On August 4th, the oil and gas sector suffered a double blow, with two rounds of job cut announcements that saw more than 12,000 staff face an uncertain future.
British Gas revealed it would chop 6,000 jobs – half of which would come from redundancies, and most in the UK. Shell also announced 6,500 job losses.
The cuts have come despite both making millions in profits. First half profits at British Gas’ residential arm increased to £528 million (up £265 million), while Shell said its profits fell 35 per cent, but were still $3.4 billion. These recent announcements have caused speculation about how attractive the once formidable oil and gas sector is, and whether HR directors will find it hard to attract the talent in at the price and composition that they need.