During the prolonged drop in oil prices, many Energy companies took conventional measures to slash costs. For some, this meant across-the-board cuts in back-office functions. Others erased entire layers of organization to get flatter. Those who came out stronger on the other end thought strategically about how to remake their business model for a different playing field.
Faced with the new normal for the industry, more and more energy companies are rethinking everything from their product lines, cost structure and key business components — with their workforce becoming central to this realignment. We take a look at how companies can beat the boom-and-bust cycle, adopt new skills and make a culture shift as well as build better branding and incentives to entice workers.
Oil and gas companies are evaluating how to adopt innovative technologies like data analytics, automation and machine learning. Options include seeking outside consultants, attracting new hires with the desired talents and up-skilling existing staff. The industry can face difficulties in recruiting talent, as the competition for people with data analytics and technology knowledge is intense. Many other industries are all looking for the same workers, and the oil and gas industry may not be the most attractive suitor among them. But, this doesn’t have to be the case. Examine ways that leading companies can adjust their approach to attract and keep their workforce of the future.