2019 Oil, Gas, and Chemicals Outlook
February 21st, 2019 by Cassie Fisher
The start of 2019 has been busy for us here at Whitaker! Both our IT and Engineering recruiting teams have seen upticks in direct-hire (permanent) search assignments and in long-term contract assignments, and most importantly, the interview to placement time has decreased as well. What we feel this signals is a stabilization of the economy as more companies now have the budgets and approval to bring employees on full-time.
Other significant observations (compared to 2018):
- Increase in hiring and demand for talent for Chemicals and Petrochemicals industries
- Increase in mid-level management positions focused on capital projects and business development
- Slight increase in base salaries (for direct-hire positions)
- Increase in flex schedule / remote work
- Increase in bonus percentages (Refining and Chemicals/PetroChemicals)
“Across oil, natural gas, and chemicals, increasing US exports are helping to bolster activity, with all showing continued growth in shipping to international markets. The United States has been a major producer, but now it is consolidating its position as a leading exporter of crude oil, refined products, and natural gas…” (D. Dickson, Deloitte 2019 oil, gas, and chemicals industry outlook)
With oil and chemicals industries showing growth, it makes sense that we are seeing an increase in bonuses (to retain and attract top talent), increase in demand for experienced professionals, and an increase in non-financial incentives again to retain and attract top talent.
“Tomorrow’s leading companies should adapt today” (D. Dickson). So how is your company retaining its best talent and with graduation season looming, how is your company working towards attracting future leaders?
Deloitte: 2019 oil, gas, and chemicals industry outlook
As 2018 ends, it is a good time to take stock of the recovery for oil and gas, the status of the chemicals sector, and their prospects in 2019.
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