Best of the Week
Most Popular
1. 2019 From A Fourth Turning Perspective - James_Quinn
2.Beware the Young Stocks Bear Market! - Zeal_LLC
3.Safe Havens are Surging. What this Means for Stocks 2019 - Troy_Bombardia
4.Most Popular Financial Markets Analysis of 2018 - Trump and BrExit Chaos Dominate - Nadeem_Walayat
5.January 2019 Financial Markets Analysis and Forecasts - Nadeem_Walayat
6.Silver Price Trend Analysis 2019 - Nadeem_Walayat
7.Why 90% of Traders Lose - Nadeem_Walayat
8.What to do With Your Money in a Stocks Bear Market - Stephen_McBride
9.Stock Market What to Expect in the First 3~5 Months of 2019 - Chris_Vermeulen
10.China, Global Economy has Tipped over: The Surging Dollar and the Rallying Yen - FXCOT
Last 7 days
Semiconductor Sector – Watch the Early Bird in 2019 - 21st Jan 19
From ASEAN Economic Development to Militarization - 21st Jan 19
Will China Surprise The Us Stock Market? - 21st Jan 19
Tips to Keep Your Finances Healthy in 2019 and Beyond - 21st Jan 19
Tips for Writing Assignment in Hurry - 21st Jan 19
UK House Prices, Immigration, and Population Growth Mega Trend Forecast - 21st Jan 19
REMAIN Parliament to Subvert BrExit with Peoples Vote FIXED 2nd EU Referendum - 21st Jan 19
Pay Attention To The Russell Stocks Index and Financial Sectors - 20th Jan 19
Hyperinflation - Zimbabwe's Monetary Death Spiral - 20th Jan 19
Stock Market Counter-trend Extends - 20th Jan 19
The News About Fake News Is Fake - 20th Jan 19
Stock Market Bull Trap? January 22 Top Likely - 19th Jan 19
After the Crash, the Stock Market Made a V-shaped Recovery. What’s Next - 19th Jan 19
David Morgan: Expect Stagflation and Silver Outperformance in 2019 - 19th Jan 19
Why Brampton Manor Academy State School 41 Oxbridge Offers is Nothing to Celebrate! - 19th Jan 19
REMAIN Parliament Prepares to Subvert BrExit with Peoples Vote FIXED 2nd EU Referendum - 19th Jan 19
Gold Surges on Stock Selloff - 18th Jan 19
Crude Oil Price Will Find Strong Resistance Between $52~55 - 18th Jan 19
Stock Market’s Medium Term is No Longer Bullish. It is Now Mixed - 18th Jan 19
SPX and Gold; Pivotal Points at Hand - 18th Jan 19
Fable Media Launches New GoWin Online Casino Affiliate Site in UK - 18th Jan 19
The End of Apple! - 18th Jan 19
Debt, Division, Dysfunction, and the March to National Bankruptcy - 18th Jan 19
Creating the Best Office Space - 18th Jan 19
S&P 500 at Resistance Level, Downward Correction Ahead? - 17th Jan 19
Mauldin: My 2019 Economic Outlook - 17th Jan 19
Macro Could Weaken After US Government Shutdown. What This Means for Stocks - 17th Jan 19
US Stock Market Indexes Reaches Fibonacci Target Zone – Where to Next? - 17th Jan 19
How 2018 Was For The UK Casino Industry - 17th Jan 19
Gold Price – US$700 Or US$7000? - 16th Jan 19
Commodities Are the Right Story for 2019 - 16th Jan 19
Bitcoin Price Wavers - 15th Jan 19
History Shows That “Disruptor Stocks” Will Make You the Most Money in a Bear Market - 15th Jan 19
What Will the Stock Market Do Around Earnings Season - 15th Jan 19
2018-2019 Pop Goes The Debt Bubble - 15th Jan 19
Are Global Stock Markets About To Rally 10 Percent? - 15th Jan 19
Here's something to make you money in 2019 - 15th Jan 19
Theresa May to Lose by Over 200 Votes as Remain MP's Plot Subverting Brexit - 15th Jan 19
Europe is Burning - 14th Jan 19
S&P 500 Bounces Off 2,600, Downward Reversal? - 14th Jan 19
Gold A Rally or a Bull Market? - 14th Jan 19
Gold Stocks, Dollar and Oil Cycle Moves to Profit from in 2019 - 14th Jan 19
How To Profit From The Death Of Las Vegas - 14th Jan 19
Real Reason for Land Rover Crisis is Poor Quality of Build - 14th Jan 19
Stock Market Looking Toppy! - 13th Jan 19
Liquidity, Money Supply, and Insolvency - 13th Jan 19
Top Ten Trends Lead to Gold Price - 13th Jan 19
Silver: A Long Term Perspective - 13th Jan 19
Trump's Impeachment? Watch the Stock Market - 12th Jan 19
Big Silver Move Foreshadowed as Industrial Panic Looms - 12th Jan 19
Gold GDXJ Upside Bests GDX - 12th Jan 19
Devastating Investment Losses Are Coming: What Is Your Advisor Doing About It? - 12th Jan 19
Things to do Before Choosing the Right Credit Card - 12th Jan 19
Japanese Yen Outlook In 2019 - 11th Jan 19
Yield curve suggests that US Recession is near: Trading Setups - 11th Jan 19

