Falling oil prices and consequent job losses in the oil & gas sector could lead to a “glut” of highly qualified workers becoming available, which might be good news for recruiters struggling to fill certain roles.

A recent report commissioned by industry body Oil and Gas UK, industry skills and safety body OPITO and the Department for Business, Innovation and Skills (BIS), says as many as 35,000 jobs in the sector could be cut over the next five years. However, the study, ‘Fuelling the next generation’, also says as many as 120,000 new jobs could be created in the sector.

Spencer Ogden chief executive David Spencer-Percival told Recruiter the energy sector was facing “a period of major change” and talk of any skills shortages in the industry was about to change. “With falling oil prices forcing the likes of BP and other super majors to make significant redundancies, we could see a glut of highly qualified talent becoming available. As a result, by the end of next year, there will no longer be a skills shortage in this sector as skilled people are suddenly back on the market in significant numbers. This will eventually start to drive wages back down.”

He said some businesses would suffer heavily but for others that were “bold enough to invest during a sharply declining oil price, it represents a huge and rare opportunity to pick up talent ready for the upturn and emerge the market leaders”.

Source:  Recruiter

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