Motivation and Retention of Young Workforce in the E&P Industry: A Key Issue of Today for Tomorrow's Successes

Abstract

The paper presents an interpretation of the Young Exploration and Production Professionals status in the oil industry today. It encompasses several themes from job satisfaction, to employees' motivation and education/training/development issues. In the oil business, many 'intangibles' like the employee potentials and competence are a critical factor for success and an important source of competitive advantage for the companies. The aging workforce in the oil industry demographics indicates that the attraction and retention of the Young Exploration and Production Professionals population represents a key strategy today for successes of tomorrow. Recent surveys have confirmed that as much as 25% of the sampled population sees it unlikely to stay with the same company ten years from now. It follows that a lack of attention to the young population satisfaction and motivation may finally results in the loss of talented young resources that, with an eye to the long term, represent an important, if not the most important strategic asset for the today's companies. The paper presents an in depth review and analysis of the survey results with focus on talents retention, motivation and development. Results and trends are drawn which are then used to develop a new approach to the development of young professionals with attention to their satisfaction proposing hints for today's companies in their difficult, but crucial task of developing and maintaining the pool of skilled resources fuelling the worldwide oil and gas industry. The philosophy used throughout this work was to start from the end-users (the new hires) – without neglecting the company side of the equation. Introduction Demographic analysis of age distribution in oil and gas industry reveals under-representation in the people younger than 35 years old. With the average age of the SPE membership rising to 48 years and assuming such statistics representative of the Oil and Gas business, a large portion of the current workforce will retire within the next 10 years (Figure 1).

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