Oil sector unlikely to hire, raise salaries this year

DUBAI: As global oil prices remain in check for better part of the year, companies in this sector are likely to continue with less hiring, and no salary hikes either due to uncertain market conditions, according to a media report.

Emirates 24/7 quoted the latest global hiring survey conducted by Rigzone, an online resource for the oil and gas industry, as saying that prevalent market conditions in the oil and gas sector are not favorable for hiring or pay hikes.

“Globally, this has led to oil and gas professionals, treading cautiously  in the negotiating process,” the survey reportedly said.

The survey pointed out that not only there will be fewer jobs available in the market, it would also have an impact on increments, making 2015 not all that bright for those working in this industry.

The figures reveal that more than 55 percent of global hiring managers reported that they have not seen an increase in the number of candidates asking for more money in the last three months. This is primarily because of the lower revenues that companies are raking in now and fewer job offers available outside the workplace for any employee, the report said.

The Index, which charts the number of jobs posted on key oil and gas job portals across the world, dropped from 1.16 to 0.95 in Q1 2015, a fall of 28 percent from December 2014 and a 42 percent fall year-on-year, it added.

Rigzone data shows that while the global candidate pool is getting larger, companies remain cautious, with many companies continuing to cut down on hiring plans due to ongoing market volatility and low oil prices, the Emirates 24/7 report said.

Hence, more than half of global hiring managers surveyed (53 percent) reportedly shared that they had decreased their hiring plans for the next six months as a result of the market environment.

At the same time, some companies are still looking for talent in the market. The survey says that 76 percent of the hiring managers believe now is the opportune time to look, expecting to see an increase in the number of candidates applying for positions now as compared to three months ago, the report said.

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