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The Human Element
One of the biggest challenges facing the industry is a human one, says Ralph Izzo, chairman, president, and CEO of Public Service Enterprise Group (PSEG). “With Baby Boomers on the brink of retirement, the industry is facing a workforce shortage. Couple that with a rising demand for energy and constraints on how we produce it due to climate change, and you’ve got a perfect storm. The need to address workforce development is just screaming at us.”
And PSEG is heeding one of the industry’s most pressing needs. For example, the utility is working to grow degree programs it developed with local colleges to increase the pool of skilled workers, partnering with state leaders to develop plans for a training facility for green jobs, and working to develop curriculum that will prepare the next generation of nuclear engineers.
“In the past, one would be hard-pressed to find human capital issues at the center of strategic decision-making,” says Tom Flaherty, senior vice president in the Booz & Company utilities practice. “No longer.” It’s not just utilities that grapple with these critical human capital issues, but also the consultants that work with them on strategy and projects, all of which have a human element. “The lack of talent, both existing and emerging, has changed that landscape and placed a premium on talent management as a fundamental element of strategic execution,” Flaherty says. But the issue is not just about aging. It covers overall talent attraction, retention, development, rewards programs, and workplace issues. “It’s not just the potential for gaps and loss of knowledge, it’s also about bench strength and capabilities.”
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