Women in the Oil&Gas Industry By 2025, millennials and Generation Z who actively support diversity and inclusiveness are going to amount to 75% of the workforce. If your business does not meet their values, you are not going to win the war for talent.[i]
Stereotypes around gender roles are very common in such male-dominated workplaces as the O&G industry. The percentage of women working in the fields still fairly reaches 15 %, and numbers of females who occupy leadership and senior positions are even smaller – 6% and 1% for functional and operational roles respectively.
At KSM Lubricants, we firmly believe that barriers, which deter women to enter the O&G industry, might and shall be eliminated. So, following the bright example of the 25th anniversary
edition of the Lubes’n’Greases magazine, we conducted our own research on gender discrimination. This inspired us to explore the wide-spread gender biases and set the goals on development of gender parity for the years to come.
Let’s analyse the results of our research and observe why diversity becomes the next business target of KSM Lubricants and a solution that any company needs for constant
progress and stimulation of creativity.
Women’s Representation in the O&G industry Since the middle of 1970s, many attempts have been made to encourage female participation in STEM, O&G industry, and some other fields that are considered often as male.
Vocational and postgraduate qualifications were among the benefits available for women at that time.
Today, governments continue trying to eliminate the status quo for women by offering varied scholarships, internships, and mentoring programs. Despite it all, the level of female
representation in O&G is still rather low in comparison with other industries.
In the table attached, you may find data on women’s representation in different industries, including the O&G one[ii].
More than 350 companies have been analysed. The numbers demonstrate that by comparison, the O&G industry occupies the lowest positions on gender diversity.
Furthermore, according to the statistics of the McKinsey research, the unfortunate tendency is that at the subsequent stages of career development, the number of women in O&G drastically declines and a very few women occupy high managerial positions in the industry.
Women’s Representation in KSM Lubricants As for our company, the overall number of KSM Lubricants employees makes 95, and women work not only in the main office but also in laboratory, quality control, and engineering departments. All women employed in the company, have a higher education degree, including engineering and chemistry areas of study. In the table below, you may find data on the percentage of women who are, currently, working in KSM Lubricants.
Representation of women in our company differs depending on the type of a position, being at top ( i.e. ≈ 30%) for positions in the main office and in the laboratory, and demonstrating the lowest levels (i.e.≈ 8% and 0% respectively) for engineering and manufacturing positions.
Key Benefits to Have Women in Business and on Board According to the latest studies, organizations with a high representation of female leaders demonstrate by far better business performance. That’s quite a consideration for O&G companies that lately struggle to bring new vision on board. Some major benefits of stimulating gender equality include the following:
§ Improving customer orientation and, as a result, financial performance Women are the major consumers as statistics prove – around 85 % of purchases are made by women.
Just imagine, what an insight the company might get once female vision is brought to the table. Correlation between the number of females on board and the financial success of the company was researched by the Peterson Institute for International Economics. As found, an increase in gender diversity by 30% led to the 15% increase in profit[iii].
Women have better soft skills crucial for effective leadership Emotional intelligence is a major strength of women and, also, their important competitive leadership advantage. Women are more empathic, more flexible, and ethical when communicating with others, and have by far better mentorship skills. Such skills help to improve the corporate culture and foster team
building within any organization.
Diversity helps to enhance problem-solving and maximize innovation Finally, the increased representation of women also means the variety of worldviews that might help to create better and more comprehensive business solutions as well as bring diverse perspectives on risk mitigation. In this simple way, diversity makes your team smarter and more competitive.
Let’s break the stereotypes In KSM Lubricants, we understand that, at this stage of our business development, - it is crucial to bring diversity into the company’s management. We
strive to keep up with the pace of all the changes and make our business more flexible and effective. And believe that women may help to create core values of our company and become leaders who inspire.
i Yanosek, K., Abramson, D., & Ahmad, S. (2019). How Women Can Help Fill the Oil and Gas Industry’s Talent Gap. McKinsey & Company.
[ii] Rick, K., Martén, I., & Von Lonski, U. (2017). Untapped Reserves: Promoting Gender Balance in Oil and Gas. BCG.
[iii] Noland, M., Moran, T., & Kotschwar, B. (2016). Working Paper. Is Gender Diversity Profitable? Evidence from a Global Survey. Peterson Institute For International Economics.