Companies that can embrace this new locational

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Unformatted text preview: Attract skilled foreign labor. Following the example of the Partnership between Statoil and the University of Texas at Austin, firms should increase cooperation with top foreign universities. They should sponsor science ­based competitions with cash prizes at the universities to increase visibility of their firm as a potential employer. Firms should better align results and rewards (career development, recognition, pay) for entry and mid ­level managers. They should invest in culture ­building programs that make their companies attractive. Firms should position themselves as being on the cutting edge of the sustainability trend and sell the opportunity to innovate around clean technologies. Challenge no. 2: Declining Oil Production Declining oil production reduces the home ­market size and opportunities for innovation. Recommendations: Work on a national agreement to open the Barents Sea for exploration and further develop stringent regulation, to force innovation around safety, enhancing recovery rates and environmental protection and sustainability. As part of their talent acquisition and growth strategies, oil and gas suppliers should target specific spillover technologies to related industries, such as renewable and carbon capture and sequestration. Firms should also further develop R&D satellite facilities in export countries in order to stay relevant to technological developments. Challenge no. 3: Internationalization (Market Opportunities and Geopolitical Risks) The oil & gas cluster in Norway 29 Recommendations: In support of seizing market opportunities for firms, government action should integrate trade and foreign policy interests to mitigate geopolitical risks. Norway should maintain the Norwegian...
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