Oil and gas companies continue to curtail recruitment as a result of ongoing market uncertainty, according to a recent hiring survey. Over half (51%) of the global oil and gas hiring managers polled said that they have decreased their hiring efforts in the past three months, with an additional 13% saying that they have frozen their recruitment plans completely.
While market trends have begun to show some early positive signs, with the price of oil beginning to rise this quarter, the majority of global hiring managers remain reluctant to expand their hiring efforts over the next six months, with 65% acknowledging that they have decreased their hiring plans in this timeframe. In addition, 54% of global hiring managers surveyed indicated that they believe job cuts are more likely in the next six months, and 65% said they expect to experience a loss of budget for approved headcount for the year.
Similarly to last quarter, companies who are still in the market for talent have quite the advantage. 81% of the global hiring managers surveyed say that the candidate pool has grown in the last three months. Additionally, 34% of global hiring managers surveyed said the “time-to-fill” open positions has shortened over the last three months. In terms of salary expectations, 70% of global hiring managers polled indicated that candidates are not asking for more compensation as compared to three months ago.
Oil and gas professionals are uncertain about the career prospects available to them due to the decreased availability of employment options in the market. Professionals who are currently employed are expected to stay in their current positions, with nearly 70% of global hiring managers surveyed indicating an anticipated decline in voluntary departures over the next six months.
The survey was conducted between 26 May, 2015-4 June, 2015 by Rigzone, who surveyed hiring managers and recruiters who recruit oil and gas professionals across the globe. Covering upstream, downstream, and corporate and college recruiting, 209 responded to the survey, with 23% representing companies which have more than 5000 employees.
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