KPMG stresses on workforce diversity

DOHA: At KPMG’s recent 16th global energy conference, held in Texas earlier this month, the firm announced that for the first time, it has an all-female global leadership team for its Energy and Natural Resources (ENR) industry group.

The appointments demonstrate the firm’s commitment to gender diversity and women’s empowerment, as embracing diversity is one of the firm’s values. Talent management was one of the hot topics at the conference, in particular, the shifting expectations of the millennial workforce.

Gopal Balasubramaniam, Head of ENR for KPMG in the Middle East and South Asia, and Partner at KPMG in Qatar, said: “The world’s social and economic environments are continually evolving, and it is certain that the mindset and expectations of those who will lead the world’s businesses and governments in the future will similarly change.”

He added: “Within the ENR industry, millennials will be looking for different things from their careers than the outgoing 20th century workforce, with job satisfaction, environmental credentials, accelerated career progression and the need to be constantly challenged becoming increasingly important. Oil and gas firms must invest in understanding how they can meet these needs, to ensure that they are able to recruit and retain new talent, which will be essential for the business’ survival.”

The conference also looked at the role of national oil companies (NOCs) in the industry. Many NOCs are now operating in different geographies, and have been investing in bringing on board qualified and experienced personnel.

On this Balasubramaniam noted: “With government support and increasingly skilled workforces, NOCs are creating a more competitive industry and posing a challenge to independent oil companies. In-line with this global trend, in recent years, we have seen Qatar Petroleum (QP), investing in oil and gas assets overseas, both independently and jointly with the IOCs.

With this approach, QP has been able to increase its footprint in different parts of the world.

Technology, and the role it plays in the industry, was also a primary focus at the conference, which was titled “Powering the future with next generation of energy”. Common discussion topics included digitization and automation of operations and processes, including digital oil fields, robotic process automation and cognitive contract management solutions.

Balasubramaniam said: “Finding efficiencies and cost savings will be increasingly important for oil and gas companies in the future, as we are likely to see a drop in demand for natural resources and fossil fuels due to development of new renewables and increased use of these. Similarly, there is a common expectation that by 2040, most countries will have a vast majority of cars running on electric power, which will lead to a reduction in the reliance on oil as a fuel, creating further need for oil and gas companies to find ways to stay competitive.”