December 30, 2014

Why Energy Industries Need Rewards and Recognition Programs Right Now

As technology advances, its influence on the workforce grows greater. At a time when the number of skilled workers is decreasing, the need for a highly skilled workforce is increasing. This shift affects all industries, including the energy industry.

According to breakingenergy.com, “Jobs in the energy industry are expected to nearly double to 3 million by 2020. Yet, 72 percent of energy employers are having difficulty finding quality candidates to fill their positions, as they grapple with an aging workforce and a growing skills shortage.” This is a new challenge for energy companies which now must get creative in their recruitment and retention efforts when seeking new employees and retaining quality employees. These efforts will require more than a simple thank you or pat on the back to truly engage their future workforce.

Recruiting skilled and qualified employees is no easy task, especially when available talent is limited. From now on, energy companies will need to provide incentives and plausible reasons as to why a career in this field is worthwhile. The millennial generation requires more than a salary to pursue a particular career path. They need to feel that their work will matter and they are appreciated. This is where an effective rewards and recognition program comes into play. By offering additional benefits based on performance, a well thought-out and carefully managed rewards and recognition program can make a career in the energy industry appealing to the millennial generation.

Keeping the right employees will be an ongoing challenge.  Again, because the demand for skilled laborers will be so high, the reasons to be loyal to a company will be inversely affected. A recognition program focused on engaging employees at a personal level will provides the sense of importance the newer generations seek. An example of this would be a personalized award tailored to the individual interests of the employee, not a generic gift like a company pen or thank you letter.

The next five years will be a highly active time in the energy industries. Companies that haven’t dealt issues they face today will be forced to adapt and change their ways when it comes to recruitment and retention. The ones that act now and do the ground work for the future will be the ones that come out ahead. To learn more about employee rewards and recognition programs, contact a Marketing Innovators specialist today.

Resource:

  1. http://breakingenergy.com/2014/10/03/combatting-the-utility-skills-shortage/

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