Paper ID : 20100207 Attracting, Developing and Retaining gen-Next : A Major Challenge Facing Hydrocarbon Industry Worldwide

Oil and Gas industry, an input deterministic but output probabilistic industry, is today facing unprecedented challenge because of changing socio-economic and geo-political relationships amongst developed and developing nations globally. This challenge is getting multiplied manifold due to continuously growing demand and supply gap of energy mainly driven by population growth and the strong desire of developing countries like India, China and Brazil to achieve economic prosperity. The world population is expected to grow from today’s 6.5 billion to 8 billion people by 2030 increasing the worldwide energy demand from 230 to 285 million BOE/D. To keep pace with such challenging requirements, human resource, especially the bright young professionals (gen-Next), is going to play a significant role in the times to come. In the knowledge based Hydrocarbon industry, role of technology is crucial but unfortunately technology does not invent itself. The industry requires to attract, develop and retain the talented, creative and innovative gen-Next to invent appropriate technologies, develop and utilize them optimally in pursuit of oil and gas business objectives. The author has analyzed various factors contributing in today’s environment wherein our young professionals rarely consider oil and gas business as a long-term career opportunity. Need of the hour is to make the gen-Next aware of the limitless opportunities in planning and managing multi-billion dollars national and international projects using cutting edge technologies and possibilities of working in multi-disciplinary, multi-locational teams across the globe. The author has made an attempt to propose a Human Resource Management Model to create and nurture a positive and creative corporate environment and culture that may focus on providing vibrant careers and not just jobs to our gen-Next in Hydrocarbon industry. The proposed model provides integration of various tools and techniques like trainings, re-trainings, coaching, mentoring, reverse mentoring etc. which may help ensuring the gen-Next a work environment filled with job happiness, job security, proper work-personal life balance coupled with future growth and accelerated competency/skills enhancement opportunities at least at par if not better than other vibrant growing industries globally. Hydrocarbon Industry : The Current Scenario Hydrocarbon Industry, today, is facing dramatic and unprecedented challenges globally. A number of factors such as changing socio-economic and geo-political relationships amongst developed and developing economies, the emergence of new players in the international arena leading to mergers and acquisitions, social and environmental concerns are transforming and reshaping the scope and focus of the industry. The challenges are getting multiplied manifold due to continuously growing demand and supply gap of energy mainly driven by population growth and the strong desire of developing countries like India, China and Brazil to achieve economic prosperity aiming millions of people to escape from poverty and lead a better quality of life. The world population is expected to grow from today’s 6.5 billion to 8 billion people by 2030 increasing the worldwide energy demand from 230 to 285 million barrel oil equivalent per day. Looking at the slow pace in efforts for development of alternate sources of energy and continuing the present trend, oil and gas is likely to continue to meet about 60% of world energy demand up to 2030, remaining 40% demand to be met by coal (20%) and alternate sources of energy like hydro, wind, solar and nuclear etc. (20%).