Over the last couple years, many industries have seen seismic shifts in the way they must operate, partly due to the pandemic but also due to the natural way the world is evolving. Because of this, they are forced to either make a change or fall behind.
The oil and gas industry is no different. Whether companies are ready for it or not, transformative shifts are occurring all around. According to Oilwoman Magazine, there are three major changes the industry is seeing: The Great Crew Change, technical advancements and evolving business drivers.
The Great Crew Change
The oil and gas industry is no different than several other industries seeing this massive employment shift. The pandemic forced many workers to be laid off or to rethink their career paths and future, while other employees just reached retirement age. In fact, 50 to 71 percent of the oil and gas workforce is 50 years old or older and have retired or will retire in the next few years.
As the industry turns to the millennial generation, how will the demographic keep the oil and gas industry alive? Millennials are looking for companies that prioritize social good, the environment and other positive aspects. They also know what they want: from a healthy pay check to great benefits and other programs, the oil and gas industry might want to rethink how it will attract and retain top employees moving forward.
Want to keep up with both your competitors and with other industries? Adopting emerging technologies is critical. From artificial intelligence and blockchain to new apps and augmented reality, there are several new technologies geared towards the oil and gas industry that will not only improve every day operations, but position companies to succeed in the future. And with the shift to millennial employees, organizations can capitalize on their strengths and their understanding of technology. The sooner these technologies are adopted and understood, the better.
Evolving Business Drivers
It’s hard to predict what will happen in the future, from both a political standpoint and other factors out of our control. As political and geographical environments continue to make an impact this year and years to come, it’s important to have a solid plan in place while also being willing and able to adapt as changes inevitably occur. Adjusting operations and models to satisfy the market is key and will help leaders reach the end goal of stability and growth.