I believe that nothing good awaits us next year either. I’m not at all optimistic. I am one of those who are recent hires and I believe the best advice for me is the one someone has already mentioned on the forum, and that is to plan an exit strategy. I just wonder which one is the best.
I hope we all manage to find a new job quickly.
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Interesting point. You will enter as an engineer and progress to an analyst/quasi-accountant. Engineers hardly ever perform any engineering related tasks, most are contracted out to Worley/Flour etc. Engineers are mostly engaged in P&B activities and many work in the Controller's organisation as an extension of the BAR group.
A valid question in uncertain times. If you are early in your career, it's an opportunity to introspect if whether this is the industry you want to work for the next 30+ years?. Personally I'd consider it a blessing to move out. Depending on your functional skills, try applying to other industries for any allied roles after tailoring your profile and resume accordingly. LinkedIn and Indeed are good places to start. If your skills are very specialized, consider upskilling or diversifying by pursuing higher education if you are interested. If you have big social network, consider tapping onto that. I unfortunately can't comment about mid-late career switch strategies due to my own limited experience. I wish you the very best.
- A laid off EIT
What do you mean by exit strategy? Each person case is different based on their career stage, family and financial condition. If you are young and recent hired (less then 5 yrs with the company), it’s very easy for you to move out. You can also go for higher studies with full funding/scholarship ( most of Imperial employees university result are super high) by considering current situation. Or can choose to go for other industries (salary can be 5 to 10% lower, still better than Imperial as your salary will increase with time where at Imperial either you will loose your job or your salary will decrease with high pressure with double work load).
If you have lot of money you can start to open your own business.
Another option is to look for oil and gas jobs with other Companies or countries when things start to move again. There are many companies or countries do their work by themselves rather than sending their task to cheap places for garbage and low quality work. Unfortunately, Imperial has choose to keep clerk /admin / coordination type task in Canada and sending all interesting / technical task to overseas. Thus, you are not getting opportunity to grow here in your own field. By the name of digitalization IOL is converting all bright young engineers to a clerk / analyst. Mid to upper Management target is to send almost all work to overseas as they only want to keep high salary / profit for them only, they won’t hesitate to fire 50% of workforce for that within next 2 yrs.
Always have an exit strategy. O&G isn’t dead but it is a declining industry.