Amid a changing market, the average salary for an oil and gas professional in Singapore was $US88,488 last year, according to a recent report by Hays.
Polling more than 45,000 oil and gas professionals across 188 countries worldwide, the sixth annual Oil & Gas Salary Guide also found 80% of the local workforce received benefits last year.
This percentage was the highest in Asia Pacific, compared to 77% in Malaysia, 75% in China and 53% in Australia.
The most common benefits were bonuses (awarded to 51% of employees), health plan (39%), car, transport or petrol (28%), training (27%), and home leave allowance (18%).
“Singapore has grown to be a significant Asian energy hub, and energy now accounts for about 5% of the country’s GDP,” Mike Wilkshire, business director of Hays in Singapore, said.
“The war for talent has intensified given measures to restrict foreigners. This will start to have an impact on the target demographic of the workforce in Singapore and surrounding regions.”
Expanding on the presence of skill shortages in the oil and gas industry, the survey highlighted 30% of oil and gas professionals believe inadequate succession planning for knowledge transfer and skills retention was the main cause of the skills shortage.
More than two out of 10 (22%) blamed strict immigration laws preventing access to global talent, while 23% said not enough new professionals were entering the industry.
On a global level, skills shortages were expected to be the biggest concern (29.8%) for employers. However economic instability was second (24%), reflecting the changing economics of the industry.
“In key global findings, 95% oil and gas professionals have said that salary is the most important factor when weighing up the decision to take a new role,” the report stated.
“92% of job seekers judge company reputation as a crucial element in their decision making process when considering new job opportunities.”
To attract top talent, 72% of employers felt they had to make improvements to their employee offering in the last year, including training and development, compensation and rewards.