Over the past 6 years, I have seen the terrible lows and the ridiculous highs of the Oil and Gas industry.
I have spoken to so many clients with a laid-up fleet and many more skilled crew who have been made redundant; it’s almost easy to forget that just over 2 years ago we were looking at $108 a barrel and Chief Engineers going out on day rates of £500+.
When the price fell, it wasn’t a gradual lowering of wages – it was fast and it was painful. Companies that had speculated way too highly were making redundancies left and right and some of the most loyal employees were being made redundant with no more than a month’s pay. This was and is the way of the Barrel Price. We worship it and we fear it.
For those that have been affected by the Barrel Price in the worst way, job hunting has been a key focus. However many have failed to emotionally accept the fallout of the price crash. I’ve heard many candidates tell me that they only “want something to tide them over”, others however have taken a bit more of a ‘cut and dry’ take and moved sector for good. With the market showing some signs of recovery, a lot of people have been asking us – “What’s the right move for me?”
It’s a difficult question to answer. 3 years ago it was a simple trio of factors: money, rotation, ship type – now however there are a lot more considerations:
Money
Work Pattern
Job Security
Future Opportunities
Benefits Package
This is maybe one the most important parts to take into account. Benefits can range wildly, from the traditional Pensions and Training funds to the more obscure, Business class flights, free phone cards and ‘Price-per-head food budget’.
These are all examples of how a company look after their people and offers a great insight into how much they value retention of staff.
In this day and age pensions are becoming more and more important, especially if you live in a country with a high cost of living (UK, US, Scandanavia, etc.). It’s all well and good earning top money whilst you are working, but with constant inflation and fluctuating job markets, it can be settling to know that your retirement is taken care of. Fewer companies offer the pensions of old (MNOPF, final salary, Civil Service etc), so if you get a job that offers one, hold on to it as long as possible.
Training funds are also becoming more important as the MLC starts to impose more regulations on certificate requirements – one of our clients even counts your training as “on time”.
The other benefits don’t lack importance either as they all offer a greater work/life balance – when you spend the majority of your life at sea, it’s important that it’s as easy as possible.
The bottom line is, take everything into account. Remember – it’s not all about the money.
– Darius Tadjrishi, Head of Offshore and Renewables
