An oil, gas, and chemicals perspective: Human Capital Trends 2019 Bookmark has been added
An oil, gas, and chemicals perspective: Human Capital Trends 2019
Using a human focus to reinvent the oil, gas, and chemicals industry
The top human capital issues facing the oil, gas, and chemicals industry are arising in a whole new context: The social enterprise. The environment of the industry is forcing organizations to move beyond mission statements and philanthropy to reinvent themselves around a human focus. From leadership and employee experience to talent mobility, explore the key trends impacting the oil, gas, and chemicals sector.
Top human capital trends in OG&C
Explore the findings from our 2019 Global Human Capital Trends survey through the lens of the energy, resources, and industrials industry. This year’s survey included 1,157 industry respondents across 100 countries—325 of which were from oil, gas, and chemicals companies across 66 countries.
The 10 individual trends align to the theme of "Leading the social enterprise—Reinvent with a human focus", and are bucketed into three categories: the future of the workforce, the future of organization, and the future of HR. Specific to oil, gas, and chemicals organizations, survey respondents identified six trends that are of utmost importance to their organizations in 2019. Their key issues are:
The future of the workforce
- Leadership for the 21st century: The intersection of the traditional and the new
The future of the organization
- From employee experience to human experience: Putting meaning back into work
- Rewards: Closing the gap
The future of HR
- Learning in the flow of life
- Talent mobility: Winning the war on the home front
- HR Cloud: A launch pad, not a destination
For more information on each trend, including specific discussions on how OG&C organizations can put these trends into action, download the full report.
Leadership in the 21st century: The intersection of the traditional and the new
More than three-quarters of oil, gas, and chemicals survey respondents said that 21st century leaders must take a nuanced approach to pursuing traditional business goals and drawing on critical new competencies. These include leading through change, embracing ambiguity and uncertainty, and understanding digital, cognitive, and AI-driven technologies. Oil, gas, and chemicals companies should be developing skills today that will help their leaders effectively engage with stakeholders and manage the manage the workforce of the future.
From employee experience to human experience: Putting meaning back into work
Compensation alone isn’t making a compelling enough argument to keep current employees. Eighty-three percent of oil, gas, and chemicals survey respondents ranked human experience high in importance, although only 39 percent acknowledged organizational readiness. These organizations have an opportunity to refresh and expand the concept of “employee experience” and to address the “human experience” at work—building on an understanding of worker aspirations to connect work back to what they value.
Rewards: Closing the gap
High-performing oil, gas, and chemicals organizations strive to exceed industry and regional benchmarks for employee compensation and benefits to motivate performance. Sixty-seven percent of survey respondents ranked rewards as an important trend, but only 33 percent acknowledged organizational readiness. How can organizations close this gap to develop rewards that align with more agile models for performance measurement and address workers’ expectations and needs?
Learning in the flow of life
Learning is becoming more integrated with work, more personal, and shifting—slowly—toward lifelong models. In 2019, oil, gas, and chemicals survey respondents cited a significant gap between importance of learning versus organizational readiness. Effective reinvention will require a culture that supports continuous learning, incentives that motivate people to learn, and a focus on helping individuals identify and develop new, needed skills.
Talent mobility: Winning the war on the home front
For many oil, gas, and chemicals companies, talent mobility isn’t a cultural norm. Regulatory policies also limit employee changes that global OG&C companies can make. Career progression isn’t seen as moving from one area to another, but only as moving up through the ranks in one area. Leadership and human resources (HR) need to reimagine and rebuild talent mobility programs.
HR Cloud: A launch pad, not a destination
One of the biggest HR trends in the last few years has been the adoption of subscription-based cloud systems. Cloud-based systems can give oil, gas, and chemicals organizations a solid foundation for integrating the explosion of new HR software tools. Seventy-three percent of survey respondents rated the HR Cloud trend as important, but only 38 percent cited organizational readiness. While many challenges with HR technology remain, they give organizations a tremendous range of options in their future plans.