The competition for talent is heating up in the oil and gas industry, especially as new energy businesses and workforce demographics contribute to a potential talent crunch. Partner Christopher Handscomb and coauthor find that more than a fourth of employees at US oil and gas companies are nearing retirement age, and many of these workers are frontline employees. The industry may need to think creatively about boosting the recruitment pipeline in the coming decade to help meet demands for talent.
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Four bar graphs show the age distribution of employees in 4 different oil and gas occupations. A dotted line within each graph shows where the workers in the oil and gas industry occupations are higher or lower than the average age for that occupation. The first graph, representing facilities managers, shows an approximate 10-percentage-point higher share of those aged 44 to 54 and 54 to retirement. The second graph, representing first-line supervisors of mechanics, installers, and repairers, shows a 3- to 6-percentage-point higher share of those in all age brackets over 34. The third graph, representing maintenance and repair workers, shows a 17-percentage-point higher share of those aged 54 to retirement. The fourth graph, representing all engineers and engineering technicians, shows an approximate 8-percentage-point and a 4-percentage-point higher share of those aged 24 to 34 and 54 to retirement, respectively.
Source: US Bureau Labor Statistics from Current Population Survey (CPS) 2022.
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To read the report, see “The State of Energy Organizations 2024,” January 25, 2024.