G ood afternoon, readers, and happy Friday to you! We are thrilled to bring you this week’s edition of the Beeline Weekly Roundup. As always, we've come prepared with the latest workforce news. This week’s headlines include some eye-opening statistics about headcount in the oil and gas industry, as well as some insightful projections for the next generation of procurement staff. We will also explore the often-understated role of CFOs and finance’s involvement in today’s contingent workforce management (CWM) programs. Without further ado, let’s explore these top headlines in more detail.
Survey Finds 36 Percent of Oil and Gas Execs to Lower Headcount in 2015 (via Staffing Industry Analysts)
According to a survey conducted by Pearson Partners International, the oil and gas industry may experience some headcount reductions in 2015. The survey found that 36 percent of oil and gas executives expect to lower headcount, 22 percent expect to grow headcount, and 42 percent expect headcount to stay the same in 2015. Survey participants cited three main challenges that they expect to experience in the near future, including the retirement of key personnel, the shortage of technical talent, and the lack of leadership talent. Lower gas prices will create a challenge for the industry in 2015 as well. Regardless, most survey respondents indicated an optimistic five-year outlook for the industry.
Do You Know Who Is On Your Procurement Team? (via Procurement Leaders)
According to the 2015 Trend Report, a research report created by Procurement Leaders, succession planning is a challenge for today’s chief procurement officers (CPOs). They stress the importance of examining the ratio of different age generations within today’s organization to determine the outlook of procurement staff. For example, research has found that approximately 33 percent of the current workforce in the United Kingdom consists of Baby Boomers, which means that in the next two to three years, CPOs will see much of their senior leadership retire. In addition, statistics also say that millennials will comprise approximately 75 percent of the entire global workforce, reflecting significantly different motivations and ambitions than other generations. Procurement Leaders urge CPOs to understand the different generations represented on their teams, as well as the expectations and idiosyncrasies that exist among each generation. This is key to understanding how they will best perform and advance in the workplace.
The CFO’s View of Contingent Workforce Management (via CPO Rising)
When we think of the people responsible for operations, processes, and capabilities involved in the world of contingent workforce management (CWM), we often think of the burden falling on the shoulders of procurement or human resources (HR). In this article, CPO Rising challenges us to consider how the CFO and finance functions fit into the picture. First, visibility is the key to understanding the ramifications of contract talent, and as the CFO is the leader of visibility enhancement efforts, it is important to involve the CFO in CWM intelligence. Second, the link between cash and talent requires a CFO’s involvement. Most non-traditional talent requires a certain skill set, which aligns with milestones, delivery dates, and other projects that affect greater enterprise cash flow. Finally, CFOs play a valuable role in planning and budgeting for the future, as they can estimate future utilization of talent, the funds needed for labor, and well as forecasted financial ramifications.
Those are just some of the stories making top headlines this week. Be sure to bookmark the Beeline Blog and tune in next week for another great blog post and Weekly Roundup. Have a great weekend, readers, and stay warm!