The oil and gas industry reported some of the highest wage growth compared to other industries in 2013. Wages in the oil and gas industry have increased by 18 percent since 2006, according to PayScale’s quarterly index, and an additional 0.7 percent increase in wages is expected for the first quarter of 2014. A slight dip in 2013’s compensation increases gave way to the oil and gas sector experiencing the most growth in PayScale’s 2013 Index.
In 2012, the median pay for professionals in the petroleum engineering industry was approximately $130,280 annually, with an average hourly wage of $62.64, according to the U.S. Department of Labor’s Bureau of Labor Statistics. To sweeten the deal for oil and gas engineers, the job outlook appears positive, with a 26 percent job increase expected by 2022 – a rate much faster than most sectors.
As wages slowly climb and more workers are brought into the industry, it will be crucial for employers to utilize compensation management software that helps to track employee salaries. Human resource and payroll departments will see an influx of operational responsibilities as a high volume of workers are hired or promoted. In order to cut back on time-consuming paperwork and lessen the number of payroll errors, software that features total compensation management is necessary.
Not only do compensation dashboards help companies better manage payroll accounts, they ensure organizations aren’t accidentally under or overpaying employees so financial resources are secure. Many businesses that already use compensation software often utilize incentive compensation and merit increases to help workers reach greater income potential. When workers believe their efforts can result in higher pay, they are more likely to perform better in order to achieve their salary goals, resulting in a win-win situation for both the company and its workers.
