Section 1: Key Theme

Section 2: Key Theme

Section 3: Key Theme

See Pandemic Preparedness

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Data in Action

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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.

Talk With Us

If you would like to discuss any aspects of these insights, or to better understand our capabilities in this area, please do not hesitate to get in contact with our team.

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.

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

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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.

Building Workforce Resilience

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Assess the current situation - identify gaps, overlaps and opportunities. Accurately assessing workforce resilience will demand up-to-date data such as headcount, mapping of key skills, rewards, performance and diversity, equity and inclusion metrics. Engaging the workforce in initiatives such as a wellbeing assessments will supplement this quantitative data with qualitative insights to better understand employee perspectives from across the organization. Audits across pensions and benefits can then help leaders identify any gaps where employees’ needs can be better met. Real-World Applications Online selling platform company Shopify knew they couldn’t plan the journey without knowing their starting point. “We did a lot of research, including interviews with employees, to understand what they look for when selecting their benefit plans…” - Chivon John, Shopify Data played a key role in establishing a baseline for employee wellbeing, and was crucial to getting buy-in from business leaders. Sunwing Travel Group conducts annual engagement surveys and learning needs assessment surveys. They were able to identify both skills gaps and barriers to correcting them.

1. Engage in Diagnostics

2. Build a Framework for Your Strategy and Implementation Roadmap

In planning your strategy, use the diagnostic findings to tailor aspects of talent assessments, rewards (including pay, benefits, retirement and executive benefits), wellbeing initiatives and health plans to the needs of your workforce and business objectives. This may drive a reassessment and selection of providers, placement and management of programs, alongside strategic initiatives designed to attract and retain employees with key skills. Real-World Applications Shopify instituted a flexible spending allowance to allow their employees to make their own decisions around their wellbeing. Whether it was spent on childcare or gym memberships, each employee was given control over their wellbeing. The pandemic showed that a company’s ability to react to outside events can provide unexpected benefits. Capitalizing on these opportunities takes planning; a company needs to know what the needs are in order to react in a timely manner. Sunwing took the business disruption caused by the early days of the pandemic and turned it into an opportunity to implement a far-reaching learning and development strategy, featuring shorter sessions that were more accessible. Science and technology firm Danaher learned that fertility benefits were an underserved need and moved to support their employees with an enhanced benefit. Sharing information is vital to the success of these programs, as more informed decisions are likely to lead to more successful outcomes. But implementing new pilot programs isn’t the end of the process.

3. Measure the Impact, Continuously Improve and Adapt

Review the success of each initiative against success criteria using KPIs established in the diagnostics phase and use these insights to identify any areas for ongoing improvement. Embracing change is critical. By committing to ongoing governance, benchmarking of market trends, and tracking of investment, health and talent performance, leaders can make better decisions about the future of the organization. Real-World Applications The difference between a great program and a great strategy lies in leaders’ ability to be flexible and adaptable. For example, having an Employee Assistance Program (EAP) was recently considered a cutting-edge program. But, as consulting firm PwC found out, yesterday’s cutting edge is today’s baseline. “We’ve seen a dramatic change in employee expectations. When we first implemented an Employee Assistance Program, we were far ahead of other companies. Now the baseline has changed, and an EAP is the minimum of what our employees expect from us, and with good reason” – Rachel Hurley, Wellbeing Leader, PwC. Following the data, both in initial needs assessments and adapting the programs to new circumstances is the key. After their initial expansion of fertility benefits, Danaher quickly learned that same-sex couples starting a path to surrogacy were covered by neither the fertility nor adoption benefits and quickly moved to fill that gap. “Wellbeing is a journey. It’s never over.” Amy Broghammer, Health and Welfare Benefits Manager, Danaher It’s true that the Great Convergence is likely to last for the foreseeable future. The uncertainty of the pandemic is giving way to volatility from a host of factors, including macroeconomic trends, a chaotic regulatory environment, and geopolitical conflict. But leaders who can collect and follow the data, create and implement meaningful strategic programs, and learn the right lessons from their implementation will have a competitive advantage as they build a more resilient workforce and create a sustainable working life.

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

SECTION 3

Welcome

Data in Action Roadmap

Making Better Decisions

What's the Challenge?

Quantify the opportunity. There are many levers that could be used to build workforce resilience, discover which ones will have the greatest impact both financially and intangibly.

Evaluate

Run range of initiatives with maximum business impact (potential actions listed on following slide)

This will add the "inside-out" evaluation to the "outside-in" point of view contained in this report.

Roadmap

Exploring the Data

Diagnostic

Review success of each initiative against success criteria. Identify the learnings - Implement.

Pilot Action Plan

Making Better Decisions

Read on to explore insights from industry experts on what these insights mean in practice, and how organizations can make better decisions.

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Phase 1 - Discover

Phase 2 – Develop and Deliver

Phase 3 - Review

Exploring the Data

SECTION 2

Share the Insights

Making Better Decisions

Data in Action Roadmap

Exploring the Data

What's the Challenge?

Welcome

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