Chronos—oilfield services staff turnover ‘staggeringly high’

White paper outlines personnel challenges for oil service companies and recommends some fixes.

A recently published white paper* from Chronos Consulting investigates the top human capital, supply chain and operations concerns for oil and gas service companies where turnover rates for blue-collar and white-collar employees is ‘staggeringly high.’ The paper, co-authored by Chronos’ Imaad Mahfooz and Gordon Smith, professor of supply chain management at the University of Houston, explores how oilfield service companies can improve the performance and morale of their people.

Mahfooz explained , ‘Oilfield services companies manage dispersed teams which creates logistical and communication challenges. We offer insights into managing such teams while reducing turnover and minimizing cross-cultural issues. By nurturing talent and developing cross-functional, global teams, companies can enhance profits and productivity, improve retention and leadership development and mitigate the costs of doing business on a global scale.’

The report focuses on improving global and ‘virtual’ team performance in five key areas. Companies should develop a ‘global perspective’ on talent management, including hiring and training candidates from other industries and from emerging markets. Turnover rates of 35% and more need to be addressed with better hiring and onboarding and much improved career and leadership development, including the use of social media to acquire and develop talent. New technology—data and analytics in the cloud—means that business are set to develop ‘broader and deeper workforce analytics and measure key indicators of performance.’

* Unleashing people performance for global profits and productivity.

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