As the economy continues on its path to a slow but steady recovery, it seems, more and more industries are showing promising signs of growth. Contractors operating in the oil and gas sector have a lucrative year on the horizon as 2014 see's temporary contractor pay rates on the rise.
The latest annual review from the Oilandgaspeople.com, based on 10,000 North Sea oil and gas workers has revealed that 69% of workers show confidence in the growth and success of the industry. The majority of those asked, were also confident that pay rates will continue to increase, with over 84% predicting rises of between 5-10% for 2014. The report highlighted that an extra 20,000 vacancies will be created in the industry during 2014.
2013 already showed significant improvements for those operating in the industry with 68% indicating that they had already obtained significant pay rate increases and 29% highlighting how their pay rates had increased by 5%. A portion of those surveyed mentioned that 2013 had already brought them large pay rate increases, rising between 20%-30%. This increased the average annual income from £73,000 to £80,960 over the period of 12 months.
Kevin Forbes, CEO of Oilandgaspeople.com claimed "The competition from overseas is putting pressure on wages as demand is beginning to outstrip supply for qualified oil and gas workers". Given this, it seems that the war on talent is becoming a common topic among growing industries in the UK, leaving highly skilled contractors in a promising position.