Move over Wall Street titans and Silicon Valley giants. When it comes to paychecks, Big Oil now looks like the best bet for U.S. workers.Click here to continue reading.
Spurred partly by the shale boom, the median pay for energy workers last year was $123,000, according to data newly mandated by the U.S. That topped all sectors, including utilities, tech and health care. While energy chief executives made an eye-popping 120 times more, the gap with their employees was still the second-smallest among all industries.
What’s fueling this paycheck potency? First, a reliance on geologists, petroleum engineers and other highly skilled, well compensated professionals. Add to that the efforts needed to retain expertise -- and lure young talent -- after the recent oil price rout led to hundreds of thousands of job losses.
“They had to retain critical employees at almost any cost,” said Bill Arnold, a former Royal Dutch Shell Plc executive who now teaches energy management at Houston’s Rice University. “Companies had little managerial flexibility.”
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