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Aging Workforce Strategy: 2010-2015. How are you replacing talent?

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As the talent pool shrinks due to retirements, what is your plan? How will you survive in the short-term? How will you thrive in the long-term? Are you investigating all possible sources of talent, including utilizing interim talent, acquiring the best of your competitor’s talent, and the development of internal talent? Where are your shortfalls, gaps and critical discipline shortages?

Hypothetical Action Plan:

  • Functions you can outsource in case of emergency
  • Accounting
  • Reservoir Engineering
  • Drilling
  • Completions
  • Geoscience Specialities
  • Legal and Land
  • IT
  • Human Resources
  • Functions you can’t outsource
  • C-Suite
  • Exploration
  • Health, Safety & Environmental
  • Business Development and Marketing
  • Planning and Strategy
  • SEC and Reserves
  • Operations
  • Tax and Capital Markets

Your individual needs may vary from the model we have provided above. This is simply a representation of trends we are observing throughout the industry. Thirty years ago all the major players in the energy industry had their own:

  • Drilling Companies
  • Engineering and Construction Companies
  • Information Systems (Proprietary), Software and IT Departments
  • Travel Departments
  • Security/Guard Organizations
  • Food and Beverage Talent
  • Janitorial, Grounds and Maintenance Staff

I could go on – these have all evolved into separate industries no longer within energy companies. The outsourcing of “non-core” competencies will continue based on the scarcity of talent, the leveraging of the latest technologies, and pure economics.