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When one crisis meets another: focusing on talent for the long term

When one crisis meets another

Even as the price of oil remains relatively low, the energy and natural resources industry still finds itself facing a grave talent crisis. A wave of retirements, combined with a shortage of suitable replacement candidates, has left many companies scrambling to fill the skills gap. As the problem escalates to the C-suite, the time has come for new thinking.

Michiel Soeting


KPMG in the UK


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Based on a survey of 2,543 energy and natural resources professionals, with expert commentary from KPMG International specialists and Rigzone, the report examines the talent-related challenges facing the industry today. It identifies five key strategies that companies can implement now to deal with their talent needs over the long term:


  1. Define a strategic workforce planning model.
  2. Make the most of analytics.
  3. Manage third parties more actively.
  4. Safeguard knowledge.
  5. Rethink the employee value proposition.


One key area of focus is employee recruitment and retention. So much of a company’s long-term success depends on getting the right people -- in the right places -- early in their careers. This means putting in the energy and effort to identify and attract those people, even if it involves looking in non-traditional places and among non-traditional candidates. Also, the millennial generation has different career expectations than the generations that went before. Companies have to understand these expectations and make adjustments in order to meet them.


After 30 years of crisis -- or near crisis, the time has come to bring the chronic talent problem under control. Executives can show leadership by becoming more engaged with the issue. The practical solutions outlined in this paper represent the first step.


Appropriate use of these approaches can cut costs, reduce construction times, speed start-up and cut environmental impact. In a world in which the economics of new LNG ventures are seriously challenged, projects with the most competitive supply chains have the best prospects for going ahead successfully.

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