Fewer millennials are considering careers in the oil and gas industry than ever before. Just a few decades ago, oil was an extremely popular field of study for students. Many engineering and science graduates went on to work for major oil corporations. The oil and gas industry was considered quite lucrative. These days, however, the industry is struggling to attract millennials to the workforce.
The decline started when the price of oil fell drastically in 2014. The petroleum industry started cutting jobs immediately. The first area to go? Graduate recruitment. They slashed the number of new hires in half. Although the prices have since recovered, the number of graduates entering the industry continues to drop.
Uncertainty About the Future
Some students avoid entering the oil and gas industry because they are worried about a potential lack of jobs in the future. They’ve seen the recent movement away from fossil fuels. Oil companies have also limited exploration to an extent and aren’t investing as much money in exploration.
Negative Impression of Petroleum
Petroleum has developed a bit of a bad rap recently. Many individuals don’t understand the importance of oil and gas in our economy and day-to-day life. When paired with environmental concerns, it causes many potential students to shy away from the industry.
Combating Hiring Concerns
Today, many oil and gas companies have boosted their efforts to recruit students. They’re starting early now. Many begin grooming exceptional students before they’ve completed their degrees. They may offer scholarships with the contingency that the students will work for them upon graduation. Other oil companies are trying to rebrand in a way makes them more attractive to the younger generation. For example, they have started featuring younger workers in promotional materials.
The key is to showcase how young people can make a difference in the industry and the world at large. Millennials view their career as a way to impact their communities, countries, and world. The oil and gas industry has a global impact and helps power communities all over the world, meaning it can be a great fit. Oil and gas companies are going to have to continue working hard to attract the younger generation, but the efforts will likely pay off. With more new hires, companies can begin closing the talent gaps that plague them.