With the cost of oil at an all-time high, many oil and gas companies are struggling to retain their employees. The industry is often associated with negative news stories such as oil spills, climate change lawsuits, and other environmental issues. This has caused many workers to look for other opportunities, leaving oil companies with a shortage of skilled personnel. To combat this problem, oil and gas companies must take steps to address climate change and create an environment where employees feel valued and respected.
Investing in clean energy sources such as solar and wind power is one way to demonstrate a commitment to fighting climate change. Offering incentives for employees who choose to stay with the company is another way to retain talent. Training opportunities can also help employees progress in their roles as the energy transition continues. Additionally, creating an environment where employees feel valued and respected is essential for keeping them on board.
Oil and gas companies must also be aware of the changing attitudes of young people towards the industry. A report found that young people tend to view oil careers as “unstable, hard-working, difficult, dangerous and harmful to society”. This presents a major obstacle for attracting and retaining a highly qualified workforce. To combat this, oil companies should focus on promoting their commitment to clean energy sources and the energy transition. The current situation has been further complicated by investors who are no longer interested in expanding drilling operations.
This has left many oil companies without additional drilling equipment or personnel ready to operate them. As a result, it is even more important for oil companies to focus on retaining their existing employees. Billionaire Bill Gates recently predicted that oil companies will “be worth very little in 30 years”; CNBC's Jim Cramer of Mad Money has declared that he has “wiped out fossil fuel stocks”. College students are also moving away from petroleum engineering programs, creating a gap as oil companies seek to replace retiring baby boomers. Oil and gas companies in Orange County, CA must take steps to address climate change and create an environment where employees feel valued and respected if they want to retain their staff. Investing in clean energy sources, offering incentives for employees who choose to stay with the company, providing training opportunities, and creating an environment where employees feel valued are all essential steps for keeping workers on board.