Industry report shows exceptionally high wages for energy sector workers around the globe.
The recent release of the annual Salary Guide by the recruiting firm, Hays, and energy industry jobsite Oil and Gas Job Search indicates that pay rates for oil and gas workers are rising dramatically in the U.S. and throughout the world.
Based on a survey of more than 14,000 respondents, the report indicates an energy sector that is largely insulated from global economic concerns, at least when it comes to hiring and wages. Approximately 27% of employers are extremely positive about the current market, up from about 10% in 2011 – and three out of four employers expect staffing levels to increase in the next 12 months.
Matt Underhill, Managing Director of Hays Oil & Gas, comments: “There has been a distinct move to employ permanent staff rather than contractors for many oil companies, which displays an outlook that suggests the industry is on a firm footing.”
Underhill adds, “However, conversely there is still great demand for contractors due to a raft of major projects coming on board and new regions increasingly using contractors. With the upward progression of contractor rates throughout 2011, the signs are positive as we enter 2012.”
In a key finding from the report, the average annual salary (global) for a full-time oil and gas professional is currently $80,458 (US), up 6.1% from the same time last year. Yet for many energy pros, annual salary may only be the tip of the compensation iceberg.
Duncan Freer, Managing Director of Oil and Gas Job Search says, “Many industry professionals are rewarded at far higher rates than the average figures suggest, especially if they have a good level of experience or particular in-demand skills such as drilling and the geosciences.”
As expected, firms in the U.S., Canada, Norway, the Netherlands and Australia are among the leaders in salaries and compensation. But Underhill also notes that countries like Brazil, China and Iraq are playing a larger role in energy and have experienced significant salary hikes due to aggressive, new energy projects.