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Oil boom yet to translate into higher pay for workers

March 22, 2022   by Bloomberg News

Most oil workers around the world have yet to cash bigger paychecks despite the run up in crude prices, with many ready to leave the oil patch.

Less than a third of surveyed oilfield employees report receiving a pay bump in the past year, while another 21 per cent said pay was actually cut. That’s according to the latest Global Energy Talent Index released by recruiting firms Airswift and Energy Jobline.

The good news: a little more than half of those workers say they expect to get a boost in pay sometime in the next 12 months.

At the same time, 82 per cent of oil industry workers would consider switching to another energy-related sector, with renewables being the most popular landing spot, according to the survey of 10,000 workers and hiring managers across 166 countries. It’s the second straight year the survey has reported an increase in workers’ willingness to leave the oil industry.

“This should sound a warning for companies,” Janette Marx, chief executive officer for Airswift, said in the report. “Some companies will need to step up their effort on the retention front.”

The oil industry has struggled to add workers to meet growing demand amid surging crude prices as the global economy recovers from the pandemic. Russia’s invasion of Ukraine has further jolted those efforts. In the U.S., the oil and gas workforce is still 20 per cent below pre-pandemic levels.

(Bloomberg News)


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