Section 1: Key Theme

Section 2: Key Theme

Section 3: Key Theme

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A European perspective

img oil rig. Revisiting the future of risk: Energy

2. Companies need to be transparent about the risks and opportunities that climate change, and the shift to a net zero economy pose to their business.

3. Central banks and regulators need to make sure that our financial systems can withstand the impacts of climate change and support the transition to net zero.

4. Banks, insurers, investors and other financial firms need to commit to ensuring their investments and lending is aligned with net zero.

“By 2030 government will need to reflect on commitments made in Paris and milestones reached. It is likely that there will be an acceleration in climate policy, as governments seek to limit global warming and achieve the aims of the Paris accord, as the alternative is climate catastrophe. This will lead to greater pressure to divest, ‘green’ the system and meet climate change targets.” At COP26, countries agreed to monitor commitments and milestones reached on an annual basis. This is likely to concentrate minds at the international level and apply additional pressure to energy companies as progress is made towards decarbonising the global economy.

Accoriding to recruiters and companies.

Leading Causes of Skills Shortage in the Industry

82%

Apprenticeships

Targeting women to join the Industry

Targeting transferable skills from other industries

Training and development of existing workforce

Partnering with colleagues

Changes to retention and recruiting practices

How are energy firms addressing the skills gap?

28.9%

22.6%

36.2%

64.7%

29.4%

28.5%

Experts across the sector acknowledge that attracting and retaining skilled talent is critical to meet growth plans as part of the energy transition. Commitment to building a sustainable talent strategy needs to become a leadership priority. “For change to resonate at all levels of the organisation, responsibility cannot exist within the HR teams alone; it’s got to be a leader-led identity change.” Tamsin Lambert, Talent Excellence Advisor, Shell

Bringing retirees back

15.7%

“The shift towards renewables, and the transition toward digitalisation and automation will gather momentum, placing a renewed emphasis on the need for new skills, and providing new opportunities for energy firms to develop their workforce.” We expect to see new technologies and operations to continue creating new opportunities at entry and experienced levels. Decarbonization is driving an industry-wide operational evolution and many firms are reassessing their approach to succession by identifying future leaders in new ways. The path to leadership is becoming less linear, and firms are finding new ways to support future leaders with the skills and values needed to guide the firm through a period of rapid change.

Emma Whitworth Senior Risk Engineer emma.whitworth@aon.co.uk

Geri McMahon Co-Head of Responsible Investment geri.mcmahon@aon.com

Suzanne Courtney Chief Commercial Officer, EMEA suzanne.courtney@aon.com

“Within 20 years, the development of technology is likely to accelerate the transition to automation. As business models change and roles become increasingly automated, different skills will be needed… digital readiness will be the difference between success and failure.” Already, innovative technologies are helping firms evolve their operating models.We expect new technologies to become integral to business models, and firms will seek to fill new roles to support this transition. The pace of technological development will continue to grow exponentially, demanding new skills from the workforce, which will continue to evolve over time.

Mark Jeavons Associate Partner - Head of Climate Change Insights mark.jeavons@aon.com

Divestment

Supply Chain

Talent

Leaders now appreciate that they need a deeper understanding of their supply chains, and the demand for flexible, accurate supply chain logistics is increasing. This has prompted a realization that supply chain due diligence cannot exist without data-driven technology – tracking goods in transit and potential downstream impacts of delay.

In this issue, we explore the rise of the Great Convergence as organizations navigate compounding challenges impacting their workforce, real-world data, a roadmap of tangible actions and insights from experts on how organizations are making better decisions.

Contacts

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An organization is only as resilient as its people. Amid digitalization, macroeconomic pressures, changing sociocultural values and a widespread skills evolution, converging pressures are testing businesses’ resilience. To build a sustainable operating model and protect revenue, leaders must focus on building workforce resilience. 30 percent of employees identify as being resilient, leaving a massive untapped potential to change how people perceive their work. In order to support the workforce – organizations’ most valuable asset – employers need to reconcile the relationship between their employees’ work and private lives in ways that promote a more sustainable working life. Organizations have an opportunity to connect with employees and align their working models with what matters most to them – their home lives, health and wellbeing, wealth, aspirations, skillsets and more.

4. Making Better Decisions

2. Exploring the Data

1. What's the Challenge

Most employees fall into the “live to work” or “work to live” camp. Work/life balance is an elusive concept – sought after but rarely achieved. Yet, the Great Convergence is a catalyst for change. For the first time, in an employee-centered market, organizations are starting to understand the value of creating a sustainable working life for their employees. To retain and attract talent, they must build an environment where careers can exist and flourish alongside (and in harmony with) people’s personal lives and commitments. No one should sacrifice one for the other; this acknowledgement is no longer merely lip service at company meetings but must form the bedrock of employee value propositions and investment, permitting new talent to see it in action. As this understanding develops, the potential for diversity, equity and inclusion will also broaden, leading to workforces that truly reflect the societies they inhabit.

Conclusion

WELCOME

Welcome

What's the Challenge?

Exploring the Data

Data in Action Roadmap

Making Better Decisions

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What's the Challenge?

Next up, we discuss the key challenges facing organizations as converging pressures force leaders to rethink their people strategies.

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What's the Challenge?

Next up, we discuss the key challenges facing organizations as converging pressures force leaders to rethink their people strategies.

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