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Consultants, I dunno

A Deloitte commentary about the oil and gas sector: 

...Then came the shale boom a decade ago and the industry ramped up its hiring. But problems started appearing in 2014 when the boom triggered a collapse in oil prices to US$50/bbl, and the talent narrative shifted to mass layoffs. From July 2014 to June 2016, the industry laid off 200,000 people. Additionally, the short-cycled nature of shales made hiring extremely cyclical. During 2014–2019, the sensitivity of OG&C employment to oil prices was at its highest, especially in upstream and oilfield services (OFS) sectors (see sidebar, “About 70% of jobs lost in 2020 may not come back by the end of 2021 in a business-as-usual scenario”).

The employment situation took a turn for the worse due to COVID-led slowdown of the economy and the resulting oil price crash, leading to the fastest layoffs in the industry—about 107,000 workers were laid off between March and August 2020, apart from widespread furloughs and pay cuts. Even the relatively stable sectors, such as refining and chemicals, reported up to 35,000 layoffs combined. Such large-scale layoffs, coupled with the heightening cyclicality in employment, are challenging the industry’s reputation as a reliable employer.

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