Worldwide oil and gas professionals experience wage growth, according to survey
HOUSTON -- Oil and gas industry professionals are enjoying significant wage growth, according to the Oil and Gas Global Salary Guide 2013, which is based on data from 25,000 respondents and more than one million items of data. Companies that specialize in upstream represented 26 percent of the respondent’s employers, 12 percent downstream specialists and 62 percent worked within both spheres.
The Guide produced by recruiting experts Hays Oil & Gas and leading jobsite Oil and Gas Job Search, shows that permanent oil and gas professionals enjoy global average salaries of US$87,300 per annum. This shows a rate of growth of 8.5 percent from last year which is extremely positive during a period of uncertain economic activity across the globe.
The high salaries and impressive rates of growth can be attributed to a buoyant industry with a relatively stable oil price and a worldwide skills shortage.
Matt Underhill, Managing Director of Hays Oil & Gas comments: “Australian-based oil and gas industry professionals are paid the best salaries in the world, closely followed by Norway, New Zealand, the Netherlands and Canada.” Matt Underhill continues: “Australia’s major projects, particularly those in LNG, have meant Australia’s remuneration rates remain competitive.”
The Salary Guide revealed that a rise in bonuses has continued and is now the dominant mechanism by which companies attract and retain talent. On average, bonuses account for a further 5.8 percent of the employees overall package with almost two thirds receiving some kind of benefit or allowance on top of their basic salary.
Duncan Freer, Managing Director of Oil and Gas Job Search adds: “Almost 65 percent of the respondents receive some benefit or allowance in addition to their base pay, the highest rate of participation since the survey was launched four years ago.”
Employer confidence in increasing staffing levels during 2013 remains high. A quarter expects staffing levels to increase by more than 10 percent with almost 75 percent anticipating some level of increase.
Duncan Freer comments: “Despite the concerns in Europe and a slowdown in China’s growth, the sentiment in the industry remains positive. Current employees and new entrants to the industry can look forward to working in a dynamic and highly rewarding sector.”
2013 Salary Guide Summary:
Disciplines covered 24
Countries represented 53
Respondents to the survey 25,000
Respondents working with a global super major 2,500
Respondents who are employers in the industry 8,200