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Strategies for Overcoming the Energy Talent Void

Strategies for Overcoming the Energy Talent Void. Charles Swanson Director, Ernst & Young Energy Center. Energy Industry Talent Void. Half of the current workforce will retire in the next 10 years Half of today’s E&P workers are 50-60 years old 15% are early 20s to mid 30s

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Strategies for Overcoming the Energy Talent Void

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  1. Strategies for Overcoming the Energy Talent Void Charles Swanson Director, Ernst & Young Energy Center

  2. Energy Industry Talent Void • Half of the current workforce will retire in the next 10 years • Half of today’s E&P workers are 50-60 years old • 15% are early 20s to mid 30s • The average age in the O&G workforce is 48 • Oldest employee age in any U.S. industry

  3. Shallow Talent Pool Shortage of petroleum engineers • BS programs down 50% • 34 in 1983 to 17 in 2006 • BS enrollment down 79% • 11,014 in 1983 to 2,412 in 2006 • Degrees granted down 74% • 1,529 in 1983 to 393 in 2006

  4. How did this happen? • Since 1985, energy firms have cut workforces by approximately 65% • Perceived instability • Tech industry boom • Layoffs in the mid-80s and the ripple effect • Image problem

  5. Without Trained Workers • Loss of differentiating technical capabilities • Slow down in project delivery • Unable to develop shut in capacity • Increase in operating costs from errors (World Oil story) • Further tightening of production supply; increased volatility and price at the pump

  6. What now?

  7. Extreme Makeover Image makeover focusing on: • Wealth of opportunity • Caliber of opportunity • Employer of choice

  8. Wealth of Opportunity • Ample opportunity • Monster.com search for O&G returns more than 1,000 hits • 850 petroleum and reservoir engineering • 520 geoscience • 100% post-collegiate job placement • Generous salaries • Petroleum engineering starting salaries around $60,000 • Global opportunities; opportunities for growth

  9. Caliber of Opportunity • Challenge • Focus on the cutting-edge technology • Value • Opportunity to meet growing worldwide demand • Pride • Lose the roughneck image

  10. Employer of Choice Overall Industry • Mature, stable • Environmentally conscientious • Profitable; investing wisely to increase supply Company Specific • Exceptional benefits • Growth opportunities

  11. Short Term Strategies • Be creative; recruit from non-traditional sources • Start with a younger audience • Retain and retrain • Utilize consultants

  12. Looking Forward • The word is out • Media coverage • Industry alignment • Cohesive messaging surrounding the issue • Increasingly aggressive recruitment • Movement afoot

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