Aging workforce challenges industry

Thanks to deregulation, the current economic slowdown, and layoffs resulting from consolidation, energy and utility companies are struggling to perform profitably with shrinking staffs. The exodus of skilled workers and the shortage of qualified new hires have reached crisis proportions, forcing fir...

Full description

Saved in:
Bibliographic Details
Published in:Power 2005-06, Vol.149 (5), p.23-28
Main Author: Leonard, Melissa
Format: Magazinearticle
Language:English
Subjects:
Aging
Careers
Demographics
Energy industry
Executives
Hiring
Human capital
Human resources
Labor force
New employees
Recruitment
Retirement
Schools
Skilled workers
Workforce
Online Access:Get full text
Tags: Add Tag
No Tags, Be the first to tag this record!
Description
Summary:Thanks to deregulation, the current economic slowdown, and layoffs resulting from consolidation, energy and utility companies are struggling to perform profitably with shrinking staffs. The exodus of skilled workers and the shortage of qualified new hires have reached crisis proportions, forcing firms to consider ways to retain their intellectual capital. The energy industry is partially to blame for creating the aging workforce crisis because it has been guilty of short-term thinking (reflected by cyclic hiring practices) and of failing to adapt to modern times and to make itself attractive. But most of the blame can be attributed to factors beyond the industry's control. They include stagnant energy demand, demographic trends, and the failure of the US education system to produce technically qualified workers. Successful workforce planning is an ongoing process rather than a singular event. Aggressive recruiting and internship programs that will attract young people to the energy sector is also important. Many companies are forging partnerships with educational institutions to groom their future workforce.
ISSN:0032-5929
1936-7791