Market Oracle FREE Newsletter

UK House Prices, Immigration, and Population Growth Trend Forecast

“Dirty, Difficult, And Dangerous”: Why Millennials Won’t Work In Oil Industry

Commodities / Crude Oil Jul 21, 2017 - 12:07 PM GMT

By: OilPrice_Com

Commodities

By Tsvetana Paraskova : Like many industries today, the oil industry is trying to sell its many job opportunities to the fastest growing portion of the global workforce: Millennials. But unlike any other industry, oil and gas is facing more challenges in persuading the environmentally-conscious Millennials that oil is “cool”.

During the Super Bowl earlier this year, the American Petroleum Institute (API) launched an ad geared toward Millennials, who now make up the largest generation in the U.S. labor force.


“This ain’t your daddy’s oil”, the ad says, in what API described as “a modern look at how oil is integrated into products consumers use now and in the future supported by bold visuals.”

Despite its pitch to speak the Millennials’ language and reach out to the elusive generation, the ad sparked anger with many consumers and viewers.

Millennials continue to have the most negative opinion toward the oil industry compared to all other industries, and they don’t see a career in oil and gas as their top choice of a workplace. The oil industry’s talent scouting and recruiting methods of the past are failing to reach Millennials, who want their work to have a positive impact on society, various studies and polls have found—a rather big ask for the oil industry.

This failure to reach the group that makes up the largest portion of today’s workforce—which now surpasses Generation X—points to a huge problem for the oil sector, as Baby Boomers move into retirement in droves.

Not only are Millennials snubbing oil and gas because of its negative image, they also seek different job perks than previous generations sought, and in this regard, the oil industry will need to do more as it becomes increasingly obvious that Millennials want different things than what oil executives think they want.

A total of 14 percent of Millennials say they would not want to work in the oil and gas industry because of its negative image—the highest percentage of any industry, McKinsey said in September 2016.

Young people see the industry as dirty, difficult, and dangerous, according to an EY survey published last month. EY’s survey polled Millennials—the 20-to-35-year-olds today—as well as Generation Z coming after them, and found that younger generations “question the longevity of the industry as they view natural gas and oil as their parents’ fuels. Further, they primarily see the industry’s careers as unstable, blue-collar, difficult, dangerous and harmful to society.”

In addition, two out of three teens believe the oil and gas industry causes problems rather than solves them, the survey showed.

So ‘not your daddy’s oil’ is not sinking in with Millennials and Generation Z, and with many of them, it never will, despite the oil lobbies’ marketing efforts to try to make it sound like an attractive career path.

According to executives polled by EY, the top three drivers for young people would be salary (72 percent), opportunity to use the latest technology (43 percent), and a good work-life balance (38 percent). But young people—although they are also prioritizing salary—have other views on what they look for in a job. Salary is still the top priority at 56 percent, but a close second comes good work-life balance (49 percent), with job stability and on-the-job happiness equally important at 37 percent.

Executives are underestimating the importance of work-life balance and stability for Millennials, while overestimating the allure of technology as a factor. It’s not surprising that Millennials are not as attracted to the opportunity to use new tech as oil executives believe they are – Millennials generally don’t see technology as a perk, they take it for granted.

Moreover, Millennials don’t see the oil and gas industry as innovative – a major driver of career choice among this generation. According to a recent report by Accenture, “Despite evidence to the contrary, many Millennials believe the sector is lacking innovation, agility and creativity, as well as opportunities to engage in meaningful work. In fact, only 2 percent of U.S. college graduates consider the oil and gas industry their top choice for employment.”

Accenture is warning that ‘the talent well has run dry’ and said:

“We believe the growing workforce deficit will, in fact, be a greater barrier to oil and gas companies’ upturn success than any deficits that might exist in capital, equipment or supplies.”  

The oil   and gas industry is losing the competition for talent recruitment to industries that are more appealing to Millennials, and U.S. oil and gas firms will face the talent crunch first, according to Accenture.

“Any mature industry has to think about the fact that there’s a new sheriff in town with new values, new spending habits,” Jeff Fromm, an expert in marketing to American Millennials, told Bloomberg.

And if the oil and gas industry wants to get this ‘new sheriff in town’ on board, it needs to profoundly change recruitment strategies and talent sourcing. But with the negative image that is probably set to become even more negative—despite oil organizations’ marketing efforts—oil and gas has a huge workforce problem looming.

By Tsvetana Paraskova for Oilprice.com

source: http://oilprice.com/Energy/Energy-General/Dirty-Difficult...

© 2017 Copyright OilPrice.com - All Rights Reserved
Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

OilPrice.com Archive

© 2005-2018 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in

6 Critical Money Making Rules