Time is something that none of us can escape no matter how hard we might try. Time takes away our youth and vigor, and it makes many of us long for a relaxing and peaceful retirement. It’s natural, and that is just the dilemma that the oil industry is facing today. Many workers who have been in the business for a number of years are looking to retire. Keep in mind that this is not just in one sector of the business. People who work on rigs, engineers, executives, and everyone in between gets to retirement age and wants to put away the boots so to speak.
The lowered price of oil and the downturn in the field have caused many of the Baby Boomer generation, and some younger workers, to call it a day and retire. They may enjoy the industry, but they feel it is time for them to get out so they can relax or try something else. What does this mean for the oil companies? It means that many of them are starting to scramble and look for new potential employees they can bring aboard their company.
Many of these companies understand that there is likely to be a large void in their ranks when many of their mainstays retire. When things are slower, as they are now, this is not felt as severely. However, the slow times with the lower prices are temporary. The prices always bounce back and the need to ramp up production will come sooner rather than later. This is making some companies nervous about filling the hole in their staff before this happens. They need to bring in new blood that will have time to train and learn the ropes. The new employees will not have the experience of the older employees, but they will hopefully have the skills to take their place and learn on the job.
Right now, things are slower in many areas of the industry, but how long will the slow time last? Companies need to consider hiring soon to ensure the new employees have training before the veterans retire. This means that right now could actually be a good time to at least consider getting into the oil industry. Over the course of the next few years, as things start to pick up again, there should be a number of employment opportunities available.
About Oil Works Inc.
Oil Works, Inc. is a complete drilling rig equipment manufacturer and service provider based in the Permian Basin for over 20 years. OWI’s product and service offerings include Masts, Substructures, Drawworks, Mud Systems, Rig Walking Systems, Power Generation, Control Systems, Iron Roughneck Service, Quincy Air Compressors. We are a complete Drilling Equipment Manufacturer and build to API and ISO standards. OWI is also proud to offer 24/7 Service and Support.