Energy is upstream from every aspect of the global economy. A shortage of energy workers means a slowdown in energy projects and production. That supply squeeze can affect transportation costs, retail prices, leisure, travel, disposable income and can spark rising consumer staples costs — all topics that have been acutely top of mind for consumers, businesses, policy makers and the media.
As our energy supply transitions to more sustainable sources, we add further pressures to the energy workforce. Altering the composition of skills needed and forcing us to reinvent our talent acquisition strategies. In the last quarter of 2021, 85% of Capstone’s Energy clients reported a skills shortage, (this is despite four out of five workers in the oil and gas sector indicating they would be willing to move to other parts of the energy industry) with the toughest hires across Grid, Project Development, Civil Construction and Commercial Management.
It has become evident that there is a shortage of the skills needed to make this transition, due in part to an aging workforce and a lack of training opportunities for new and emerging technologies. Couple this with an increase in clean energy investment and an ever-growing renewable energy project pipeline, the existing workforce has been promoted and stretched thin, with little to no thought given to the energy workforce of tomorrow.
How to win the War for Talent :
- It’s important to understand current salary trends. Are your salaries and incentives below, in-line or above market? The employment market has moved in the last 6 months, review your remuneration structures and adjust accordingly.
- Design a competitive employee value proposition (EVP). What makes your business stand out from your competitors? Consider alternatives that matter and fit your brand, such as stock options, fringe benefits, flexible work hours, EAP services, time off (a day off for their birthday and work anniversary), along with work from home options.
- Consider incorporating flexible working arrangements. The modern-day worker expects flexibility. Speak to your staff and understand their expectations around this. Soft perks like providing supplies for working from home or work from home allowances can make a real difference in attracting personnel and increase productivity.
- Invest time into your company culture. A genuinely great company culture is one that inherently promotes curiosity, respect, teamwork and employee health. A way to really boost your company’s culture is to put a concerted emphasis on diversity and inclusion. In simplified terms, diversity and inclusion in the workplace is about creating teams with diverse backgrounds and experiences and making sure that they feel safe in expressing their uniqueness while at work.
- Do what you can to make sure your candidates and staff feel appreciated, respected, and wanted. Treat them well, empower them, and give them everything they need to grow and develop.
- Once you are confident that you know and understand what sets your business apart, win over candidates by sharing your culture and EVP during interviews. By offering unique details, you can create a competitive advantage.
How to Avoid the War for Talent:
- Assess what knowledge, skills and experiences the company will need for certain positions. Do you really need someone with direct experience? If not, identify the industries / job types that are most likely to excel in transformed roles and then implement an upskilling program that expands people’s capabilities to meet the evolving needs of your business.
- Look at implementing a comprehensive graduate program. This will ensure there is a strong production line of industry specific talent for your business. This won’t benefit your business straight away, however as the competition for talent gets tougher you will have your own pool of candidates to draw from.
The war for talent across the energy industry is real. As demand for energy professionals increases, businesses will need to think differently about how to attract the best talent.
If you would like to discuss how to best position your business further, please get in touch with Lucas Wilkinson , our Head of Energy.
The post Energy’s War For Talent first appeared on Capstone.
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