The looming talent gap in the oil and gas industry has been widely discussed. The new generation entering the workforce that could fill the talent gap is a different generation. The so called generation Y, those born between the early 80s and late 90s, has different views and approaches to work. If companies want to be successful in the long-run, the new generation needs to be successfully integrated into companies and companies will have to adapt to the new generation. But what is so different about this new generation?
This talk will highlight the main opportunities and challenges going forward, using firsthand experience of generation Ys working in the industry or taking their career choices now: Next to the differing attitudes and approaches, the image of the oil industry is a main challenge.
The oil and gas industry has one of the oldest workforces in the world1. The imminent retirement of the baby boom generation predominantly making up this workforce is referred to as the "big crew change". A larger part of these jobs will need to be filled by young professionals of the incoming generation y, born between 1980s and mid 1990s. As this new generation enters the labour market with different values and expectations, companies will need to adapt their recruitment and retention strategies. Notably corporate social responsibility plays a crucial role in generation y employer decisions. This paper examines some of the characteristics of generation y and the expectations this generation has of its future employer.
The paper is structured as follows. First some of the consequences following the big crew change are examined. Second, the characteristics of generation Y will analysed. Third, employee preferences are looked at in more detail, especially with regards to the oil and gas industry. The paper draws to a close by highlighting the main opportunities and challenges going forward.
