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Fall in value of black gold has a human price

Liam Kerr MSP
Liam Kerr MSP

The significant economic challenge facing the North Sea oil and gas sector, brought to a head by the fall in the oil price, is taking its toll in human terms.

As is often the case in a tightening market place, a number of companies are making redundancies to cut costs and rationalise their businesses.

Whilst this may be the only option available in the short-term, the long-term effects may be detrimental, particularly when market opportunities pick up again and a new wave of recruitment is required.

Following a redundancy exercise, employers may come up against various challenges including low morale and a ‘survivor mentality’ amongst remaining staff, with consequent reduced productivity, reputational issues, impact on a company’s credit terms and lost skills and expertise.

Alternative measures may achieve the necessary cuts in expenditure, while preserving a company’s longer term viability and marketability.

To read the full article, visit our sister recruitment site here

By Liam Kerr, senior associate at law firm CMS

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