The uncertainty created by the oil price shock of 2014 caused many Oil and Gas companies to reduce their workforce, which has caused engineers to seek employment in different areas. Resulting, into millennials avoiding the industry because of its image; whereas Renewable Energy Transition has also disrupted the market.
Currently, due to new market requirements, increased digitalization, introduction of new technologies, the Oil and Gas industry is going through rapid and radical changes . Nonetheless, the industry has concluded that a growing skills shortage is by far the biggest challenge the industry faces both now and the future . Even though, the war for traditional technical talent seems to now be less fierce, but the competition for new skills and capabilities has instead intensified . Consequently, the skills gap is crippling energy companies, holding up work and causing projects to go over budget and it requires huge amount of effort and foresight to be solved for long-term growth and success .
Oil and Gas companies have been diligent, and efforts have been made about the urgency of reviving apprenticeships, job training programs, and vocational education. However, considering the now aging skilled workforce of the industry, there is still more to be done . Because, the older generations now retiring from the workforce possess a great deal of knowledge that is, in fact, intuitive and difficult to convey to younger entrants .
Eyes lensing through the future, it is agreed that automation and algorithms are destined to eliminate huge swaths of the workforce, which is optimistic, but the reality is rather complicated .
How can WTS Help?
Our “Workforce Management System” is a strategic tool, which is intended to respond to the workforce needs of companies in the Oil and Gas industry.
WTS Energy’s Workforce Management Services are designed to help organizations optimize contracted workforce performance, ensure compliance, increase profitability and reduce operating costs. To stay competitive in the current market environment it is critical for Oil and Gas companies to focus on the factor that mostly influences business results: its people. Concentrating on the performance and engagement of its workforce can help companies withstand, even thrive, in tough economic times.
“WTS Energy’s Workforce Management System provides a performance driven culture with heightened transparency, which in turn facilitates increased workforce engagement and productivity, targeted training to address knowledge gaps while keeping costs low”
WTS Energy constantly monitors the outsourced workforce’s productivity, engagement and skill levels and when required, provides adequate trainings, enabling our clients to operate at a much higher level of productivity and flexibility, while ensuring full compliance with all applicable local regulations, through the most advanced IT technology.
“WTS Energy’s Workforce Management Solutions enables our customers to improve workforce productivity, identify performance gaps. So they can deliver targeted competency training by engaging with the labor force and leveraging the power of advanced analytics and Cloud based technology”
For more information, please visit our Website .
Author: Angeline Paul
 Hagen, T., Pollner, F., Tryggestad, C., & Woxholth, J., (2017). McKinsey & Company. The future of HR in Oil and Gas. https://www.mckinsey.com/industries/oil-and-gas/our-insights/the-future-of-hr-in-oil-and-gas
 Mills, M. P. (2018). The Skills Gap and the Future of Oil. https://economics21.org/skills-gap-and-future-oil
 Airswift, (2019). Solving the skills gap in Oil and Gas. https://www.airswift.com/blog/solving-the-skills-gap-in-oil-and-gas.
 Hypergiant, (2018). How Oil and Gas Workers Are Evolving In Relation To Technology. https://medium.com/@hypergiant/how-oil-gas-workers-are-evolving-in-relation-to-technology-e455709e9857
 AOG, (2018). Developing the Oil and Gas industry’s future workforce. https://aogexpo.com.au/resources/developing-the-oil-and-gas-industrys-future-workforce/
 WTS Energy’s website. https://www.wtsenergy.com/services/global-workforce-management-services/