Bridge the disconnect between millennials’ views on the oil and gas industry and real career opportunity with advanced technologies.
While the oil and gas (O&G) industry has not always catered to millennials, there are many opportunities for forward-thinking O&G companies to gain a competitive advantage and disrupt misconceptions.
In a recent issue of KPMG Global Energy Institute’s Drilling Down, we discussed how to bridge the disconnect between millennials’ views on the oil and gas industry and real career opportunity.
With research indicating that more recent generations are concerned that oil and gas is an industry in decline rather than an innovative sector and it’s doing more harm than good to the environment and society, these misconceptions are likely keeping some millennial talent from exploring O&G careers.
To be successful in winning over this generation, companies should consider tailoring their employee value proposition to appeal to this workforce population. Compensation alone will not attract groups like millennials, which are identified as one of the most charitable generations in history. Refocusing an employer brand to articulate a social mission is one way to get their attention.
It’s also important to support a work environment that matches millennial values, which include a desire for careers with purpose and meaning, mobility opportunities, work/life balance, and a diverse and collaborative workplace, according to recent Gallup research.
New technology—especially automation—is also vital to attracting innovation- and career-focused employees who are seeking higher-value work in strategy and analytics. Gallup researchers also found that an incredible 93 percent say that a business having the latest technology is an important value proposition when choosing a workplace, and 42 percent of them say they would leave if the tech was substandard.
Interestingly, millennials may not realize that their opportunity to work with new technologies does not have to be at a traditionally defined “technology” firm. To better understand the O&G sector, they need exposure to the industry 4.0 technologies that O&G companies have implemented over the last decade to continually make operations safer and more efficient. These may include automated production, remote asset monitoring through Internet of Things sensors, and data analytics to crunch vast amounts of valuable information.
To better expose millennials and others to their capabilities and culture, O&G companies should consider developing relationships with local two- and four-year universities, offering internship and externship programs, and sponsoring events like hackathons and design sprints.
Gain more insights into the millennial workforce in “Millennial values: Building passion for an oil and gas career in the next generation” or by contacting our People & Change Advisory team.