Oil and Gas Investor – Retaining Top Talent during the Oil Downturn

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Oil and Gas Investor – Retaining Top Talent during the Oil Downturn

Following a five-year boom, the oil industry is experiencing a downturn due to falling prices at the pump. Steven Goodman, who leads Egon Zehnder’s Energy practice, says executives at oil companies can take advantage of this time to strengthen and enhance their core leadership teams. Writing for Oil & Gas Investor, Goodman explains how CEOs who retain top talent generally focus on five leadership practices: turning company survival into a collective journey; utilizing the board for their perspective; honesty and transparency with employees; simple self-awareness; and building a healthy team culture. “Downshifting from leading to managing is only one type of regression that can occur in high-stress situations,” Goodman warns. “CEOs need to be particularly self-aware and on the lookout for common leadership derailers. A history of trust between the board and CEO allows the board to give unvarnished feedback in this critical area.”

Full story: Steven V. Goodman: Leveraging the Downtown, an article for Oil and Gas Investor (1 July 2015).