Most companies (81.7pc) in an international survey of the energy sector are reporting difficulties in finding suitable talent for vacant positions, according to the latest SpenglerFox industry focus survey.
This energy sector survey shows that despite the evident talent shortages within the industry, 73.8pc of companies have grown over the last two years with only 12.3pc having to downsize, despite the downturn.
When questioned about their business forecasts for the coming three years, 83pc are planning to expand their workforce with 13.8pc anticipating staying the same and only 1.5pc expecting to downsize.
Some 87 international companies from across the globe participated in the Spengler Fox Energy Survey, which found that talent shortages are having a negative impact on many areas, including growth, productivity, the ability to innovate, internal processes and client satisfaction.
Talent management and attraction
The survey also found that 71pc of organisations within the energy sector are trying to address this concern by implementing talent management strategies to retain employees, including coaching, learning and development, and succession planning.
More than half of all employers (53pc) have also implemented a number of talent-attraction strategies, such as global sourcing and inductions to gain a competitive edge and source the best candidates.
Within the sector, 62.5pc of those surveyed classified themselves as ‘Renewable Energy’ with 66.7pc of these specialising in wind power, 59.6pc in solar, 36.8pc in hydroelectricity, 24.6pc in geothermal and 22.8pc in biomass.
A critical business issue for the energy sector
“It is clear that the talent shortage within the energy sector has become more than an organisational challenge; it is now a critical business issue for the sector. Without a doubt, there has been significant investment in the sector over the last 10 years and this rapid growth, especially within renewable energy, is driving a very competitive war on talent,” said Mark Hamill, Global MD of SpenglerFox.
“The availability of senior executives with the right experience is clearly limited. However, it is talent like this that is necessary to drive innovation and growth. While it is reassuring that talent management is high on the agenda of most companies, only half of companies have specific talent attraction strategies in place. Furthermore, it is quite surprising to see that only 9pc of energy companies surveyed have strategies in place to attract the senior talent of tomorrow, Generation Y.”