Oil & Gas specialists being signed up like sports stars.
Petroleum producers in the Gulf are offering up to $1 million signing-on bonuses to attract specialists.
The immense skills shortage within the sector means that companies are resorting to 7 figure ‘golden handshakes’ to attract the best people, as reported in Emirates Today. With such a limited talent pool, those candidates with experience and immediate availability are reaping the rewards.
However, signing bonuses may only be a quick-fix, with a growing concern over the lack of fresh people entering the market. The average age of a petroleum engineer is estimated at 54, meaning 40% of the industry’s skilled professionals will reach retirement age by 2010.
Mark Charman, Managing Director of Faststream Recruitment commented: “The shortage of talented candidates within the oil and gas sector has been obvious for some time and the importance is now on attracting fresh blood into the industry”.
“The skills shortage isn’t just limited to oil and gas - the shipping market is experiencing the same growth pains. There’s no overnight solution which is why specialists like Faststream have become much more prominent in the marketplace. It’s our job to look at both short and long term solutions which are realistic and achievable”.