Oil and gas hiring scale back

According to a survey carried out by Rigzone, 44% of US Hiring Managers in oil and gas anticipate less hiring in the first half of this year compared to the second half of 2014. This is due to declining oil prices and uncertainty with the current economic environment. The report also found that only 22% expect more hiring and 5% intend not to hire at all in the first half of the year. The survey shows the ambiguity that is currently being felt by the oil and gas market for this year, which is a steep change from results of the same survey six months ago when half of Hiring Managers were planning to employ more people. 48% of Mangers have in fact said that they've experienced a loss of budgeted positions due to market volatility, up from 18% who said the same in the previous survey.

It has also been found that layoffs are more likely with 36% of Hiring Managers saying they're likely compared to 11% in the previous survey. Companies are reassessing filling open positions and in tandem candidates are becoming less choosy with their current career choices. 22% of candidates are rejecting offers, down 5%. Also, 37% of Hiring Managers have reportedly noted that candidates are asking for more money, a sharp decline from 61% in the previous survey. Companies with open positions are also apparently benefitting from an increase in candidates applying with 54% reporting an uptick in applications. However, 47% have said that they are still unable to fill open positions due to compensation requirements for the role. It was also found in the survey that oil and gas companies expect professionals to hold steady in the next six months with 68% expecting no increase in voluntary departures.

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Bob Melk, President, Rigzone said, “the shift in outlook underscores how quickly companies are adjusting their plans to the current economy with many oil and gas firms bracing for what could be a difficult 2015. Companies are watching falling oil prices and putting a pause on some hiring plans as a result. The changing oil and gas market can be positive for companies who are indeed hiring and looking for premium candidates that may have otherwise been unavailable earlier in the year.”

Edited from press release by Claira Lloyd

Read the article online at: https://www.hydrocarbonengineering.com/special-reports/14012015/oil-gas-2015-hiring/