Whether just or unjust, every generation has its stereotypes. Many assume Baby Boomers are ambitious corporate-ladder climbers.
A recent survey by Deloitte Consulting LLP of oil and gas professionals refutes the stereotype Generation-Y workers (born 1982-95) are most concerned about high salaries. Survey results conclude Gen Yers are focused on advancement rather than money.
Deloitte notes the oil and gas industry “suffered from such a low influx of new talent during the 1980s and 1990s that now only two generations are represented in a major way—Boomers and Gen Yers. This gap is tailor made for a generation that is widely known for wanting early advancement.”
Gen-Y workers are attracted by long-term career development within a single organization, Deloitte said in its report entitled “Generation Y: a highly productive resource for oil and gas companies.”
As a baby boomer journalist, I have listened to oil and gas executives talk at length about how to attract the attention and loyalty of Gen Yers, who Deloitte believes account for about 10% of today’s work force.
Survey logistics
Deloitte surveyed 134 people working in oil and gas companies. They were part of 860 Gen-Y employees (age 19-27) of Fortune 500 companies across 20 industries who responded to an online survey during November through early January.
The survey results showed 83% of oil and gas workers reporting they are ‘very satisfied’ or ‘somewhat satisfied’ with their current jobs. Fewer than 70% of respondents in other industries said the same.
“Similarly, 75% of oil and gas Gen Yers reported being ‘very satisfied’ or ‘somewhat satisfied’ with the career paths offered by their employers, while barely two thirds of Gen-Y workers in other industries agreed. These higher satisfaction levels may be attributable to the fact that this is a remarkably high-tech industry,” Deloitte said.
Gen Yers employed by the oil and gas industry also appear more loyal. While 70% of their peers in other industries expect to be with their current employers less than 5 years, almost half the Gen Yers in oil and gas plan to stay longer than that.
“Skills in this industry—for example, geology and petroleum engineering—are not necessarily transferable to other industries, which might contribute to both stronger loyalty and…higher anxiety about the prospects of layoffs,” survey results said.
Advancement opportunities
When given a choice of actions that employers can take to retain them, oil and gas Gen Yers overwhelmingly (65% as opposed to 53% from other industries) selected opportunities for advancement. The top pick from survey respondents in other industries was a higher salary and bonus.
Deloitte concludes the oil and gas industry is offering the type of job opportunities and career paths that will attract and retain Gen Yers.
“This progress is critical for the industry, considering generation chasm created by layoffs during the past 2 decades, and the impact of that chasm on the industry’s ability to maintain a strong recruiting pipeline of talent, both from universities and other industries,” Deloitte said.
Gen-Y oil and gas workers believe their employers are committed to them and they perceive a high level of job security.
“This level of security may have to do with the significant talent gap between baby boomers and Gen Yers,” Deloitte said.