As we continue navigating 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 where CCL has helped clients find success are:
- Workforce Costs/Expenditures: We proactively engage with Contracts & Procurement department to analyze workforce budgets and contractor wages that are affected by inflation. CCL provides informed recommendations on wage adjustments to improve retention while staying within budget.
- Competitor Mapping: Market mapping exercises help identify other projects that pose a risk to retention. We deliver insights to Project Directors and Project Stakeholders in an effort to reduce risk of teams and contractors leaving for other projects (especially for jobs that are offering slightly higher pay). CCL helps inform decisions so our clients can keep their project teams intact.
- Compensation & Benefits Reports: CCL conducts in-depth Compensation and Benefits Reports gathered by our team to gauge current compensation rates and benefits packages. These insights give our clients specialized figures rather than relying on broad data gathered by census information. This data gives employers a real-time look at what other options candidates have within their industry. A report like this eliminates the guesswork when developing compensation packages and benefits offerings.
Download a sample Compensation & Benefits Report
Other aspects to consider are health insurance, childcare and remote working. We all understand demand for remote work is on the rise, however, this has been the catalyst for employees to reconsider what is most important to them when making career decisions.
We are here to help:
It is hard to account for all these factors and understand the risk each of them carries 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.