Many oil workers still around today began working before the 1980’s crash. By some estimates, half of the entire US oil workforce could retire in the next five to seven years. To add to that, we are in the midst of another oil bust, which is again leading job eliminations.
Some companies are willing to take on the extra costs in order to retain good people. Because once they are lost, it is hard to bring back that human capital. Even if bright minds can be retained, the graying of the workforce should be a major concern in corporate board rooms.
Thousands of workers will be packing up and heading home in the next few years, and oil companies don’t yet have a plan for what to do about it. If oil companies can devise a plan to attract younger human capital, it will be a huge window of opportunity individuals to take on a leadership role in an industry which will require a whole lot of that– to keep the industry thriving and even past its former limitations.