Big Oil on the Precipice of Change – Can Gen Z help?
As of 2020, the global workforce amounted to approximately 3.3 billion people, with six million of those found in the oil and gas sector.
Many oil and gas (O&G) companies are looking to reinvent themselves by practicing capital discipline, focusing on financial health, committing to fighting / dealing with / working on climate change, and transforming business models. Over the next 12 to 18 months, O&G strategists will likely:
- Streamline and optimise their resource portfolios
- Embrace and develop smart goals for the energy transition
- Attract, train, and retain employees in a tight labour market
- Come to terms with additional environmental, social, and governance (ESG) requirements
The question of attracting and retaining employees is crucial to the future of the industry. Cycles of hiring and laying off employees mean that O&G companies are not seen as reliable employers – a problem compounded by the way that a tenured and ageing workforce reduces the available talent pool. In a tight labour market, even O&G companies which have progressive strategies and healthy balance sheets, have difficulty standing out to potential employees.
But would that be enough to attract young talent? How can these businesses reinvent themselves to become appealing to the next generation of leaders? AltoPartners global experts in the placement of C-suite talent in the oil and gas sector know first-hand the trouble that some of these companies have with attracting Generation Zero (Gen Z) and the steps they need to take to pivot their reputations.