Dallas, Texas, USA, August 2008
Even while U.S. and Canadian energy companies are enjoying significant profits and expansion of their operations, they also face some of the most daunting challenges since the industry’s downturn during the 1980's. The “perfect storm” that looms on the horizon is actually a convergence of a number of different factors:
- A lack of talented mid-level managers who are ready to fill the pending vacancies of the senior executives who are reaching retirement age.
- A similar lack of technical “engineering and geoscience” professionals who will be needed to direct the actual field operations of these energy companies.
- Increasing competition from foreign private oil companies as well as “nationalized” energy companies who are now pursuing the same business opportunities as the North American companies.
After noting these challenges, one might ask how energy companies will successfully navigate through these difficult times.
Regarding the pending talent shortage, many firms are beginning to aggressively cross-train their technical employees to manage multiple responsibilities. Also, search firms with energy industry experience working within the industry are being retained by their energy clients to provide not only traditional executive search services, but to also assist in the identification of top performers of other related industries for some of the other executive positions such as finance, IT, supply chain management and human resources.
To meet the challenges of the foreign energy companies, many in North America are forming joint ventures among themselves, as well as with other international companies to both favorably compete in the global arena as well as to reduce the investment risk of operating overseas.
Established search firms with a global presence and having experienced energy search consultants are well positioned to assist their energy clients during the coming highly competitive times and talent gap issues of the industry.
The North American energy and natural resources search practice of Stanton Chase International is well positioned to serve the energy industry, having 12 offices located in both the U.S. and Canada. The firm has a total of 64 offices in 39 countries.
Contact
Rick Davis
Director and North American Practice Leader
Office: +1 972-404-8411
r.davis@stantonchase.com
