last half of 2015, 65% acknowledge that they have decreased their hiring plans. In addition, 54% of global hiring managers surveyed indicate that they think job cuts are more likely in the next six months, and 65% said they expect to experience a loss of budget for personnel for the year.
Similar to last quarter, companies who are still in the market for talent have an advantage. Eighty-one percent of the hiring managers say that the candidate pool has grown in the last three months. In terms of salary expectations, 70% of hiring managers indicated that job candidates are not asking for more compensation as compared to three months ago.
Furthermore, oil and gas professionals are uncertain about the career prospects available to them due to the decreased availability of employment options. Professionals who are currently employed are expected to stay in their current positions, with nearly 70% of hiring managers indicating an anticipated decline in voluntary departures during the next six months.
About The Survey: From May 26, 2015, to June 4, 2015, Rigzone surveyed hiring managers and recruiters who recruit oil and gas professionals across the globe. The survey, which covers upstream, downstream, corporate and college recruiting, had 209 responses. Of those, 23% represent companies that have more than 5,000 employees.
Recommended Reading
CGG to Change Name to Viridien
2024-05-17 - The company’s new ticker symbol will be “VIRI” and listed on Euronext Paris, effective May 21.
Sector’s Appetite for Capital Remains Amid Consolidation Frenzy, Panelists Say
2024-05-17 - There’s still an appetite for capital in the oil and gas sector—companies just need to think creatively to find it, a number of panelists said during SUPER DUG in Fort Worth, Texas.
SilverBow Resets Shareholder Meeting After $2.1B Crescent Deal
2024-05-16 - SilverBow Resources said it will adjourn its May 21 shareholders’ meeting until May 29 following Crescent Energy’s agreement to buy the Eagle Ford operator.
Blue Racer Midstream Prices Senior Notes Offering
2024-05-15 - Net proceeds from the sale of senior notes will be used to pay off debt and other general corporate purposes.