The energy industry has long been characterized by cycles of booms and busts, profoundly impacting professionals and communities reliant on its stability. However, the current cycle is different, shaped by a convergence of technological innovation, geopolitical shifts and ambitious climate policies. The ongoing global energy transition is reshaping the nature of work, displacing many energy professionals and creating new opportunities in emerging sectors.
The changing energy landscape
Historically, energy professionals, particularly those specializing in hydrocarbons, have weathered the highs and lows of oil and gas markets. Yet, today’s challenges are unprecedented. Regulations mandating zero carbon emissions by 2050, significant government funding for renewable energy, and shifting investment priorities from fossil fuels to sustainable alternatives are disrupting the traditional energy workforce.
This cycle’s geopolitical underpinnings are distinct. Activist investors are increasingly channeling funds toward renewable energy projects, while tax incentives and government subsidies promote carbon capture technologies and green energy solutions.
These shifts are creating a dual impact: the decline of traditional roles such as hydrocarbon accountants and landmen and the rise of new positions in the renewable energy and sustainability sectors.
Impact on energy professionals
The human impact of the global energy transition is evident. Many skilled professionals have exited the energy industry altogether due to job displacement. This exodus poses a challenge for companies needing expertise in core areas while grappling with the demand for new skills in an evolving market. Upskilling and reskilling programs are now more critical than ever to support workers transitioning to new opportunities within or outside the industry.
SolomonEdwards has extensive experience supporting the energy industry during periods of transition. We provide tailored consulting solutions for both individuals and companies navigating the industry’s complexities and cycles of expansion and compression. We also partner with industry organizations such as The Global Energy Transition (GET), a nonprofit organization that provides support to displaced energy professionals in career transition. SolomonEdwards was honored to receive the organization’s “Hero of the Community” Award of Excellence in 2024 for our focus on helping energy professionals leverage transferable skills across industries.
For example, here are some ways this concept has worked in practice:
The COVID-19 pandemic caused a significant reduction in global energy consumption as lockdowns and travel restrictions were implemented.
This resulted in a downturn in the energy industry, while at the same time interest rates were at a historically low rate, causing a boom in mortgage lending and a shortage of title professionals needed to close the record number of loans. With mortgage companies facing staffing shortages, SolomonEdwards redeployed displaced landmen to conduct title searches for mortgage banks, facilitating record-high loan closings in the low-interest rate environment. Similar creative solutions have addressed expertise gaps in areas such as hydrocarbon accounting, global accounting standards implementation and technology upgrades such as SAP S/4HANA.
Preparing for the future
The future of the energy workforce will be shaped by both the policies of the incoming administration and global market dynamics. Under the Trump administration, the focus on increasing gas exports and oil drilling permits should benefit traditional energy jobs. Conversely, this may slow momentum in the renewable energy transition, potentially creating a divide between sectors viewed as “winners” and those facing possible setbacks. Winners may include oil and gas producers and infrastructure developers, while renewable energy projects reliant on federal support could face challenges.
Regardless of political shifts, the long-term trajectory points toward sustainability. Companies must remain agile, embracing innovation while preparing their workforce for the skills needed. Energy professionals will need to blend traditional expertise with emerging skills for new technologies and sustainability. The ability to innovate, adapt and collaborate in a global economy will be critical in navigating the complexities of the global energy transition.
Disruption meets opportunity
Workforce trends highlight a pivotal moment of change in the energy industry, where disruption and opportunity coexist. SolomonEdwards is committed to continuing to partner with skilled energy professionals and industry leaders to address the challenges ahead and uncover new opportunities. Together, we can prepare for the future—whatever course it may take—by fostering adaptability and resilience.
About the Author
Margaret Stribling, CPA, PMP, serves as a Managing Partner with SolomonEdwards, where she leads accounting and finance transformation initiatives within the energy, manufacturing and industrial supply verticals. With over 25 years of experience in accounting, finance and business transformation, her expertise includes program and project management, business process improvement, financial reporting, and transaction advisory and support.
