How important it is to invest in recruitment strategies to attract and retain talent?

Oil and gas has always been known to be an industry run by the mature and older talent. But the paradigm shifted a few years ago, when the younger generation decided that it would want to dwell into this industry. The industry although volatile is promising and has a bright future. The question remains, how important is it for industries to retain, attract and develop the younger talent, given that there are better opportunities each day. The time has arrived when companies need to start investing majorly in recruitment strategies to attract and retain talent.

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Investing in Recruitment Strategies to attract and retain talent

The concept of “Total Talent” has to be taken into account and should be accepted wholeheartedly. Companies need to accept that over 50% of the talent is contingent workers, and if they aren’t taken care of, they can do serious harm to the companies. STEM (Science, Technology, Engineering and Maths) talent needs to be looked into, because these individuals help in developing better ideas and the training programs in the form of STEM help in retaining the youth and the older employees as well.

Updating the HR models is also a necessity, because the younger generation are more tech savvy and have jobs at their fingertips. Most HR managers and executives say that in order to retain and attract younger talent, they need more advanced models to develop the talent in the current economic conditions.

Making the oil and gas industry attractive by being inclusive of STEM educated graduates and under graduates, has become the need of the hour for most companies. Conducting assignments and trainings, internationally and domestically, helps in the younger talent understanding the market and also contributing more to the company’s growth. These programs also keep the restless young talent on their toes and makes them more involved in the workings of the company.

With lower oil prices, companies have started conducting more performance reviews to understand how effective it is to keep the younger talent. The efficiency and effectiveness of the talents yields results which allows the company to make their decision and also help those who need it. Most importantly companies align the employee’s skills and talent to the company’s need and this helps them attract younger talent. Most millennials need a reason to stay in a company now a days, and every company knows this. The company will always align the need of the potential young employee to the company’s need and also the potential employee’s growth and contribution to the company.

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The industry is slowly hitting a slump and the younger millennials are the ones who will help in the upliftment of the industry. The oil and gas industry is undergoing a big overhaul and in the process companies are slowly focusing on retaining, training and accepting more of the younger talent because they are more tech savvy, are creative thinkers and help the company flourish more than ever. With every new generation comes a change, the millennials are the change for the oil and gas industry. Log on to www.energydais.com to know more.

(The views and opinions expressed in this article are those of the author and do not necessarily reflect the views of Energy Dais.)