Navigating the Great Crew Change

You have probably heard the term The Great Crew Change. It has been floating around the last few years as companies begin to recognize the generational change in the workforce. While this is a challenge (and opportunity) that every industry will face very soon, it will have a particularly profound impact on Oil and Gas. According to estimates the average age of employees in the petroleum industry is 60. The nearly 50% of workers over 55 will be retiring in the next 5-7 years. This is going to leave a huge gap in the knowledge and experience base of companies. With recent and ongoing downsizing due to lower oil prices, and the impending effects of The Great Crew Change, companies have to consider what it means for them and how they will prepare for the changes.

Several key steps should be taken to set your company up for success.

• Understand the value of retaining your experienced employees. The Baby Boomer generation will soon reach retirement age, and while some companies are looking to downsize, the knowledge that these employees have and the experience they have gained is worth making the extra effort to retain them. Companies have found that if these employees leave they may go to different industries and do not return once prices shift. It is important to note the added stress placed on the experienced employees during a workforce downturn. Some may even opt to retire early. Employers need to remain cognizant of stresses placed on the industry and employees while focusing on retention.
  

• Put systems and procedures in place that encourage the transfer or knowledge from experienced employees to the younger generation. For example, Millennials respond well to direct training with more knowledgeable employees. You may also consider including experienced employees in the writing of training material, have them assist with handbooks and even training seminars. It is important to get their broad range of experience from every department.
  

• Embrace the pull from younger workers toward using more technology. Millennials will play a crucial role in implementing new tech, which will not only entice educated employees, but also boost productivity. Expect to see the use of cutting edge technology like artificial intelligence, predictive analytics, Internet of Things, and machine learning. Tasks that would have taken days or weeks can be accomplished much quicker now with the use of technology. Remember that technology also plays a critical role in recruiting new employees. Nearly half of all Millennials are looking for their next job on LinkedIn and there are more than 5,000 oil and gas LinkedIn groups. Social Media is a powerful tool in helping you find educated and eager employees. Companies can be somewhat selective in hiring, and should keep in mind that Millennials may look for different qualities in an employer, like the ability to maintain a work-life balance.
  

While The Great Crew Change does mean new challenges, it also presents opportunity. Companies need to find a balance between experience and embracing the inevitable changes. Investments must be made in both employee retention, and utilizing new technology. Companies need to focus on efficiency, accuracy and spending in areas that may not have been the main focus 10 years ago. Those companies that are able to operate at optimal performance will be in the best position for success no matter which direction the market turns. For more information on how Accupoint can help you navigate The Great Crew Change and optimizing business practices, contact us today.