(1) According to an industry survey, half of the workforce will retire in the next five to seven years due to old age. Well, if these old folks just go ahead and retire right now, the whole industry will not need to lay off any additional workers. (2) 90% of oil and gas executives believe talent shortage is an issue. Well, if these executives would just wake up and deal with these talent shortage today rather than kick the can down the road. All of the layoff employees can easily cover the talent shortage that the industry badly needs. These are the two easiest ways to solve all of the layoff in 2015 and 2016, and we can better prepare for the boom to come back in 2017.
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Older folks still have bills and are putting kids thru college. Don't think that just because someone is in their 50's means they don't need to work just like everyone else.
Thing is very little skills are required to work in the current industry technology is changing at so fast a pace skills learned 10 years ago are no longer relevant? As an old timer with just five years to go for retirement it was always a make and mend industry in the early days if you didn't have a tool to do the job in the field you improvised. That doesn't mean the young people don't have talent I work with some good young hands who teach me the computer side of things which if being honest I struggle a bit with to keep up. Give me toolbox I can fix and solve just about anything if I had the choice to step aside and let a younger person keep their job then I would, My house is paid for the kids are gone life's still a struggle bills need paying but not as much strain as young person looking to have the same opportunities and bring up their families that I had .Yes the Oil industry was good to me and me good to them but if offered a good package to go then bring it on.
Very true 195570 ...'traded' companies and their management live quarter to quarter... token vision, token investment, token core values...
Hers is the problem with that. All companies have earnings pressure from wall street and investors. They throw the baby out with the bathwater for short term solutions. The bankers won't lend without them cutting the shit to the bone. This is leads to short term decisions that harm layer on.