Four ways to help give your energy workforce a competitive edge
Redefining your energy and chemicals talent approach
Catalyze productivity by unlocking the full potential of your energy workforce. At Deloitte, we understand the challenges and opportunities impacting talent in the energy and chemicals (E&C) sector and can bring together the full breadth of thinking, experience, and technology from across our organization to help you transform one of the most vital areas of yours.
Position your business for the future
As companies in the US energy and chemicals sector face rising costs, the transformative impact of artificial intelligence (AI), and shifting markets, a widening talent gap is emerging. Turn these challenges into opportunities and build the next generation of energy workforce.
Deloitte’s IndustryAdvantage™ approach can help your organization create new possibilities and sustained advantage through strategic workforce development. This article offers foresight for the future of energy and chemicals, including:
- Leveraging people as your greatest competitive advantage.
- The realities of the skills gap and how it impacts your business.
- Upskilling and reskilling to building a continuous learning culture.
- Fostering agility, collaboration, and innovation.
How energy and chemicals can navigate workforce disruption
Is your organization's competitive advantage its advanced technology—or the people employed to use it? This question is increasingly top of mind for E&C leaders. Macroeconomic uncertainty, rapidly advancing technologies, and the unprecedented energy demand surge are reshaping the landscape. But this moment isn't just about keeping pace with disruption; it's about empowering your workforce to turn that disruption into advantage—and lead what's next.
Addressing a widening skills gap
Energy and chemicals companies are facing an unavoidable reality: a critical and growing skills gap. The need for STEM talent, particularly in advanced engineering and research, is greater than what the current energy workforce can supply.
Amid the E&C sector's emphasis on resilience, productivity, safety, and compliance, workforce development is likely to undergo 4.1% growth by 2033, but the majority of the workforce needs upskilling and reskilling.1 In fact, more than 1.2 million workers—equaling about 60% of the energy and chemicals workforce—will have to undergo upskilling in digital technologies, process, operations, and analytics to meet upcoming demands. Simultaneously, a large percentage of the present workforce is preparing to retire. Both these trends create a challenge for organizations: how to develop the talent needed to meet today's demands and power tomorrow's innovation.
1 Deloitte analysis of data accessed from the US Bureau of Labor Statistics and ONet databases.
"The solution lies in proactive workforce development. Upskilling and reskilling are crucial for bridging the skills gap and preparing for a low-carbon future."
David Yankovitz
Capitalizing on disruption
While the hurdle is high, the upside is even higher. Companies that focus on upskilling and reskilling their people now could be better poised for success in the long run. Beyond training sessions, building learning cultures will be key to help employees continuously drive innovation using digital, technical, and leadership skills—and accelerate the energy transition
Companies that succeed won't just fill job vacancies; they'll gain a true competitive edge by fully harnessing the potential of their workforce.
Building a future-ready culture
Training alone isn't enough. Your organization should consider embracing change at all levels—nurturing a culture of collaboration, agility, and continuous learning. This includes leveraging artificial intelligence and other innovative technologies to boost productivity and support decision-making, while also rethinking strategies for attracting and retaining more diverse and digitally fluent talent.
"Companies must foster a culture of continuous learning, agility, and collaboration to navigate changes and capitalize on new opportunities."
Nichelle McLemore
Drive targeted transformation forward
The path forward is clear: Invest in your people, embrace innovation, and lead with purpose. The energy and chemicals sector are positioned for substantial growth, but that growth relies on bold leadership and proactive, strategic workforce development.
Let's shape an energy workforce that's not only future-ready—but made to thrive in it.
David Yankovitz
