Shifting economic trends and increased hiring competition are making it increasingly difficult for many utilities to attract and retain quality professionals. This is especially true as millennials, who will soon comprise the majority of the global workforce, prioritize opportunities in technology and other rapid-growth industries.
However, following the below six steps can help your utility strengthen its hiring and retention approach—allowing it to appeal to the right talent, decrease onboarding costs, and improve long-term business efficiencies.
1. Start with Succession Planning
Take Stock of What You Have
- Review your workforce and its current and future skillsets
- Map out employee tenure, age, and possible retirement timeframes
- Analyze turnover history and possible trends
- Determine future people needs as defined by your business’s strategic plan
- Identify current employees with skillsets that could meet future needs
2. Identify Needs
Analyze Competency Gaps
- Determine the competencies required to implement your strategic plan
- Assess current competency levels based on your talent reviews
- Review your job descriptions
- Pinpoint competency gaps
- Develop training and development programs to enhance competency levels
3. Recruit Quality Talent
Assess Your Recruiting Efforts
- Hire to fill identified competency gaps
- Align your recruiting processes, requirements, and programs with your organization’s age and experience
- Determine how to market your organization in the marketplace
- Highlight your organization’s opportunities, benefits, and advantages
Prioritize Millennials
Bear in mind that millennials will be the global-workforce majority by 2025, and tailor your recruiting to attract this demographic.
- Adjust your approach to include opportunities in technology
- Bolster your social media presence
- Increase your involvement in social, political, and environmental issues that are important to this demographic
- Adapt to changing work approaches and perspectives—millennials often work differently than former generations, but just as hard
- Build new opportunities for personal and professional growth, such as promotions and ongoing educational opportunities
4. Improve Your Onboarding Process
Encourage Employees to Own Their Careers
- Help employees to get involved with their career trajectory
- Develop clear onboarding materials and training manuals that allow for self-sufficiency
- Embrace the individual strengths of each employee
- Educate new employees on personal growth, development, and diversity opportunities
5. Retain People and Create Superstars
Focus on Long-Term Career Paths
- Evaluate employee programs, especially during major shifts such as opening a new location or generational changes in your workforce
- Build a continual learning environment with ongoing trainings
- Help employees understand and build career paths
- Provide constructive feedback often
- Create new opportunities to better align with changing workforce trends
Streamline Efficiencies
- Analyze employee tasks and project completion
- Apply new technology to increase efficiencies
- Integrate departments to improve communication and approach
Prioritize Employee Satisfaction
- Measure your salaries against industry or regional ranges
- Create occasions for socializing
- Develop growth and promotion opportunities
6. Flex with Future Trends
Be Ready for Rapid Changes
Technology is rapidly changing how many utilities do business, and this trend is expected to continue. Some technological developments to consider adopting include the following:
- Block chain and the implications of cryptocurrencies
- Artificial intelligence
- Big data analytics
Despite technology changes and increased automation, the following skillsets will remain important to businesses in all industries.
- Collaboration
- Critical thinking
- Emotional intelligence
- Intellectual curiosity
- Growth mindset
We’re Here to Help
To learn more about strengthening your utilities’ hiring and retention approach, read our article or contact a Moss Adams professional.