Oil and Gas Salaries in 2015
Published: 08 Apr 2015
According to the Hays’ Oil and Gas Global Survey Guide 2015 the average oil and gas professional in the UK earns £60,000, compared to the £50,000 average salary globally. However, even with this high salary, professionals in the UK and all over the world are willing to look outside of their home country to develop their career, with over 91% saying they would move internationally for oil and gas jobs.
The Hay’s Global Survey was completed by 45,000 participants from 188 countries. One of the key findings was that global permanent engineering salaries increased by 1.3 per cent over last year, after a slight dip in 2013. It goes on to say that oil and gas professionals consider salary the most important factor when deciding whether to accept a new job offer. People with in demand skills saw greater increases than those with more commonly available skills.
Although the global average salary is stabilising year-on-year, salary changes are varying regionally due to volatile local markets. For example, the African region has seen an overall increase in average salaries of 9.8 per cent because countries such as Nigeria are implementing schemes to attract engineer expats back from overseas assignments.
In the UK, the Scottish Independence referendum lifted an element of uncertainty for the oil and gas industry. However, little has changed in terms of the ageing assets in the UK North Sea, and most companies have adopted a decidedly wait-and-see attitude before they make further investments.
Globally, there has been a slowing of the market and there are still specific skills that are in demand for oil and gas jobs. In order to attract top talent, over 72 per cent of employers felt they had to make improvements to their employee offering. When considering a new opportunity, professional development is seen as one of the most important factors. In order to offer the benefits candidates want, 34 per cent of employers have updated their training offering. There was also an increase in employers hiring at a more junior, less expensive level in order to later upskill talent.
In 2014 benefits were received by 73.5 per cent of the workforce, an increase of 10.2 per cent compared to the previous year. This is a five-year high and reflects the attempts by employers to secure top talent for their projects by offering additional incentives beyond the basic salary. Africa, Asia and the CIS have seen the highest increase in benefits offered as employers look to attract locals back from international engineering placements with more attractive packages.
In the year ahead, 11% of employers have stated they will reduce headcount in 2015, however 63% still plan to recruit new staff.