Mercer recently fielded a survey of nearly 1,800 oil and gas employees, primarily in the US and Canada, about their preferences and satisfaction with total rewards in the context of the industry’s current environment. The survey, entitled “Inside Employees’ Minds: Oil & Gas Survey,” revealed a shift in employees’ priorities in the face of market disruption, as well as considerations for effectively leveraging these insights to create an attractive employee value proposition.
Total rewards preferences– Respondents were asked to score total rewards based on their importance, with a score of 100 representing the average, which resulted in the following ranking:
- Job security (170)
- Base pay (159)
- Career advancement opportunities (85)
- Work-life balance (81)
- Retirement (80)
- Healthcare coverage (70)
- Incentive/bonus (55)
Compared to the findings of Mercer’s previous cross-industry surveys, having job security ranked first – and ahead of base pay – is atypical, reflecting the growing anxiety of the workforce during a time when many organizations are cutting investments, freezing pay, or eliminating jobs. Furthermore, there is a misalignment between the importance of job security to employees and their relative satisfaction with the perceived level of job security in the industry.
Mercer believes the forward-thinking HR leader will build upon these findings in order to align employees’ sentiments with the various elements of the employee value proposition during this market disruption and the overall decline in the price of oil. In Mercer’s view, this approach not only allows organizations to attract and retain the best talent in the industry; it also contributes to a more motivated and engaged workforce, resulting in higher levels of productivity and maximizing the ROI of human capital investment decisions.
Mercer has published the attached point of view that highlights the key survey findings and provides recommendations for HR leaders in the oil and gas industry. This article can also be downloaded at www.imercer.com/uploads/common/pdfs/what-oil-and-gas-employees-value-pov.pdf.