Oil, gas salaries rise amid slumping economy(Read article summary)
Oil and gas wages and benefits saw an overall increase in 2012, according to a recent study. Base salaries across the entire oil and gas industry rose by 8.5 percent in 2012, Alic writes.
The oil and gas industry saw an overall increase in wages and benefits in 2012, according to the 2013 Oil & Gas Global Salary Guide. The report, published by Oil & Gas Job Search in collaboration with Hays Recruitment, stated that base salaries across the entire oil and gas industry rose by 8.5% in 2012—a shocking figure when compared to the current distressed economic conditions around the globe.
The study covered 53 countries over 24 disciplines from 25,000 respondents, and included salary information, industry benefits, employment demographics, and an economic outlook.
Once again, Australia and Norway found themselves at the top of the list for highest domestic wage in the oil and gas sector—each with an average annual wage above $150,000. (Related article: The Top Oil Finds for January and February that should be on Your Radar)
“Both countries have limited skilled labour pools and significant workloads,” the report states, a combination that is bound to result in higher industry wages. Canada, Netherlands, and New Zealand were also chart toppers with an average base salary exceeding $120,000.
The report also highlighted a drop in benefits to oil and gas workers, continuing the downward trend seen in 2011. According to the report, a staggering 35% of workers are not compensated with any type of benefit. Although the number of workers receiving benefits fell, the number who received bonuses increased by 7.8% in 2012, with 42.8% of respondents reporting that they receive some type of bonus. On average, bonuses make up 11.3% of the compensation package.
Particularly noteworthy is the analysis on the migrating workforce. While some countries such as Europe and Asia rely heavily on local talent, others, such as the Middle East, rely mainly on imported labor. Where is the labor coming from? Asia, Europe, and South America exported the largest percentage of workers overseas, with over 43% of its skilled workforce jumping ship. (Related article: Governments Must Work together to Avoid a Peak Oil Scenario)
With oil priced above $80 bbl, wages are likely to continue to rise, although at a more modest 4-6%, according to the report. On the whole, employers in the industry echo this sentiment and remain confident with the employment outlook as we head into 2013. Of the respondents, 73.8% rated their outlook as either positive or very positive.
When asked to rate their region of focus over the coming months, 33% of the responding employers reported that their primary focus would be the Middle East and Europe, while America garnered a meager 8.3%.
To view the full Oil & Gas Global Salary Guide 2013, visit https://www.oilandgasjobsearch.com/SalaryGuide