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 £57,900 per 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% 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.”
Download a free copy of the Guide at www.oilandgasjobsearch.com/SalaryGuide or www.hays.com.au/employer-services/oil-gas-recruitment/Salary-guides/HAYS_089070
* Salaries are expressed in US Dollars in the Salary Guide. Exchange rate used in this release is US$1:GBP£0.62.
For more information please contact Matthew Roberts on +44 (0) 161 975 6286 or email@example.com
Source: Oil and Gas Job Search