Falling oil prices good for recruiters?

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Falling oil prices good for recruiters?

Falling oil prices and consequent job losses in the oil & gas sector could lead to a “glut” of highly qualified workers becoming available, which might be good news for recruiters struggling to fill certain roles.

A recent report commissioned by industry body Oil and Gas UK, industry skills and safety body OPITO and the Department for Business, Innovation and Skills (BIS), says as many as 35,000 jobs in the sector could be cut over the next five years. However, the study, ‘Fuelling the next generation’, also says as many as 120,000 new jobs could be created in the sector.

Spencer Ogden chief executive David Spencer-Percival told Recruiter the energy sector was facing “a period of major change” and talk of any skills shortages in the industry was about to change. “With falling oil prices forcing the likes of BP and other super majors to make significant redundancies, we could see a glut of highly qualified talent becoming available. As a result, by the end of next year, there will no longer be a skills shortage in this sector as skilled people are suddenly back on the market in significant numbers. This will eventually start to drive wages back down.”

He said some businesses would suffer heavily but for others that were “bold enough to invest during a sharply declining oil price, it represents a huge and rare opportunity to pick up talent ready for the upturn and emerge the market leaders”.

Source: Recruiter

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Moving Abroad Checklist

Initial Considerations

Will your partner be travelling with you?

If so, what will they be giving up in your present home and will they be able to continue with their career in your new home? You will need to check whether a separate visa is required for your partner to work or if your visa gives that right. If they are unable to work you will need to decide on the effect on your finances and what alternatives are available to give a fulfilling life (home business, training, voluntary work).

Are you taking family with you?

Moving with family raises many exciting opportunities, but also can create challenges. The HSBC Expat Explorer survey indicates that expat kids can take six months to settle in to their new country (see article). Getting young or even older children to prepare to move and leave their friends and family behind can be a challenge and should be thought through.

The options for education is another area that needs to be thought through.

Moving your child to a new country with a different education system can be a great opportunity to broaden their experience, but if they are close to key exams the timing can make this inadvisable. If you do take your family with you, it is important to decide between joining the local school system or choosing an international school.

Where will you be living?

Whether you will be living in a house or apartment, furnished or unfurnished, these decisions will affect what you need to take with you. The time you are planning to live overseas will also affect whether you should leave your property at home empty, rent it out or sell it. See the article Sell, Store or Ship.