As an industry already undergoing significant transformation, the drop in oil prices coupled with the global impact of COVID-19 has certainly sent shockwaves through energy and mining organizations.
The industry is expecting long-term effects: in a spot poll conducted by Mercer in March 2020, over 60% of companies reported anticipating a moderate-to-high or high impact on their financials due to low oil prices.
Additionally, they believe prices will remain low for more than 12 months—the implications of this are huge. On top of that, companies are dealing with grounding of rotational employees due to border closures, potential layoffs, and shifting their total rewards strategies.
Mercer has the data and insights you need to make critical decisions in the current environment.