44% of oil and gas professionals received a pay rise this year, finds survey
April 2023 - Oil and Gas
44% of oil and gas professionals received a pay rise this year: A survey of energy professionals has revealed that 44% who work in the oil and gas sector received a pay rise this year -- a significant rise from the 31% who received one last year, as well as a rise from the 42% before the pandemic.
The Airswift Global Energy Talent Index Report 2023 polled more than 10,000 energy professionals and hiring managers across oil and gas, petrochemicals, renewables and looking at salaries, global mobility, ESG, socioeconomic shifts, the energy transition and attracting and retaining talent.
The 2023 survey found that energy prices and a shortage of skilled workers in the oil and gas sector has driven up salaries and is offering job-seekers the opportunity to shop around for the best deal when it comes to work.
The latest survey found that while the proportion of oil and gas professionals who had received a pay rise had risen to greater than pre-pandemic levels, almost a quarter saw a raise of more than 5%, with just 9% saying they had seen a pay cut. This was a significant reduction in the 21% who had seen their pay cut in 2021. Just under half reported it staying the same (47%).
Pay optimism is increasing
When asked about the future of salaries the survey found that almost two-thirds of respondents are expecting to see wages rise even further in 2024, compared to 54% who said the same in the last survey. When asked about the size of the pay increase they might expect, 41% said they expect a boost of more than 5%.
Looking at hiring managers, 32% received a pay rise of more than 5% in 2023, while 22% said they received one ranging from 0-5%. Just over a third ( 36%) reported seeing no change in their salary from last year. In terms of those who saw a salary decrease, just 11% saw a fall in their wages in the latest survey.
Optimism for the future was even greater for hiring managers too, with 70% saying they expect to see salary increases in the next year, and 44% believing they will get a boost of more than 5%. Just 5% of hiring residents said they expect to see salaries fall.
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