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Market Survey of Wages and Benefits Paid By the Competitors
In order to be competitive in the oil and gas market, there are several considerations to put in place. Such considerations include the competitors, their employee compensation benefits, and the labor market (Kelsey 195). Therefore, it is imperative for any company that aims to remain relevant in this business to review constantly its involvement in the aforementioned areas. The compensation to the company’s employees should come at the tip of these considerations. Secondly, the company’s competitors should have the second most priority in consideration. Lastly, the company should asses the trends in the general labor market to acquaint itself with relevant information. This analysis is as outlined in the following paragraphs.
Employee compensation
Engineers
The main categories of engineers that deserve maximum attention include almost every field of engineering with much focus on electrical, chemical, and petroleum engineers. These three categories of engineering are integral to the functioning of the oil and gas companies. Therefore, any company with an aim of entering into this business or planning to become more competitive should consider looking into its compensation of the employees falling in these categories at the entry, middle management, and senior levels. Hence, their promotions, employee motivations, salaries, remunerations, allowances, plus other benefits accrued …