Communicating the Total Reward Package

The oil and gas industry finds itself with more projects than ever before thanks to developments in technology and new discoveries. However, the limited pool of experienced and qualified workers has companies aggressively competing against one another for talent.

With an estimated 50% of the workforce expected to retire in the next 10 years through “the great crew change,” companies find themselves not only fighting attrition but also fending off competitors that are aggressively pursuing the senior engineers, geophysicists and drilling specialists.

Oil and gas professionals are regularly contacted by recruiters and may be willing to make a change for a modest salary increase or a more flexible work schedule, particularly if they don’t understand the full value of their total reward package.

Retaining talent is one of the primary objectives of oil and gas HR professionals today. We find that the most successful companies appreciate the importance of engaging employees and communicating with hard evidence that they are valued.

Clear, concise and consistent communications engage employees and support strategic efforts and business goals. Giving employees access to information about their total rewards – compensation, benefits, training programs, career development opportunities and other intangible rewards – increases their feelings of self-worth, improves their attitudes and reinforces a positive culture that supports the goals of the company.