Professionals working in Asia’s oil and gas sector may be among the most highly paid in the world, but looks like room for improvement still exists when it comes to their compensation and benefits packages.
According to a survey by Rigzone and The Right Group, 50% of workers surveyed indicated that their current benefit packages are less than ideal.
Polling over 500 oil and gas professionals in APAC, the survey emphasised it was crucial for companies in the sector to reconsider their present benefit offerings if they wished to attract and retain the best employee.
Compensation and benefits, in fact, remained the primary consideration for professionals who were trying to decide whether they should stay at their current organisation or look to move elsewhere.
Almost eight out of 10 (77%) of respondents stated that these two elements factor significantly into their decision-making process.
Learning and development opportunities was also cited by 39% of respondents as an important consideration before switching companies.
“As the ‘Baby Boomer’ generation retires, it is creating a big demographic shift in the oil and gas industry,” said Jackie Kirk, APAC regional manager, Rigzone.
“The younger generation is the lifeblood of the oil and gas industry, but they expect opportunities to hone their skills rapidly. As young professionals ask for more exposure in different areas, there is a need for companies to provide more rigorous training and development programs.”
Despite such causes of dissatisfaction, 92% of respondents, stated they maintain a strong sense of loyalty to the industry and are proud to be part of its workforce.
The survey added however, that bosses should provide employees greater recognition for their professional contributions if they wish to maintain such high loyalty levels.
Currently, only 67% of respondents stated they are satisfied with the amount of recognition they are receiving from their current employers.