The West Texas Geological Society Fall Symposium featured a panel discussing the future of the oil and gas industry. Despite the recent global struggles of the industry, the panelists expressed optimism about the potential for growth in the coming years. However, they also identified a major hurdle that could impede progress: attracting and retaining a skilled workforce. Without a reliable workforce, the industry may not be able to take full advantage of the opportunities that lie ahead.
1. The panelists expressed optimism about the potential for growth in the oil and gas industry in the coming years, despite recent struggles.
2. Attracting and retaining a skilled workforce was identified as a major hurdle that could impede progress in the industry.
3. The panel emphasized the importance of attracting a skilled and diverse workforce by offering competitive salaries, recruitment efforts, and adequate training and development programs.
4. They also highlighted the need for the industry to actively promote diversity and inclusivity, as it enhances the workforce and fosters innovation and creativity within organizations.
5. The panel members stressed the importance of investing in human capital to ensure long-term success in the industry.
According to a study by Deloitte and the Manufacturing Institute, the oil and gas industry could face a shortage of 1.9 million skilled workers by 2025.
The panel emphasized that in order for oil and gas producers to take advantage of the continued opportunities, it is crucial for them to focus on attracting a skilled and diverse workforce. They discussed the importance of offering competitive salaries, engaging in recruitment efforts, and providing adequate training and development programs to attract qualified individuals. Furthermore, they emphasized the need for the industry to actively promote diversity and inclusivity, as this not only enhances the workforce but also fosters innovation and creativity within the organization. Overall, the panel members were optimistic about the future of the industry but emphasized the importance of investing in human capital to ensure long-term success.