The ’2011 Oil and Gas Global Salary Guide’, produced by Hays Oil & Gas in partnership with specialist jobsite Oil and Gas Job Search, reveals that home-grown UK oil & gas professionals can expect to receive average day rates of £500, which is up almost 30% from last year’s inaugural survey figure of £390.
The survey, to which more than 10,000 people responded in more than 50 different countries, was conducted from September to October 2010 and the figures reflect where each country was in the recovery life cycle of the global recession. Several countries are yet to see levels return to where they were the year before, notably the UK, Oman and India.
On the other hand, there are several others that were clearly already beyond those levels experienced in 2009 including Norway, Brazil, Singapore and Qatar. Combining the figures for imports and locally based staff the top five highest paying countries were Australia, Canada, the US, Norway and the Netherlands. Those paying the least were Pakistan, India, Philippines, Romania and Iran.
This year the global salary survey turned out an average figure of $75,813 (£47,380) per annum which is approximately the same figure as last year. The average salary for a UK worker in the industry is £54,184.
Over 20% of employers expect salaries to increase by more than 10% in the next 12 months.
“This is great news for those working in the industry,” says Matt Underhill, managing director of Hays Oil & Gas. “Contractor day rates are a good indicator of the state of the job market as they are much more reactive to short-term changes in demand for skills. To have an increase of this level shows the UK oil & gas industry is on a strong recovery curve following the tough times of 2008.”
Globally, more than half of respondents describe their outlook in the current employment market as positive, with the Middle East a key focus for their operations in the next 12 months. This year 54.8% are positive or extremely positive which is a modest increase on last year’s figure of 50.1%.
Still, the oil & gas labour market has a way to go before it is back to full health, though. The average permanent staff salary actually dropped marginally from last year’s figure (£58,727 to £55,537), although staff salaries were once again growing from the middle of 2010.
Duncan Freer, MD of Oil and Gas Job Search, sees the decrease in permanent staff salaries as an issue and believes that UK wages need to maintain competitiveness with overseas countries. “The survey reveals a number of other countries offer substantially higher permanent salaries than the UK, such as Australia, Canada, the US, along with a host of countries where expat salaries far outweigh what’s on offer in the UK domestic market,” he said. “The issue of keeping talented and experienced professionals will continue to be a recurring theme within the industry.”
One third (34%) of employers actually expect their staffing levels to increase by up to 5% in the coming 12 months and more than 40% of employers plan to increase the number of expats they employ during the same period.
With nearly 29% of respondents still believe that economic instability is the major concern over the next 12 months, the recession is clearly not yet behind us It is perhaps not surprising then, given the events of the last year, that many in the industry are also concerned for the environment and safety. For the latest updates PRESS CTR + D or visit Stock Market news Today
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