Now plunge the Norwegian oil salaries – Dagbladet.no

(Dagbladet): Bonus Cuts and fewer consultant hours are among the reasons why executive pay in the oil sector on average has decreased by as much as 6.7 percent at one year, writes the organization leaders.

Before the decline in Norwegian oil – and gas production continued into summer 2014 was an average between executive pay at 840,500 million before tax. After the fall in prices and decline in orders, the average pay decreased to 784,000 kroner.

This is revealed in Norwegian Management Barometer 2015 a study conducted by the Work Research Institute (AFI) for leaders.

– It is natural that hard times affect wage levels in an industry. Yet it is surprising that the fall in prices last year would turn so quickly and noticeably out of their paycheck to middle managers in oil, gas and shipping industries, said Jan Olav Brekke, union leader of Supervisors, on the organization’s website.

Inspired by China Crisis

And both Russian politics and China in strong economic headwinds could cause the Norwegian oil downturn will last longer.

– It is interesting to draw the foreign trends in the Norwegian debate. It’s not been very much until now, but it is quite clear that economic slowdown in China will affect us, says communications manager Sverre Simen Hov of Supervisors to Dagbladet.

In Norway, the oil sector’s production peak in 2001, since then has lived well on high oil prices, which is now torn away.

– There is no doubt that the oil price and other commodity prices will be influenced by that China is struggling. We are an international oil market. Norway is a small country in a big world, says Hov.

Hov also points out that restructuring the oil industry started last year will also be enhanced in a few years.

– This will include inter alia bonus cuts and fewer consultant hours, says communications manager.

Weak short

AFI researcher Eivind Falkum, one of the authors behind this year’s leadership barometer, think salaries decline is partly because many jobs have been lost in the consulting industry and among the developer companies. Here wages are generally higher than in the operating companies.

– In addition, it is reasonable to assume that reduced activity and cost cutting has led to truncated bonuses and less overtime pay. The decline gave enough too weak cards in the spring wage negotiations, but how it turns out, we will first look next year, says Falkum Ledernes website.

According to calculations from Statistics Norway will investments in oil and gas operations in Norway falling by 15.5 per cent during 2015. The decline is leveling off in 2016.

Still on top

Despite the fact that executive pay in most other sectors are stationary or walking cautiously up, thrones oil, gas and shipping sectors still on top of industry statistics in Norwegian Management Barometer 2015.

In the square behind following leaders in the ICT and media sector, which on average earned 774,478 euros last year.

At the bottom of the list comes nursery managers and leaders in the growth and rehabilitation companies with gross annual salary of respectively 557,415 kroner and 464,148 kroner.

The leaders have 17,000 members and is an organization forledere and technical and commercial employees.