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Market Survey of Wages and Benefits Paid By the Competitors
In order to be competitive in the oil and gas market, there are several considerations to put in place. Such considerations include the competitors, their employee compensation benefits, and the labor market (Kelsey 195). Therefore, it is imperative for any company that aims to remain relevant in this business to review constantly its involvement in the aforementioned areas. The compensation to the company’s employees should come at the tip of these considerations. Secondly, the company’s competitors should have the second most priority in consideration. Lastly, the company should asses the trends in the general labor market to acquaint itself with relevant information. This analysis is as outlined in the following paragraphs.
Employee compensation
Engineers
The main categories of engineers that deserve maximum attention include almost every field of engineering with much focus on electrical, chemical, and petroleum engineers. These three categories of engineering are integral to the functioning of the oil and gas companies. Therefore, any company with an aim of entering into this business or planning to become more competitive should consider looking into its compensation of the employees falling in these categories at the entry, middle management, and senior levels. Hence, their promotions, employee motivations, salaries, remunerations, allowances, plus other benefits accrued to them should be at the core of the company and reconciled with other competitor companies’ treatment to such employees to avoid cases of drifting of highly skilled employees in search for green pastures.

Clerical employees
Apart from the engineers, the clerical employees play an integral part in the running of the oil and gas companies. This category of employees is involved in the daily basic activities of the company. They help to maintain the relationship within the company and even between the company and its environment. A healthy relationship is key for any company to thrive and compete effectively. Therefore, it is critical that a company seeks to hire and retain competent clerical staff (Kelsey 208). Consequently, it calls for competitively good compensation that is harmonized with the compensation of the competitors in the market.
Senior management
Senior management staff is actively involved in the daily planning, supervision, and administrative processes within a company. Therefore, they are extremely delicate since they highly determine the success or failure of the company. Consequently, without their proper handling and compensation, they are likely going to frustrate the running of the company. Consequently, any company in the market should ensure that the compensation of its senior management staff is reconciled with that of its competitors. Further, the company should put in place mechanism to ensure high motivation levels for its highly skilled senior management staff for purposes of its retention.
Competitors
The American oil and gas market is mainly composed of about four main players. These include Exxon Mobil Corporation, Royal Dutch Shell, PLC, Chevron Corporation, and Valero Energy Corporation (Kelsey 196). All of these companies have varying terms of their internal and external engagements. Therefore, any company seeking to have an edge over the others or to enter into the market and remain relevantly competitive, it must study both the internal and external terms of engagement of all other companies relating to employee compensation and motivation, code of conduct, customer and public relations among others.
Labor market
The employees in the oil and gas market are not exclusively bound to this field (Kelsey 201). They can still get employment in another area of the economy. Therefore, for retaining highly skilled labor force, the company in the oil and gas industry must assess the way other firms treat the highly sensitive employees such as engineers, clerical staff, and senior management. The aim of this assessment should be making decisions that will ensure the company remains competitive in all its spheres of operations.
Works Cited
Kelsey, Timothy W., Mark D. Partridge, and Nancy E. White. “Unconventional gas and oil development in the United States: Economic experience and policy issues.” Applied Economic Perspectives and Policy 38.2 (2016): 191-214.