5 key talent management strategies energy companies should implement now
TRANSCRIPT
5 key talent
management
strategies energy
companies should
implement now
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KPMG INTERNATIONAL
KPMG GLOBAL ENERGY INSTITUTE
© 2015 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides
no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm third parties, nor does KPMG International have any such authority to obligate or bind
any member firm. All rights reserved.
2
With the spate of payroll reductions and project postponements that have come
in the wake of falling oil and commodity prices, energy and natural resources
(ENR) companies may be lulled into thinking that their talent crisis has been
solved. If it were only so easy.
A wave of retirements, combined with a shortage of suitable replacement
candidates, has left many companies scrambling to fill the skills gap.
Introduction
© 2015 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides
no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm third parties, nor does KPMG International have any such authority to obligate or bind
any member firm. All rights reserved.
3
In our report, KPMG International identifies
five key talent management strategies that
ENR companies should implement now – and
questions businesses can ask themselves – to
deal with the talent crisis over the long term.
© 2015 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides
no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm third parties, nor does KPMG International have any such authority to obligate or bind
any member firm. All rights reserved.
4
Key talent management
strategies companies
should implement now
Define your strategic workforce planning model
Make the most of analytics
Manage third parties more actively
Safeguard knowledge
Rethink the employee value proposition
5
© 2015 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides
no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm third parties, nor does KPMG International have any such authority to obligate or bind
any member firm. All rights reserved.
5
Define your
strategic workforce
planning model1
Develop a structured approach to identifying your strategic talent needs
Take an innovative approach to sourcing critical skills
Actively develop skills to ensure future needs are met e.g. training, mentorship programs
Companies need to
take a strategic
approach to talent
management, even as
they react to the
current slide in oil
prices.
“ “
© 2015 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides
no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm third parties, nor does KPMG International have any such authority to obligate or bind
any member firm. All rights reserved.
6
Make the most of
analytics2
Leverage new analytical tools to:
Identify major gaps in skills, succession and performance
Help predict potential gaps so they can be prevented
© 2015 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides
no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm third parties, nor does KPMG International have any such authority to obligate or bind
any member firm. All rights reserved.
7
Manage third parties
more actively3
Pay more attention to third party talent
Broaden talent measurement to include third party suppliers
Take a proactive approach to ensuring key knowledge is transferred from contractors to permanent employees
© 2015 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides
no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm third parties, nor does KPMG International have any such authority to obligate or bind
any member firm. All rights reserved.
8
Safeguard
knowledge4
Invest in knowledge management by actively capturing and organizing it for future use
Disseminate knowledge to the areas of greatest need
Take into account how the next generation learns e.g. peer-to-peer programs, make a game of learning, utilize social media
© 2015 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides
no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm third parties, nor does KPMG International have any such authority to obligate or bind
any member firm. All rights reserved.
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Rethink the
employee value
proposition
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HR should work with the business to redefine the ‘deal’ that the organization offers its employees to create a link between the company’s purpose and the individual’s value system
Consider non-monetary incentives and talent retention approaches
You can’t have one value
proposition for every
employee. Different
groups, different
generations, require
different propositions.
“ “
© 2015 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International.
KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor
does KPMG International have any such authority to obligate or bind any member firm. All rights reserved.
The KPMG name, logo and “cutting through complexity” are registered trademarks or trademarks of KPMG International.
The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide
accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one
should act on such information without appropriate professional advice after a thorough examination of the particular situation.
For more information and to download the full report, visit:
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