6 Workforce Trends Shaping Lubricants Recruitment
Workforce sentiment according to The ABN Resource Lubricants Talent Report 2023 saw 37% of employees actively seeking new job opportunities, while an additional 44% contemplated a career move last year.
With a workforce considering new career opportunities and changing jobs, we are covering the key workforce trends you need to be aware of, so you can keep a happy, high-performing team in place and deliver growth.
Trend #1 Changing Workforce Demographics
The lubricants industry grapples with an ageing workforce. Although we have yet to get specific data for the lubricants industry, global oil and gas workforce data indicates that only 12% of the workforce is under 30, and projections suggest a further decline, with an estimated 20% of the oil and gas workforce set to retire by 2025
To counteract this trend, lubricant organisations can look toward implementing stronger diversity and inclusion initiatives to create an attractive work environment for a larger and more diverse audience of future staff. Raising awareness of the industry and offering a progressive and well-remunerated career will remain key steps to attracting talent.
Trend #2 Growing Digital Skill Gap in Downstream Oil
Udacity’s findings reveal that 59% of executives pinpoint a deficiency in digital expertise hindering their firms from adapting to the accelerating pace of change.
Echoing this sentiment, KPMG studies highlight talent acquisition, retention, and the imperative for re/upskilling to align with a digitised future as key concerns. Notably, the oil sector grapples with an acute shortage of digital competencies compared to other industries. Within oil and gas companies, notable deficits emerge in essential domains like business analysis, big data, and artificial intelligence.
Read more: Digital Transformation In The Downstream Oil Industry
Trend #3 Emphasis on Social and Environmental Responsibility
Lubricant organisations are now considering environmental responsibility as a crucial component of their Employee Value Proposition to influence potential applicants’ perceptions. With a growing awareness of climate change, prospective employees prioritise companies demonstrating commitment to environmental responsibility and social impact.
Recruiting in the lubricants sector is increasingly challenging due to the rise of “climate quitting,” where employees leave companies perceived as lacking action on climate and social issues. For instance, the KPMG survey indicates that one in five respondents rejected job offers due to potential employers’ ESG practices.
Another survey by Deloitte reveals that over 40% of Gen Z and Millennials would switch jobs over sustainability concerns, further highlighting the growing importance of environmental and social responsibility in the workforce.
Trend #4 All Eyes Are on Diversity, Equity & Inclusion
In 2024, diversity, equity, and inclusion (DEI) continue to be one of the most prominent trends within the lubricants industry due to their profound impact on organisational culture and performance.
Recognising the multifaceted nature of the lubricants industry, companies increasingly understand that diverse perspectives foster innovation and adaptability. By embracing DEI principles, companies can attract and retain top talent from various backgrounds, enhancing their workforce’s skillset and creativity.
Moreover, as the lubricants industry evolves to meet global challenges, such as sustainability and technological advancements, diverse teams offer a competitive advantage in addressing complex issues and designing inclusive solutions.
Ultimately, prioritising diversity, equity, and inclusion isn’t just a moral imperative; it’s a strategic necessity for lubricant companies striving for long-term success and relevance in an ever-changing market landscape.
Trends #5 Responding to Employees’ Concerns and Needs
In recent years, the lubricants industry has witnessed a notable shift in its approach towards employee well-being, with an increasing recognition of the growing importance of work-life balance for professionals in this field.
As demands and expectations in the workplace continue to evolve, organisations are realising that fostering a healthy equilibrium between professional and personal life is not only beneficial for individual employees but also essential for sustaining long-term productivity, creativity, and overall job satisfaction within the lubricants sector.
On the other hand, to address concerns about the future, companies are enhancing their compensation packages, providing job security assurances, and emphasising opportunities for career growth and development.
As the cost of living continues to rise, companies are shifting focus towards passive candidates, necessitating a re-evaluation of recruitment approaches in lubricants. Advertised search no longer gets the results it used to. Hiring results today come from networking and proactive approaches to sourcing the best talent.
Trend #6 The Importance of Strong Talent Development Strategies
Lubricants companies are shifting towards prioritising internal talent development strategies rather than solely relying on external recruitment in lubricants. Strategic Talent Management identifies high-potential employees, offering growth opportunities to foster a culture of innovation and long-term success.
Leveraging analytics and tech-forward talent management approaches enables companies to promote internal talent or identify workforce gaps early on. Demonstrating a commitment to talent management enhances a company’s Employee Value Proposition and global image.
Critical Recommendations for Lubricants Recruitment from ABN Resource Specialists
The lubricants industry faces substantial changes in recruitment in 2024. Organisations must adapt by embracing digital recruitment processes, prioritising diversity and inclusion, integrating technical and soft skills, and accommodating a work-life balance environment. Addressing challenges such as a shortage of skilled workers, changing demographics, and increased focus on environmental and social responsibility is crucial.
Investing in training and development programs, formulating attractive recruitment strategies, and showcasing commitment to sustainability enables companies to overcome challenges, attract top talent, and ensure a skilled workforce for the future.
For an in-depth exploration of the best talent attraction and retention practices, download ABN Resource’s guide on leading approaches in lubricants recruitment.
Download now: Talent Attraction & Retention: Best Practice for the Lubricants Industry
Ultimately, the ability of lubricant companies to stay ahead in recruitment will be pivotal for their long-term success.
About ABN Resource
As a global employer, navigating the complexities of recruiting in the lubricants sector requires up-to-date, tech-forward recruitment strategies with a global recruitment agency.
ABN Resource, with over 15 years of experience, provides recruitment solutions to downstream oil companies worldwide and assists them in enhancing and growing their leadership teams.
To learn more about lubricants recruitment tips or enhance your talent acquisition strategy, contact ABN Resource and recruitment specialists today or subscribe to their newsletter for employment guides on recruiting in lubricants.
