Oil & Gas Innovation OGI Winter 2018 Digital Version - Page 40

HSQE BRIEF New API Study Millennials Are Major Players in the Oil and Natural Gas Workforce Millennials are seeking work in the natural gas and oil industry at increasing rates and will account for nearly 41 percent of the workforce – a 20 percent increase – by 2025, according to a new IHS Markit study commissioned by the American Petroleum Institute. “Harnessing the energy, technological prowess and the innovative spirit of the next generation will be critical to achieving progress on societal and environmental goals and delivering energy reliably and affordably for decades to come,” said API President and CEO Jack Gerard. “The natural gas and oil industry projects more than 1.9 million new job opportunities by 2035, which provide significant opportunities for the industry to recruit and retain talent in the millennial and rising generation.” I n 2015, millennials accounted for more than one third of the natural gas and oil industry workforce, a nearly identical percentage to the overall U.S. economy at 35 percent. The study concluded that millennials are choosing to work for the natural gas and oil industry at increasing rates, on par with other industries. Another factor is that average annual pay of the natural gas and oil industry is nearly $50,000 higher than the 2016 U.S. average according to Bureau of Labor Statistics data and those who are educated in science, technology, engineering and math (STEM) earn the highest salaries. The study also finds that millennials as a group are more diverse and better educated than previous generations, which provides an opportunity for the natural gas and oil industry to tap a broader range of skills, intellect, creativity and perspectives. Study highlights include: • 45 percent of Millennials in 2016 were Hispanic, African American or from some other minority group, compared to one-third of Gen-Xers and 22 percent of Baby Boomers at a corresponding age • About 66 percent of Millennials age 25-34 in 2016 have had at least some college coursework, compared with 56 percent of Gen-Xers at a ɕ)ԁɍЁ ̸+$9ɱɍЁݽɭ5)ɔ啐ɽͥѕ)͕٥ѥ́ɕѼ(́ɍЁáɍ) ́Ёѡͅ+q5́ѽ䁡ٔչՔɅѕɥѥ)ѡЁݥɝѡمѥ́)ɕѡɽ՝́ɝ䁽䁥)ѽ䳊tɅɐq 䁡ɹͥѡ)Ʌѥéչ͡ѕ)ɔ͔ѕ䰁ѡ䁥)ͥѥݕѼɕ́ѽɽߊéɕѕ)̻t)A$́ѡ䁹ѥɅͽѥ)ɕɕ͕ѥ́ѡɅ)́䰁ݡ̀́TL)́ɱɍЁѡTL)A'éɔѡԁ́Ցɝ)ѕɅѕ̰́ݕ́Ʌѥ)ɽՍѥɕɭѥ)ɥ͕̰͕ͥ٥)䁙ɵ̸Qɽ٥Ёѡ)ѥéɝ䁅ɔ䁄ɽݥ)Ʌɽٕ́Ёɔѡ)ɥ̸(