Oil and gas industries are very well versed in their technology — to find and extract resources for our energy needs. However, they do not have the skill or knowledge in how to use technology to solve their other problem: fixing labor shortages.
The oil and gas industry hires specialized labor forces to drill, engineer, and transport raw materials, and has specific needs for employees that are certified in various safety regulations and technologies. Finding enough staff with these detailed requirements is often difficult, and there is constantly a challenge in keeping projects running with ample and appropriate staff, as well as predicting future employee needs.
There is often a shortage or difficulty in finding appropriate staff. Typically, the answer to this problem is to throw more money at it, offering higher salaries, bonuses, commissions, and other financial incentives to lure prospective employees from one firm to another. But there is a better way to solve labor shortages for the oil and gas industry! To use technology, data analysis, and artificial intelligence (AI).
Data Analytics Assists In HR & Labor Decisions
By using the appropriate technology and programming the oil and gas companies can predict the number and date of potential candidates that will be entering the workforce. How? By collecting and analyzing data on who is graduating and with what skill sets.
In addition, combining this with the economic indicators and forecasts of the stock market, oil and gas future prices and demand, and the state of the overall economy can project the demand for oil and gas workers in specific years in the future. This, combined with internal data and employment statistics, can assist HR in making hiring predictions and better hiring decisions even during labor shortages.
In years to come, there will be natural attrition of skilled workers in the oil and gas industry as many retire from the work. However, with proper forecasting, these companies can become better prepared to properly attract and retain the correct number and skillsets of employees by using appropriate data analysis tools and programs.
G7 Assists Oil & Gas Companies With Hiring and Labor
G7 Tech Services is a technology solutions firm that helps make tech more friendly to various industries, including oil and gas. By providing guidance and implementation on appropriate data tools and analysis training along with specific AI generated predictive outcomes, G7 empowers your business to make better hiring and development decisions to streamline operations for the future. Click here to request a demo today!