Talent shortages in a remote world for the energy industry.

By Robin Schawe, Vice President & Global Workforce Solutions Leader, TestMSP

The oil and gas industry, once a beacon for ambitious young professionals, is facing a recruitment crisis. The latest Test Global Re:work Report paints a concerning picture: attracting new talent is proving increasingly difficult, with a significant disconnect between what companies offer and what the younger generation seeks. This talent drought threatens to stifle innovation and growth in a sector already grappling with global energy demands.

Here's a deeper dive into the challenge, backed by the report's findings:

• A Missed Boom: A staggering 47% of executives surveyed admit their companies are missing out on business opportunities due to talent shortages. This translates to missed revenue streams, delayed projects, and a potential loss of competitive edge.
• AI: A Solution in Search of Implementation: While companies are turning to automation as a potential remedy (54% of executives see poor workforce planning as a hurdle), effectively implementing these digital strategies remains a struggle. The Re:work Report highlights the need for upskilling current employees to work alongside AI, a task many organizations are neglecting.

The talent shortage isn't just a boardroom concern. For global organizations, managing talent in remote locations adds another layer of complexity, with many traditional companies eschewing hybrid or remote work. For those managing talent in remote locations, key findings include:

• Remote Work Disconnect: The report emphasizes the need for workforce agility, which can be challenging on dispersed teams. Fostering a sense of inclusion and company culture becomes even more critical when employees are geographically separated. Regular virtual interactions, clear communication platforms, and opportunities for collaboration are essential to bridge the physical distance.
• Untapped Potential in Remote Locations: The focus on attracting new talent shouldn't overshadow upskilling the existing workforce. Investing in training programs that bridge the gap between traditional skillsets and the demands of the AI age is crucial. Remote workers can be a valuable asset, but only if they're equipped with the necessary skills to thrive in the evolving energy landscape.

The good news is that the report also identifies "Resilience Leaders" – organizations that prioritize workforce agility, diversity, equity, and inclusion (DEI), and capability development. These companies, making up just 7% of those surveyed, boast impressive results: 61% report improved profitability, 79% see an improved ability to recruit talent, and 72% report improved talent retention.

By adopting these principles, l you too can become magnets for top talent, even in remote locations. Embrace remote work flexibility, invest in upskilling your current workforce, and prioritize DEI initiatives. These steps will not only help you weather the talent storm but also position you as a leader in the future of the oil and gas industry.