Friday 29 Mar 2024
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KUALA LUMPUR (Feb 11): Malaysia’s oil & gas (O&G) employers need to focus on succession planning if they want to overcome skills shortages, say 37% of the industry’s professionals, according to a survey by recruiting expert Hays Oil & Gas.
 
In its findings in the sixth annual Oil & Gas Salary Guide, Hays Oil & Gas revealed 29.8% of employers surveyed, said skills shortages are expected to be the biggest concern at the global level.

Economic instability comes second for 24% of employers in the survey, reflecting the changing economics of the industry, Hays Oil & Gas said.
               
The Guide also found from September to November 2014, the average Malaysian salary for an O&G professional (77%) was US$60,782 (RM206,050).
 
The Guide is based on a survey of more than 45,000 O&G professionals, across 25 disciplines in 188 countries worldwide. Significantly, 10,000 respondents were employers or hiring managers within the industry.
 
“The survey was completed before the oil price started to fall. Therefore, due to the timing of the survey, the fall in oil prices has not been fully reflected in the Guide.
 
“The effect of the price drop can be seen today, across all regions, as projects are delayed, paused or cancelled. Consequently, hiring plans will be reviewed, and we have already seen some retrenchments in Malaysia,” said Hays Oil & Gas, in a statement today.
 
Brent Crude Oil prices have fallen by about 50% since July 2014. It rebounded to US$56.55 a barrel at noon today.
 
The Guide also found 77% of the workforce received benefits such as bonuses (awarded to 45% of employees), health plan (42%), training (33%), car, transport or petrol (32%), home leave allowance (23%), retirement plan (20%) and meal allowance (also 20%).
 
Meanwhile, 95% of the workforce would consider an international role for their next move, which was higher than the global average of 91%, according to the Guide.
 
On job security, the Guide also found that 62% were permanent employees, while 38% were on contracts, of which 27% direct and 11% through an agency.         
 
“Malaysianisation resulted in uplift in salaries for local workers, at the time of our survey,” said Hays country manager for Malaysia Tom Osborne.

“This was particularly evident in the geoscience area, where companies — mainly operators — were vying for talented local professionals who have the skills to assume the technical and staff development roles, traditionally held by expatriates.
 
“The downturn in the oil price does not have an immediate effect on salaries. However the longer the oil price stays low, the greater the impact will be on overall staffing demand, which will ultimately impact salaries as competition for jobs increases,” he added.

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