It has been reported that already in the last year, 200,000 professional grade jobs have been lost from the upstream industry. This astounding number doesn’t even account for jobs that aren’t being created. Furthermore, those who have exited the industry are often those in the mid to later stages of their career, which are some of the most qualified. According to a recent article in the Oil & Gas Financial Journal, 71% of current oil & gas professionals are over the age of 50.
Due to the combination of these 50+ aged oil & gas professionals soon to be leaving the workforce, with the great exodus of over 200,000 oil & gas professionals due to the market swings, this departure would create a skill shortage that would pose real problems in the future. Of course, it’s difficult to talk about skill shortages when major employers are trying to decide which 20% of their businesses to lay-off.
Losing significant numbers from the older, more qualified end of the workforce while not bringing anyone at the younger end will create a massive skill gap. While there is a low focus on rebuilding the talent pool at a time like this, this is shortsighted, and we want to make sure that the oil & gas industry lands in a good place.