As we continue to navigate a series of unprecedented economic events, market shifts, and more competition in the job market, you may have discovered your talent pool is shrinking.
In the energy industry, jobs are on the rise and there is plenty of work to go around, yet companies struggling to find and retain top talent. There’s a lot to consider when addressing this problem, one major aspect making an even more difficult challenge is inflation. With inflation on a historic rise, wages are struggling to keep up or falling behind altogether (in June, the U.S. inflation rate accelerated to 9.1%, the highest since November 1981).
Inflation has become the main point of discussion when executives are pondering the issue of staffing and retention. At CCL, we are taking proactive steps to help clients navigate these challenges by giving real-time insights and solutions.
Three areas that CCL has helped clients find success are:
- Workforce Cost/Expenditures: Proactively engage with Contracts & Procurement departments to analyze workforce budgets and contractor wages that are affected by inflation. Provide informed recommendations on salary adjustments to improve retention while staying within budget.
- Competitor Mapping: Conduct market mapping exercises to identify other projects that pose a risk to retention. We deliver insights to Project Directors and Project Stakeholders in an effort to reduce the risk of teams/contractors leaving for other projects in the industry (especially jobs with slightly higher pay). CCL helps inform decisions so our clients can keep their project teams intact.
- Compensation Reports: Provide in-depth reports and data gathered by CCL on current compensation rates and benefits packages. This data gives employers a real-time look at what other options candidates are considering within their industry. This helps clients eliminate the guesswork when developing compensation packages and benefits.
Other aspects to consider are health insurance, childcare and remote working. We all know the demand for remote work is on the rise. However, this has also been the catalyst for employees to reconsider what is important to them.
It is hard to calculate all these factors and know how they might pose a risk to your organization. As a specialist agency, CCL has more than 40 years of experience navigating the ups and downs of the energy industry and its effects on the workforce. Utilize our expert insights that can help you evaluate your staffing requirements to find and keep top talent.