For Immediate Release
ICC: Innovate. Coach. Consult. Projects Major Slashes in Oil and Gas Workforce: Here’s How You Can Prepare for What’s to Come
August 14, 2019, Denver, CO – As reported in Yahoo Finance, as of August 14th, 2019, the Dow is down -2.06% or 540.96 points, signaling that a potential economic recession could be on the horizon. And, with ICC: Innovate. Coach. Consult’s. expertise and insight into talent management, organizational effectiveness and compassionate outplacement, it’s been made clear that the notoriously cyclical Oil and Gas industry is also feeling the brunt of this dramatic shift.
With over 5,000 oil and gas jobs slashed in the month of July alone (RigZone), it’s imperative for the industry’s leaders to be prepared for the dramatic impact that this could have on their employee bench strength.
Whether or not this slump results in the layoff of one, or hundreds of individuals, adapting to challenging conditions while also focusing on the people who are critical to an organization’s success will pay long-term dividends to the future of the organizations that make up the oil and gas industry.
Jill Thompson, ICC’s Energy Practice Leader, emphasizes “Since the oil and gas industry is so cyclical, it’s vital that organizations treat both the remaining and departing employees with the utmost compassion. Knowing that the market will recover, it’s important for the departing employees to feel that they were treated with dignity upon their exit as its likely they will want to return to the industry. Outplacement coaching plays a huge role in lessening the emotional toll a layoff can generate for all involved, while providing the level of support needed during difficult times.”
For more information about how ICC can help propel your organization forward in the Oil and Gas industry with compassionate outplacement, visit our website or call us: (855) 865-4400.