Is it lights out or a new dawn for the oil industry?
A recent article on oil industry website OilPrice.com relates how millennials are turning their back on the fossil fuel industries. Oil and gas are bad for the planet and the industries are not nearly creative enough, say the younger generation. In fact, only 2% of college graduates are interested in a career with Exxon, Shell, BP or any other oil major. Meanwhile, the baby boomers who grew the industry are retiring in droves. Right now, nobody wants to replace them.
But there is hope for the industry if executives will read a little further about what millennials are looking for. The same article states that millennials choose a job based on salary (56%), work-life balance (49%), job stability (37%), and on-the-job happiness (37%) – the highest figures ever for those last two categories.
There is good news for the oil industry if its ageing managers implement Talent Resource Planning (TRP) to deliver on these millennial aspirations. TRP ensures that employees are happier in their jobs and want to remain there longer. In fact TRP can also make a major contribute to the 2nd priority (work-life balance) and, because TRP helps to boost revenues and reduce costs, can ensure that there is plenty of money left over to pay a good wage, the 1st priority.
TRP’s impact stems from its ability to get the right people in the right positions. Furthermore, TRP can handle the complex HR demands to direct career progress and dynamic team needs.
How many other solutions can meet millennials’ top four career requirements?