UK oil and gas industry professionals are enjoying high levels of wage growth according to the Oil and Gas Global Salary Guide 2013, which is based on data from over 25,000 respondents.
The Guide, produced by recruiting experts Hays Oil & Gas and leading jobsite Oil and Gas Job Search, shows that full time professionals in the UK oil and gas industry enjoy average salaries of £57,900per annum*. This shows a rate of growth of 7.2 per cent from last year which is more than twice the current rate of inflation.
The Guide shows even stronger growth in salaries for imported labour. Expat labour now commands an average salary of £57,700 per annum: up 15.1 per cent on the previous year.
The high salaries and impressive rates of growth can be attributed to a buoyant industry with a relatively stable oil price and a worldwide skills shortage.
Matt Underhill, Managing Director of Hays Oil & Gas comments: “The UK has shown impressive growth rates this year but is still only ranked 11th out of the 53 countries surveyed. Norway, Australia, New Zealand and Netherlands continue to lead the way with Brazil and Canada all paying much higher salaries.”
Underhill continues: “The industry is taking positive steps in increasing pay and benefits that will make the UK more competitive on the world stage but there is still some way to go to stop the drain of talent to overseas markets.”
Duncan Freer, Managing Director of Oil and Gas Job Search adds: “Whilst the overall level of pay in the UK still lags some oil and gas countries around the world, the rate of salary growth last year was impressive. This is great news for those wishing to build a long term career at home, and more importantly the UK oil and gas industry as a whole, which is seeking to keep hold of its globally respected talent”
The Salary Guide revealed that a rise in bonuses has continued and is now the dominant mechanism by which companies attract and retain talent. On average, bonuses account for a further 5.8 per cent of the employees overall package with almost two thirds receiving some kind of benefit or allowance on top of their basic salary.
Employer confidence in increasing staffing levels during 2013 remains high. A quarter expects staffing levels to increase by more than 10 per cent with almost 75 per cent anticipating some level of increase.
Duncan Freer, comments: “Despite the concerns in Europe and a slowdown in China’s growth, the sentiment in the industry remains positive. Current employees and new entrants to the industry can look forward to working in a dynamic and highly rewarding sector.”
* Salaries are expressed in US Dollars in the Salary Guide. Exchange rate used in this release is US$1:GBP£0.62.
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For further information, please contact Matthew Roberts, Media Relationship Manager of Oil and Gas Job Search on +44 (0) 161 9756026 or email@example.com
2013 Salary Guide Summary:
Disciplines covered 24
Countries represented 53
Respondents to the survey 25,000
Respondents working with a global super major 2,500
Respondents who are employers in the industry 8,200
Hays is the leading global specialist recruiting group. It is the expert at recruiting qualified, professional and skilled people across the full lifecycle of the global oil and gas industry. Our recruiting experts deal in both permanent positions and contract roles within upstream, project development and downstream operations.
Hays employs 7,800 staff operating from 245 offices in 33 countries across 20 specialisms. For the year ended 30 June 2012, Hays placed around 55,000 candidates into permanent jobs and around 180,000 people into temporary assignments.
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