Is FIFO Driller a good job?
But for many FIFO drillers out there, drilling is the perfect job, especially for those looking to save up a nest egg and break into the property market. How do you become a FIFO Driller?
What is FIFO and how does it work?
FIFO stands for “First-In, First-Out”. It is a method used for cost flow assumption purposes in the cost of goods sold calculation. The FIFO method assumes that the oldest products in a company’s inventory have been sold first. The costs paid for those oldest products are the ones used in the calculation. How Do You Calculate FIFO?
How do you calculate FIFO?
How Do You Calculate FIFO? To calculate COGS (Cost of Goods Sold) using the FIFO method, determine the cost of your oldest inventory. Multiply that cost by the amount of inventory sold.
What is the FIFO program like for Aboriginal people?
FIFO can be a great opportunity offering several benefits however, being away from home and family for long periods of time can impact your lifestyle. For an Aboriginal person, this can be challenging as family is such a big part of Aboriginal culture.
What does FIFO stand for in drilling?
FIFO (fly-in fly-out) is a popular working arrangement in the mining, construction, oil and gas industries. FIFO employees fly in to their work site for the duration of their roster, before flying home.
How much does a FIFO driller earn in Australia?
Driller jobs vary but usually start at $33.00 an hour, $2,500 a week, or $90,000 a year. It's a great starting rate, but remember these rates are most often for 12 hours days for consecutive days in a row.
How much does a driller earn in Australia?
How much does a Driller make in Australia? The average driller salary in Australia is $97,500 per year or $50 per hour. Entry-level positions start at $78,577 per year, while most experienced workers make up to $115,908 per year.
What are the duties of a driller?
Drillers are often responsible for verifying drill locations, choosing suitable equipment, running and monitoring the drill, and enforcing safety procedures. They may also have to troubleshoot problems or make minor repairs.
Where do FIFO workers live?
8. 4.16 A wide range of accommodation options are used to house FIFO workers, including: the rental of residential properties in towns; hotel and motel accommodation and accommodation villages or, as they are often referred, camps.
Do drillers make good money?
While ZipRecruiter is seeing annual salaries as high as $94,000 and as low as $28,000, the majority of Driller salaries currently range between $40,500 (25th percentile) to $65,000 (75th percentile) with top earners (90th percentile) making $80,500 annually across the United States.
What is an Australian FIFO driller?
Fly-in fly-out is a method of employing people in remote areas by flying them temporarily to the work site instead of relocating employees and their families permanently. It is often abbreviated to FIFO when referring to employment status. This is common in large mining regions in Australia and Canada.
Is drilling a hard job?
One of the best entry-level roles for someone looking to get into the mining industry is as a Driller's Offsider. We won't lie though, it's a bloody hard job physically, but the rewards are definitely serious.
How long does it take to become a driller?
It is possible to work as a Driller without formal qualifications, however a Certificate III or IV in Drilling may be beneficial. You may be able to complete these qualifications as part of an apprenticeship. Entry requirements can vary, but completion of Year 10 is generally required.
How do I become a driller?
Becoming an Offshore DrillerGraduate high school or earn a GED. ... Apprentice on a land rig for experience. ... Sign on as a roustabout. ... Get promoted to roughneck. ... Work your way up to pumpman, then derrickman. ... Secure an assistant driller position. ... Aim for rig manager or go back to college.
What are the specific skills of a driller?
Typically, good critical thinking, excellent communication skills, steady hands and good coordination make up the skills toolbox for a driller. There are two main well control certifications, with many companies wanting at least one.
What is it like being a driller?
Working on a drill rig involves labor-intensive activities such as heavy lifting and manual handling. For example, as a driller assistant, specific physical duties might include: Working with a driller to move and set up equipment to get the drill running. Ensuring the rig is fueled at all times.
What does FIFO mean in accounting?
FIFO stands for “First-In, First-Out”. It is a method used for cost flow assumption purposes in the cost of goods sold calculation. The FIFO method assumes that the oldest products in a company’s inventory have been sold first. The costs paid for those oldest products are the ones used in the calculation.
Why is FIFO preferred?
The advantages to the FIFO method are as follows: The method is easy to understand, universally accepted and trusted. FIFO follows the natural flow of inventory (oldest products are sold first, with accounting going by those costs first).
Why is the LIFO method understated?
The value of remaining inventory, assuming it is not-perishable, is also understated with the LIFO method because the business is going by the older costs to acquire or manufacture that product. That older inventory may, in fact, stay on the books forever. Investors and banking institutions value FIFO because it is a transparent method ...
Why do investors value FIFO?
Investors and banking institutions value FIFO because it is a transparent method of calculating cost of goods sold. It is also easier for management when it comes to bookkeeping, because of its simplicity.
Is FIFO overstating profit?
A company also needs to be careful with the FIFO method in that it is not overstating profit. This can happen when product costs rise and those later numbers are used in the cost of goods calculation, instead of the actual costs.
Is the FIFO method legal?
Both are legal although the LIFO method is often frowned upon because bookkeeping is far more complex and the method is easy to manipulate.
