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How Energy & Utility Companies Can Reduce Costs

Talent Management

How Energy & Utility Companies Can Reduce Costs

July 07, 2016 Mike Erlin

The Australian and New Zealand utility sectors faces many challenges, including maintaining compliance, controlling operational costs and supporting a strong workforce. Energy and utility companies require highly skilled staff members with exceptional performance records. Such a high standard can only be preserved through proper human resource management, and a unified talent management system (UTM).

Succession Planning: The Key to the Future

A report from PWC shows that 62 percent of the workforce in the Australian power and utilities industry may be set to retire in the next five years, and over 50 percent of skilled engineers will leave by 2020. To meet this challenge, companies must create a pool of internal candidates with the appropriate skills to fill positions as they become available.

The Succession tool from Cornerstone can be used to set up distinct career paths with competencies relating to each job. Talent management software offers insight into the amount and level of talent available within an organisation and reveals where additional training and skill building exercises are necessary.

Improving Performance with Learning Software                       

Using the information gathered from succession planning tools, employers can implement training protocols in alignment with industry regulations. In a survey by the National Australian Bank (NAB), businesses indicated that their largest costs are related to labor and industrial regulatory requirements. Proper training in these requirements improves awareness among staff members and reduces the number of penalties for failing to comply.

Energy and utility workers must also be current in all certifications. Learning software like Cornerstone Learning offers customisable lesson structures to guide employees in the certification process. Supervisors can track progress through these programs, and collaborative learning tools help employees teach each other and gain a better understanding of the concepts involved.

Performance Tracking with Talent Management Software

As employees move through learning modules, HR software provides a window into the rate of progress. This comprehensive tracking is an important part of any succession plan. Good human resource management requires a complete view of the organisation as a whole, including potential talent gaps. Any area where skills are lacking could slow the company down or compromise service.

Since utility and energy workers spend part of their time in the field or are connected with other offices out of town, using performance management tools with mobile capabilities is a smart choice. Mobile talent management reports provides managers with employee insights anywhere and anytime. With constant access to personalised learning modules, employees are able to improve their skill sets no matter where their work takes them.

Implementing Better Performance Management

Skill gaps inevitably appear in any company, but using a UTM with integrated HR software makes it easy to identify and solve the problem. As new technologies are introduced and industry regulations change, even top talent will need retraining to remain current in the required competencies.

Performance from Cornerstone engages employees with a system of rewards and feedback. At each milestone, they earn “badges” indicating growth in a particular area. This visual progression encourages development and makes employees feel better about staying in their jobs. With recent statistics showing that the average worker only stays in a particular job for less than four and a half years, engagement and retention of top talent needs to be a priority for companies across the globe.

Cornerstone software for utility and energy companies helps put together a UTM with all the right performance management tools to monitor, track and train employees. By combining learning software with tools that allow managers to oversee every part of the organisation, companies can maintain well-trained employees, streamline daily operations and decrease operational costs.

Human Resources Management for Utility Companies HR Management Software Webinar

About Mike Erlin
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