The Organization of Petroleum Exporting Countries (OPEC) has finally agreed to a crude oil production cut. This is GREAT news for oil recruiters. Why? Well, in other previous blogs our agency was happy about stabilization of the oil market, but now there is hope that the market will make a sharp upward turn. Here are some reasons why:
- According to Forbes, “the last three times the cartel agreed to trim output—in 2008, 2001 and 1998—oil rallied in the following weeks and months.”
- The Houston Chronicle stated, “if OPEC can make good on production cuts - and analysts said it remains a big if - it could bring global supplies in line with demand by the end of the year, according to the International Energy Agency.”
It has been several long years for the oil market and during that time many workers have suffered. To put it in context, per Bureau of Labor Statistics data as reported by Forbes, "Since oil collapsed in September 2014, as much as $4 billion have been wiped from oil workers’ wages in the U.S.” However, also according to Forbes, some speculate that $70 per barrel is on the horizon (and we were excited previously about $50!)
So what do rising prices of oil mean for the energy recruitment market? It means it’s time for recruiters to get moving! Since multiple sources are saying the market could rebound at least somewhat within as little as weeks or months, it’s crucial that recruiters start reaching out to candidates now.
Some strategies we suggest for oil recruitment are:
- Targeting your recruitment to constructions workers (many oil professionals have moved into this industry).
- Running comeback campaigns to isolate previous employees who were laid off in the past.
- Academic recruitment at the school level.
If you’d like to learn more specifics about these three recruitment strategies, we invite you to read Oil Recruiters - It’s Time to Restart Your Recruitment Marketing.
In addition, there are other things you can do alongside your more direct efforts such as creating educational microsites for oil recruitment and developing an inbound recruitment marketing strategy. If you’d like to learn more about those types of recruitment marketing, reach out.
Prior to nailing down your oil recruitment budget, consider brushing up on your oil and gas terminology with our free tool.