As the energy industry workforce continues to mature, a large number of employees are set to retire in the next five to 10 years. While efforts are underway to recruit and train younger replacements for these workers, utilities must plan for that transition and retain know-how.
The cover story for the August/September issue of American Gas magazine, titled “The Aging Workforce,” addresses several issues facing the industry as much of their workforce transitions to retirement and new employees enter the workforce. In this article several experts weigh in on topics including workforce planning, knowledge transfer and pension obligations.
While many utilities are using workforce analytics to understand when individuals are going to retire, they face the challenge of capturing knowledge and sharing it with future employees. Ken Mall with EDSI Consulting, a workforce development, customized training and consulting company, provides some basic steps all organizations should consider in defining their knowledge management priorities and creating a plan to meet those future needs.
Royce Kosoff, a senior consulting actuary with Towers Watson addresses the growing pension obligations utilities are facing. With more than one-third of U.S. utilities slowing the growth by moving new employees to 401K plans, some have taken an additional step of freezing the accruals for employees. Kosoff shares other steps to reduce the current risk exposure of pension plans.