As we celebrated International Women’s Day, we considered a few of the many women making waves in the upstream sector. From engineers to upper management, women are making their mark on the industry.
There is a reason why diversity is frequently paired with inclusion. It’s not enough to simply be diverse—people from a variety of backgrounds must be included in the important conversations and in the decision-making process if oil and gas companies hope to fully leverage the benefits of diversity.
We need to be more diverse because the industry is transforming—now more than ever, we need a diverse set of viewpoints to drive oil and gas into the future, whether that means tackling digital transformation, considering the opportunities presented by the energy transition, or cutting costs across the board.
A study by Boston Consulting Group noted that companies which had more diverse management teams also had 19% higher revenues, thanks to innovation.
It’s the same reason that the region’s national oil companies are focusing more heavily on foreign partnerships. When you interact and partner with someone who has a different set of experiences, knowledge, and expertise than you, both parties benefit. This is the same principle behind diversity and inclusion.
By fostering diversity and a mindset of inclusion, oil and gas companies stand to gain a wealth of experience from people with different viewpoints and ways of approaching challenges. This is a key driver of innovation across industries.
“The case for establishing a truly diverse workforce, at all organizational levels, grows more compelling each year,” writes Vijay Eswaran in a 2019 report for the World Economic Forum. “The moral argument is weighty enough, but the financial impact – as proven by multiple studies – makes this a no-brainer.”
The simplest explanation is that in an industry with a talent gap, oil and gas executives are ignoring around 50% of existing talent. But taken to its true potential, women are not just filling a talent gap—they are bringing to the table their own backgrounds and experiences which can help create a more innovative work environment, open to new ideas and ways of doing business.
Going forward, the old ways will not be enough—the oil and gas sector has been transforming for some time, but the COVID-19 pandemic has exposed its weaknesses, and to survive through crises, the energy transition, and beyond, we need new perspectives as soon as possible.
Diversity also means a diverse range of work roles; if women are entering the industry, but are relegated to the same roles over and over again, the sector loses out on benefits across the company. The ideal would be to have a diverse group of people in each team throughout the organization, so that the full potential for innovation can be realized.
Of course, diversity and inclusion is not exclusive to women, the same benefits exist in considering nationality, ethnicity, age, and other identifying factors when hiring. The more diverse your teams are, the more opportunities for growth and innovation you are bringing into the company.
