“It’s A Candidate-Led Market” Set For A Change?
If you read the press you often see phrases like ‘jobs boom’, ‘unprecedented staffing demand’, and ‘record low unemployment’ but is that slowing? ONS data released in September would say so. People looking for work today might not find it as easy as it was over the summer. And economies are tightening with energy costs, war and inflationary pressures.
But what about hiring activity specific to the downstream oil job market?
Downstream Oil Job Market trends
Employers have to be flexible and agile to beat competing hiring companies to get the right talent. Cost to hire is increasing with our industry research showing more than 60% of lubricant professionals received a salary increase in the last 12 months. The companies getting the best hiring results are going beyond compensation though and provide deep value alignment, meaningful work and the right work environment for new hires to perform and progress.
Lubricants Job Market, Flexibility & Diversity
One way we are seeing companies combat staff shortages is by increasing flexibility on skills previously seen as essential for new hires. The industry leaders are going beyond strict frameworks when it comes to recruitment and focusing on attitudes, training for skills and experience. They are also going for talents outside the sector and sourcing from allied markets with transferable skills in STEM and CASE (Coatings, Adhesives, Sealants and Elastomers). These applicants who bring a new dynamic, ideas, knowledge, experiences and skills. With training, they can pick up new market nuances and be adaptable to the needs of the industry whilst more diverse thought patterns recruited, pushing the company onto new heights.
Lubricants Job Market, Training & Development
In recent months, we have noticed an increasing number of jobs, as the sector faces challenges and change. Demand for new skills to support sustainability, digitalisation, mobility and lower emission markets is becoming more and more mainstream. Organisations are hiring experienced external talent where possible whilst preparing robust training and development to upskill and retrain existing staff where required. This has the additional benefit of engaging and retaining current employees as they enjoy developing their skillset in new areas and taking on new challenges.
Future of The Lubricant Job Market
The downstream oil job market is still a candidate-driven market. If you are hiring, our tips are to remain flexible in hiring requirements, and agile in your hiring process to give a good candidate experience, offer meaningful and engaging work, a compelling vision and competitive benefits. These factors together can get you some great hires in place in a competitive market.
Beyond that, opening up hiring mandates to more diverse backgrounds, and hiring on culture fit, attitude and transferable skills will widen your talent pool and pick up some great talent you may not have previously considered. Investing in training and development is a must to retain and develop your existing workforce and to give a successful onboarding to new hires.