Anton Oussov, Head of the KPMG Oil & Gas practice in Russia and the CIS, comments on the talent crisis in oil & gas combined with the massive staff layoffs currently expected throughout a number of the sector's key players, as a result of oil price drops and market turbulence.
Layoffs are often considered a quick way to cut costs, but the previous crisis periods showed that after prices get back to normal, talent crisis issues become particularly pertinent and costly for companies. This, along with a lack of internal candidates and proven talent management strategies within the sector, strongly calls for a change of approach, from "band-aid" to long-term and strategic, even in times of crisis.
"It should be noted that even in the challenging times we're going through, the deep-rooted talent crisis in the sector can be overcome only through introducing a long-term strategic approach," Anton concluded. "And in the end, it is always the personnel that makes a company."