Skills Shortage Boosts Oil Industry Wages.
A survey of more than 900 Oil and Gas companies has revealed that they are concerned that the average wage in the industry will rise 15% this year from GBP 64,000 to 73,600.
The survey, undertaken by Oilandgaspeople.com, the world’s leading Oil and Gas jobs board, found that 70% of oil and gas companies were worried that wages were rising too fast.
The survey also found that all the respondents blamed a skills shortage in the industry for pressure on wages.
Another study by OilandGasPeople.com of more than 5,000 oil and gas workers found that terms and conditions are improving as well, with 10% receiving higher pensions, 7% more holiday and 21% more flexible working hours. Yet the vast majority, 61%, had received higher wages in the last few months.
The survey of oil and gas companies found they blamed different reasons for the skills shortage, with 32% suggesting it has been caused by too little investment in apprenticeships due to an assumption that North Sea Oil was in decline. 11% suggested that industry did not expect the success of new technology to pump low-grade oil, so recent growth and investment was unexpected, while 44% suggested the skills shortage in the UK had been caused by growing demand for UK staff to work abroad.
