Month: May 2021

The skilled labor shortage across industries is worsening with events over the last few years. Study after study shows the impact of the issue is taking a toll on operational effectiveness and business results.

According to Rystad Energy Research, Labor requirements in oil & gas companies are expected to grow over 12% in the next 5 years, more than recovering the 20% of the jobs slashed in 2020 due to the pandemic. At the same time, there is historically low unemployment, an acceleration of retirements, workers moving to more attractive jobs such as within the renewable energy sector, and high competition for a limited pool of skilled workers.

According to a 2021 study by Deloitte and the Manufacturing Institute: “8 in 10 manufacturing executives indicated that not filling jobs is significantly impacting “production levels to satisfy growing customer demand, responding to new market opportunities, supporting new production development and innovation, and even implementing new technologies. These aspects ultimately spill over and contribute to an impact on the overall growth of manufacturing companies”. In this same study, they found that finding qualified talent with the right skill set is 2.4x harder than it was just 3 years ago.

It’s time to look at improving the productivity of your current workforce while making jobs more attractive for recruiting. This article specifically addresses the shortage of skilled maintenance technicians. Continue reading “Three Tactics to Address the Skilled Labor Shortage in Industrial Maintenance”