By September 8, 2015 Read More →

Oil patch Millennials more motivated by challenges, advancement than pay – survey

Millennials believe innovation, technology, and digital knowledge their greatest assets for oil industry

A new survey illustrates how differently the Millennials generation approaches life in the oil patch, including putting less emphasis on compensation.

Millennials

Photo: Rigzone

Attitudes toward pay stand in stark contrast to Baby Boomers, for whom salary was the “primary motivator,” according to Bob Melk, president of Rigzone, which conducted the online survey.

“With the Baby Boomer generation, compensation was a primary motivator and, therefore, it was likely somewhat easier for companies in determining how best to attract and retain talent,” said Melk in a press release.

“While many employers may be inclined to ‘do more with less’ in the face of current industry challenges, it is important for them to consider what will motivate Millennials to rise to the challenge and have successful and fulfilling careers, which will ultimately help companies achieve financial and operational success.”

According to the survey, more than 20 per cent of Millennials indicate that they rank challenging projects and advancement opportunities as the most important considerations in searching for employment, with salary/compensation following closely behind in terms of importance.

The survey also found that nearly half of respondents rank trustworthiness and honesty as the most important qualities in a manager. Twenty-five percent of those surveyed indicated that experience and industry knowledge are the most important qualities in a manager, which is significant because there is a wealth of industry expertise that will have to be transferred to Millennials as older employees retire.

“Millennials are critical to the health of the oil and gas industry,” said Melk. “Fostering and maintaining engagement with this generation will be critical to solving anticipated challenges related to the industry’s impending crew change, when more than 50 per cent of industry professionals will reach retirement age within the next five years.”

When searching for a career in the oil and gas industry, Rigzone found that Millennials are utilizing technology and the Internet more than traditional career fairs and internal references. The survey reports that 77 per cent of Millennials use industry-specific job boards, while nearly 60 per cent use generalist job sites and 52 per cent use social media.

In addition to employment preferences, Millennials were also asked what they believe to be the greatest challenges affecting the industry currently. Approximately 70 per cent of respondents responded that they see the fluctuation in the price of oil as the greatest challenge affecting the industry today.

Despite the various challenges in the oil and gas industry, Millennials believe innovation, technology, and digital knowledge are the greatest assets they can bring to the workforce and emphasized the importance of developing science, technology, engineering and mathematics in students from an early age.

Rigzone conducted the online survey from July 7 through July 13, receiving more than 800 responses from Millennials across the globe who currently work or plan to work in the oil and gas industry. Rigzone’s survey respondents represented 91 countries and encompassed various sectors of upstream, midstream and downstream energy industry.

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