May 20, 2014
From the Global Energy Institute
Talent will soon be in short supply in oil and gas, chemicals, and power and utilities companies.
Sparked by industry downturns in the 1980s and 2000s, which drove out a significant portion of potential leaders, the shortage has been anticipated for at least a decade, and it has finally reached crisis-level.
According to the Rigzone article, "GE Oil and Gas: Bridging the Talent Gap" (February 15, 2013), more than 50 percent of the current industry workforce will be eligible to retire in 2015.
In addition to the impending retirement of many of the industry's leading technical specialists and senior managers, other factors exacerbating the problem include:
- Inadequately skilled workers to rise through the ranks and replace them
- The new complex technical skills necessary to compete in an always-innovating sector
- Intense competition over a limited talent pool
- Lack of petroleum engineers entering the industry in the downturn during the late '80s and '90s