Retaining Talent in Times of Scarcity: The Time to Act is Now!
by Winston L. Tan, Managing Principal
This article was published in the Northwest Public Power Association’s monthly magazine, The Bulletin.
For years we have all heard thatBaby Boomer demographics would significantly impact the way we do business in the energy industry. This cry has come from so many sides that many have been numbed because it would seem that the Boy Who Cried Wolf has made another appearance. Over the past year I have seen attrition strike utilities that have previously experienced almost no turnover, saddling managers with a seemingly unmanageable number of personnel changes in mission critical roles. Recruiters observe that almost every functional area within the energy industry faces the challenge of a decreasing supply for experienced talent compared to the demand for that same talent.
Upcoming normal retirements are the easiest to plan for and manage. It’s the unexpected turnover that can cause costly disruption in the organization, threaten mission critical processes, and literally throw your training/develop-mental dollars out the window. How can your organization avoid becoming another casualty in the battle to retain critical talent? The answer is to approach the issue comprehensively, which will result not only in success in retention, but in increased overall organizational vibrancy.