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As the only millennial in the WSR office, I get it — us millennials get a bad reputation in the workplace. But it’s closing in on the time when companies (and yes, even oil companies) need to embrace the millennial worker. In fact, you have fewer than three years to accept that millennials are here to stay: by 2020, 50% of the workforce will be the millennial generation, and there will be no avoiding us after that.
What is it about the word “millennial” that makes businesses worry? It might be that 51% of businesses report that millennials are the most costly individuals to hire and train. That fact, coupled with knowing that 60% of millennials are open to new job opportunities at any given time, causing millennial turnover to cost the US $30.5 billion each year, means that companies need to figure out retention strategies — and fast.
For oil and gas, that means utilizing technology to retain young, skilled employees. 21% of millennials say technology that improves the work process can give them more reason to stay at a job. That means less turnover and less money being spent training new employees. Here at Wellsite Report, we are all about process, user-friendly technology, and giving employees the tools needed to make their job easier and faster.
The one complaint I hear over and over from my millennial friends (and to be honest, a complaint I’ve had at previous jobs), was the lack of process, accountability, and follow-up in a workplace’s set-up. Everyone hates wasted time, but we’re willing to leave a company for less money to improve quality of life. Embrace process technology now and be ready for when your company is half-millennial, because whether you like it or not, it’s coming faster than you think.
Wellsite Report is here to streamline your process, simplify the training process, and retain millennials for the oil and gas industry.
First, the good news. Since the height of the pandemic in 2020, exploration and production companies (E&Ps) have reduced their net debt from a high of $316.74 billion to $178.66 billion at the end of 2022. According to CreditSights senior analyst Charles Johnston, most independent E&Ps refinanced and now pay less than the double-digit interest […]
Although oil and gas producers are trying to get more out of existing wells than from drilling new ones, 2023 is on pace to be a record year for domestic oil and gas production. In this period of reduced exploration but peak output, wireline service companies and fracking service companies could greatly benefit from using […]
Oil exploration is expensive, and not without its risks, but it can be quite lucrative for a production company when a substantial reserve is identified. However, many oil fields are in remote, hard-to-reach locations. Before upstream activities like drilling and extraction can take place, a service company is contracted to construct one or more roads […]
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