It's no surprise to anyone that the world economy has taken multiple blows over the last few years. Every time we start to see signs of improvement, economic instability, higher energy costs, and unrest in some corner of the world once again halts momentum. So how is this effecting the Energy Services Industry in the United States?
As our consultants have surveyed over 100 firms and their executives within Energy industry, the feeling is fairly bullish. Over 75% of the companies expect to see growth in 2012 with over 50% forecasting double-digit growth. So will industry job growth correlate to this trend?
Through the first quarter of the year, we have seen a significant increase in company activity looking for new hires. However, this has not translated into more jobs in the marketplace. Even though over 50% of the companies have discussed expanding their organizations, they have been very slow in making decisions. Why is this?
There is still a sense of conservatism in the marketplace. Companies are still using a buyer’s market model. They are shopping for the perfect candidate and taking their time to ensure they are 100% confident with their choice. In the meantime, they are losing out on many great candidates in their attempt to hit the home-run.
I do agree with our customers that we have seen the worst of the economy. I also do expect 2012 to be a strong growth year for many companies. But how successful they will be in the future, will depend on their ability to attract strong talent. Employees are already stretched. And as companies attempt to attain new clients and keep them happy, they will need to hire. Consequently, we will see the marketplace trend move toward a candidate's market. Those companies who recognize the need to improve their employment brand and hire strong players now will be ahead of the curve and poised for the future opportunities.
John Curcio, Vice President