The statistics are telling
- By 2030, one in five Americans will be 65 years and over
- By 2044, more than half of Americans will belong to a minority group
- More women are receiving two-and four-year degrees than men
Think back to 1983. It was nearly impossible find a woman or visible minority in energy. Only 31,000 women worked in the industry, mainly in administrative positions. Today there are 237,000 women employed in a range of positions. Women now have an unprecedented presence, with 20% in the energy workforce.
The face of labor is changing. Millennials account for 50% of the workforce and are the most diverse generation in US history. As the demand for skilled talent exceeds supply, energy executives are turfing their outdated HR prejudices and practices.
Changing demographics and HR technologies are disrupting how companies attract, retain, recognize and reward their people.
What hasn’t changed
Employees are staying with their companies slightly longer than they did three decades ago. In fact, in 1983 the average employee tenure was 3.5 years compared to 4.2 years now (5.1 years in oil and gas). And important to note, 44% of millennials believe they can advance their careers faster by staying with the same organization than by moving.
What has changed
Millennials are more likely to leave an organization if they don’t feel appreciated or given opportunities to advance.
- 79% of employees reported “a lack of appreciation” as the key reason for leaving
- 87% say that professional development or career growth opportunities are very important.
Celebrate careers and recognize results
It is still best practice to celebrate years of service but today’s employees want to be recognized in real-time, more frequently, in-person, and publicly with social tools they’re familiar with using.
Millennial loyalty needs to be earned – and that does not refer to earning a competitive salary. Today’s young talent would give up a higher paying job for a company that:
- shows how their contributions are improving the world or community
- maps out growth opportunities
- recognizes great work
Progressive organizations are moving toward mobile-optimized, peer-to-peer social recognition tools to connect people, unite programs and motivate performance.
Inclusion is the key to creating a diverse culture. With today’s recognition tools:
- Everyone can give thanks, on any device in real-time
- Employees can welcome new hires
- Peers can like, share and congratulate others on a job well done
- Employees can redeem points for gifts or donate to charity
- Peers can nominate colleagues for doing things that reflect the company’s core values
The leaders who embrace a millennial-mindset and invest in new tools will engage minority communities and women critically vital to meet the industry’s future workforce demands.
More from CSI STARS
As the official recognition partner for the 2019 GRIT Awards℠ & Best Energy Workplaces℠, CSI STARS is honored to recognize the outstanding women and companies fueling positive change in the oil and gas industry. We have seen how small acts of recognition, multiplied by many people, boost careers and improve cultures. To learn more, download these free ROAR (Remind Others to Appreciate and Recognize) Resources.
Don’t miss your opportunity to be a part of the 2019 awards! Become a sponsor or reserve your table today!