Talent attraction is a challenge for everyone, and the energy industry is no different. Whether it is oil and gas or renewable and nuclear energy, energy sectors face the same economic realities and talent supply obstacles. Now more than ever, HR marketing and employer branding has to be impeccable.
Universum is a service provider specializing in employer branding. As part of our efforts, we have done extensive research among recent graduates and have looked at those interested in the energy industry. Our research seeks to find what graduates are interested in and which factors influence their decisions. Below are some of the findings we discovered.
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Energy production is shifting. Energy used to mean oil and gas, but with the rise of renewables, employees now have an array of choices in energy. And energy production is no longer limited to pure “energy companies.” Tesla has made the news for its efforts to produce energy with innovations in battery technology. These innovations diversify production efforts to create better energy delivery systems and other alternatives for energy-minded workers.
This diversification cuts both ways. Just as non-energy companies are branching into energy production, energy companies are adopting tools and adding components that would have been considered unorthodox a few years ago. Oil companies are using big data, robotics and analytics tools made popular in the financial and marketing industries to get the most out of their production efforts. The energy-economic environment is evolving, and the workforce has to as well.
This shift in the energy-economic environment has changed which skills are in demand. Unfortunately, a lot of skills the energy industry needs are skills relatively high in demand in other industries as well. The talent pool that energy wants to tap into has a lot of options. Instead of going to an energy-specific company, energy workers can now go to a tech company in Silicon Valley, a marketing firm in New York City or a consulting firm in Chicago. This means it is even more important for energy companies to get and keep the best talent.
Building a pipeline of talent from the best schools to your business means understanding what students need. The two most important criteria for new employees is striking a work-life balance and job security and stability. Work-life balance is important to millennials across the board, regardless of the industry they are interested in. Interestingly, students involved in energy are less likely to find work-life balance important and are more likely to place a higher premium on job security.
The shifts in oil price have made students wary of long-term prospects in the energy field. Could an unexpected commodity price drop cause them to lose their job? This perception among young talent is arguably the No. 1 threat in terms of securing the best talent for your energy company. Your HR marketing should show you are committed to your employees and that you have strategies in place to keep everyone employed, regardless of energy price fluctuations. If you can demonstrate a lack of employee turnover regardless of commodity pricing, this makes for a compelling argument for your company to potential employees.
To learn more about Universum’s discoveries or to get more information about what was discussed above, download the study here. If you need help developing your own employer brand or developing an HR marketing strategy, reach out to us. Our experience and knowledge in the field can be invaluable to your efforts to find the best and brightest for your business.