The war for talent is on. With an unprecedented economic recovery, the marketplace for talent is becoming more competitive by the day. Today’s companies across all industries are battling harder than ever to win and keep top-shelf workers who are positioned to create greater value — especially in the oil and gas sector. To lead in this competitive industry, oil and gas companies must create a culture today that attracts, inspires and retains this high caliber of top talent.
Fifty percent of employees thinking of quitting would stay if they received more recognition.¹ That is half of your work force. This shows building a future-focused company and a culture that continuously keeps employees motivated and engaged is integral to business success. According to a 2013 study by the Hay Group, employees in the oil and gas sector are less engaged than employees from large companies in other sectors. Oil and gas executives have the opportunity to act now and change the status quo within their industry by adopting employee engagement strategies that will resonate with their work force.
Step 1 — Lure the best people in
Finding and hiring top talent takes more than posting an open position to the company career site. Recruits want an enviable corporate culture, challenging work and a collaborative team that celebrates success.
1. Be transparent. Provide continuous updates to and request constant feedback from the entire work force regarding goals, strategies and how the company is tracking.
2. Make celebrating success a top priority. Don’t let milestones, achievements and personal accomplishments slip by unnoticed.
3. Demonstrate your commitment to career advancement and mean it. Set up formal channels for everyone’s career development.
Step 2 — Make employees want to stay
With an improving economy and more job opportunities than ever before, employers need to seriously invest in strong retention strategies to keep their work force happy and engaged. A staggering 79 percent of employees who quit their jobs say a lack of recognition is a key factor in their departures.²
1. A culture of recognition builds loyalty. Tying employee recognition to your company’s values reinforces your goals and makes recognition more meaningful.
2. Publicize contributions. Make sure achievements are recognized publicly so they can be celebrated by everyone.
3. Implement an Employee Success Platform™. An Employee Success Platform engages, aligns and recognizes employees and acts as a communication and culture portal that encourages the company’s objectives, values and mission to all employees.
Step 3 — Engage your people and inspire their best work
The best employers expect a lot from their employees. When expectations aren’t met, disengagement takes hold, which costs employers millions of dollars a year in lost productivity.
1. Clearly define your mission, values and objectives. Communicate them often. Only 37 percent of employees really understand what their companies are trying to achieve and why. Company goals shouldn’t be a secret. Empower your employees.
2. Ban the annual review. A constant feedback rhythm is the key to engaging all levels of employees. Don’t check in once a year — coach your people every day.
3. Develop, develop, develop your talent. Top employees want to get better every day. Make sure you’re providing them with ample opportunities to learn, train, prove themselves and achieve success.
Bottom line: Oil and gas executives need to act now to build a future-focused, recognition-rich culture to win the talent war and create an environment of success. It’s the No. 1 thing you can do to make sure your organization comes out on top.
For more information, visit www.achievers.com, call (888) 622-3343 or contact Suleman at razor@achievers.com. •
¹ “Why your top talent is leaving in 2014, and what it’ll take to retain them.” “Forbes,” 2014.
