The mining industry is facing a critical skills gap, compounded with what the Colorado School of Mines warned could be ‘grey tsunami’ impending with regard to the amount of retirements anticipated.
Some of the industry’s most prominent figures have voiced concerns about the future of the talent pipeline, and now a new report by the Boston Consulting Group explores the significant impact of an aging workforce on mining companies and outlines what must be done to incentivize and attract young talent, who have higher expectations and other career options.
In the report, titled: Four Ways Process Industries Can Break Out of the Talent Trap, the authors emphasize that in addition to rethinking their talent strategies, leaders must revisit their operating models to grow.
“After years of conserving capital, companies that operate in process industries—such as metals and mining —are reinvesting in growth. However, the challenges they face in the talent market make their strategies more difficult to execute,” the authors wrote.
According to the report, a starting point is adopting “zero-based design”, which can help leaders redesign organization structures that will be more productive, which will require process changes, workforce retraining, and new operating models.
On the one hand, process industries are coping with a tidal wave of retiring seasoned talent and the consequent loss of decades of institutional knowledge, the report reads.
On the other hand, the authors note, they must significantly expand their workforce by 2030 to sustain growth. But these companies are unable to attract talent, especially in the numbers they need, because younger workers usually prefer career paths in urban centers rather than in the rural operations of many process industries.
Getting serious about strategic workforce planning is critical to developing talent pipelines and drawing up global talent sourcing strategies, the authors warn, adding that companies need to infuse joy in employees’ work lives.
The best way of doing that, the report notes, is to groom generative leaders, who can help increase employees’ happiness levels at work and provide them the autonomy and flexibility they need to deliver results.
Read the full report here.
Comments
Jean Lanctot
They were warned 30 years ago this would happen if they did not invest in workforce, I retired 2 years ago and been offered ridiculous hourly wages to return. I’m old and tired, to be training people who don’t want to be and willing to do the minimum only.