As an aging workforce continues to reach retirement, replacing this expertise is critical to the continued development and success of energy firms; but global commercial and sociocultural pressures are a challenging barrier to overcome when attracting and retaining talent across the industry.
As future generations prepare to enter the workplace, the attraction of the energy industry is being diluted by: a global focus on climate change and social responsibility; values such as work/life balance, job satisfaction and job security outweighing salaries; declining appetite to relocate; and the appeal of alternative and technologically-capable industries.
Attracting and retaining talent is an immediate challenge for energy firms. Over the next 10 to 20+ years, these challenges will change. The shift away from hydrocarbons and towards renewables will gather momentum, demanding new skills and providing new opportunities for energy firms to develop their workforce. Responding to these changing challenges will demand evolution for energy firms.
For firms which invest in training and development, their employees will remain engaged and loyal. Working with a specialist talent and rewards team with an industry focus will enable organizations to identify and address both challenges and opportunities in attracting and retaining talent.
A robust strategy for attracting and retaining talent should consider:
Technology
- Health & communications
- Benefits technology
- Employee engagement
- Pensions technology
- HR management tools
Pensions
- DC pensions
- Consultancy from moving from DB to DC pensions
- Medical, dental, EAP
- Well being strategies
Risk
- Risk insurance
- Life, accident, disability
- Risk strategies for FAB
- Risk data analytics
- Consultancy around risk benefits design
Health
- Health insurance
- Medical, dental, EAP
- Consultancy around health benefits design
- Well being strategies
- Health data analytics to understand how your employee health impacts your business