E&P firms face significant people risk when resourcing projects in challenging locations such as the Bakken and Permian Basin. The U.S. shale boom has been touted as the most significant energy development in decades. Although the economic benefits have been much lauded, such rapid economic expansion comes with growing pains, specifically in the form of attracting and retaining talent. Rising employment in the oil and gas industry has increased competition for an already limited highly skilled workforce and has caused talent shortages, challenges in succession planning and higher turnover rates as companies resort to poaching talent from one another. This has led to increasing levels of risk associated with staffing a growing number of positions, particularly in shales. Areas that face some of the greatest hiring challenges include Midland and Odessa in West Texas and Williston and nearby Dickinson in North Dakota. These areas are part of booming shale markets where firms are focused on ramping up hiring and growing their footprints. Challenges facing businesses in these areas already include limited local talent pools and a chronic lack of housing and other critical infrastructure.
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