Turnover on the Rise
Data from the Bureau of Labor Statistics indicates voluntary quits in mining and logging (Rigzone’s proxy for energy) are on pace to be a record year, with 174,000 professionals leaving their positions in the first ten months of 2014, according to Rigzone’s analysis. Looking at the same January through October period over the past decade, no other year has had so many quits.
Looking at the full-year data, 2012 was a breakout year for professionals quitting, with 194,000 mining and logging pros leaving their companies. The remainder of 2014 will be a telltale sign of oil and gas professionals’ confidence heading into 2015.
“With oil prices impacting many facets of the oil and gas industry, oil and gas professionals aren’t letting it deter them from advancing their career and they’re taking advantage of the market by leaving their current employers. This is a signal of confidence in the employment market. Now the remainder of the year is still a question mark, but it will be a good indicator of how professionals are feeling going into 2015. So far this year, the high turnover means oil and gas companies need to evaluate the highly-skilled talent they have and communicate their value and pay up to keep them on board, or risk losing them to a competitor in the future.” –Bob Melk, President of Rigzone