The U.S. Department of Labor states that in 2012, the U.S. economy had the largest workforce in the nation’s history – more than 162 million people. Impressive, huh? But the government also estimated a shortage of more than 10 million skilled workers in 2012.
Part of the reason is “The Great Crew Change.” In my work within the energy industry, this has been a topic discussed for several years now. They have this group of highly skilled and experienced workers who have been working in the field for many years, mostly Baby Boomers, and now they are at retirement age. 10,000 Baby Boomers retire every single day! But behind them, are Gen X and Gen Y – and there aren’t as many of them who have been interested in getting into the skilled trades. So obviously, this has caused a HUGE problem! Energy companies, and others who use skilled labor like construction, manufacturing, etc. have big shortages of experienced and qualified people to back-fill the positions of those retiring.
The good news is, there are things that can be done to address the issue. I have tackled this issue head on for some of my clients and produced a steady pipeline (pun intended) of qualified candidates for their hardest to fill positions, as well as for geographic regions where it is tough to locate people. It is certainly not something where you can flip a switch and see immediate results, but if you are willing to set a strategy and follow it, it will pay off in big ways! One of these companies had trouble locating qualified people for a highly skilled position. Within 1 year’s time though, I was able to give them a $12 million ROI as I produced a steady pipeline of qualified and experienced candidates. This allowed them to take on projects that they previous had to turn away because they didn’t have the personnel to do it. At the same time, we lowered turnover by 30%. When you combined those two elements – it far exceeded any costs that were incurred because of the work done on their behalf.
If you are having issues finding skilled workers, reach out to and let me help. I’m happy to discuss your unique situation, and customize a solution for you to get you far ahead of your competition. DDouglas@ProvidenceEnergyPartners.com.