How does FIFO work?
FIFO (as well as DIDO) work forces create a temporary rise in population of the regional communities that they are assigned to. This in turn can put pressures on the existing population's living space capacity and resources as the existing businesses fail to receive increased sales due to lack of reciprocity of FIFO organizations. This is supported by findings from Canada which suggest that the all-encompassing services provided at mining camps reduce the ability of fly-in workers to integrate into local communities by buying goods and services from local businesses or joining local organizations. Improved integration practices as well sharing resources are necessary for FIFO organizations to encourage employees into more community participation. The local towns also argue that more effort should be given towards making local employment and residential options available.
Why do local communities prefer FIFO workers?
The local communities prefer for FIFO workers to purchase homes in the area and have more permanent opportunities because it would benefit the local economy . However, mining companies prefer not to provide permanent residencies such as company towns to FIFO workers because it saves the company money.
What is the impact of absent FIFO parents on their children?
The impact of absent FIFO parents (primarily fathers) on their children and schooling has yet to be the subject of a major study, but it is likely that the separation anxiety experienced by the children of FIFO workers is similar to that of military families before , during and after deployment .
What is a fly in fly out?
Fly-in fly-out is a method of employing people in remote areas by flying them temporarily to the work site instead of relocating employees and their families permanently. It is often abbreviated to FIFO when referring to employment status. This is common in large mining regions in Australia and Canada.
Is there a support policy for FIFO workers?
Australia. In 2015, the Western Australian government instituted a support policy for FIFO workers. Mining companies like Fortescue Metals Group estimate that it would cost the company an additional $100,000 per person per year to employ them in residential positions rather than as FIFO workers.
Is there better compensation for a FIFO employee?
For example, there is better compensation being a FIFO employee rather than a local worker due to allowances given for being away from home.
Fly in Fly out
A FIFO worker will fly to a job site to work, depending on the length of their roster ( more commonly known as ‘swing.’) The swing could be anything from one to three weeks and then the employee will fly home.
Drive in Drive out
DIDO workers drive themselves to the mine site and stay onsite for the duration of their roster. Some D.I.D.O workers report that the long distances they are forced to drive at the end of an extended night shift can cause them to fall asleep at the wheel.
Bus in Bus out
BIBO workers will be collected from the airport, or a specific location and taken to camp by bus.
Residential
Some mine sites are located in regional areas, and the company hire from the local communities. You will need to relocate or be living in the local area. Some sites will provide daily transport to and from the mine.
How long does FIFO work?
There is a reason that FIFO work pays so well – there is a trade-off. Being away for 2 weeks, 3 weeks, or even 4 weeks at once can be a serious challenge for relationships – especially if you have a young family.
What is the minimum BMI for drilling?
Some sites have strict BMI (body mass index) restrictions of no greater than 35, due to site and climate conditions; so if you’re serious about a drilling job, it may be time to get yourself an appointment with a dietician and a personal trainer.
Do you need a C class for surface drilling?
All surface-drilling jobs will require you to have your HR licence. For an Underground Drilling role, you will get by on a C class, but the first step towards getting a surface drilling job is to go and get your HR licence.
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Summary
Fly-in fly-out is a method of employing people in remote areas by flying them temporarily to the work site instead of relocating employees and their families permanently. It is often abbreviated to FIFO when referring to employment status. This is common in large mining regions in Australia and Canada.
Similar to the fly-in fly-out roster is the DIDO (drive-in drive-out) roster, which has essentially the s…
Overview
Rather than relocating employees and their families to a town near the work site, the employees are flown to the work site, where they work for a number of days, and are then flown back to their hometowns for a number of days of rest.
Fly-in fly-out is very commonly used in the mining and oil and gas drilling industries, as mines and wells are often in areas far from towns. Generally, such sites use portable buildings since there i…
Psychological effects
Fly-in fly-out employment can put stress on family relationships, and the phenomenon may stifle regional development. There is a high mental cost to the workers and their families, with several government inquiries into its detrimental effects.
The impact of absent FIFO parents (primarily fathers) on their children and schooling has yet to be the subject of a major study, but it is likely that the separation anxiety experienced by the childre…
Australia
In 2015, the Western Australian government instituted a support policy for FIFO workers.
Mining companies like Fortescue Metals Group estimate that it would cost the company an additional $100,000 per person per year to employ them in residential positions rather than as FIFO workers. In Port Hedland alone the company could save $33 million a year if it was to convert its 330-strong work force from residential to FIFO, the company estimates. The much higher cos…
Effect of the COVID-19 pandemic
Regular travel across jurisdictional boundaries, and living in close proximity are inherent to this type of work, which causes major challenges during the social distancing measures used during the COVID-19 pandemic.
Further reading
• Garrick Moore: Mining Towns of Western Australia ISBN 1-875449-34-5, published: 1996
External links
• Rio Tinto's Fly-in Fly-out information
• Workforce Turnover in FIFO Mining Operations in Australia: An Exploratory Study A research report by Centre for Social Responsibility in Mining and Minerals Industry Safety and Health Centre Summary Report