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The Utilities industry is growing rapidly, driven by declining costs, increasing demand for clean energy, and record investment. As we saw in the second half of last year, the US Inflation Reduction Act of 2022 was passed, allocating a record $369 billion in spending for climate and energy measures which has already seen an impact on the Power Delivery market. This now means, as ever, skilled workers will be in demand.
However, as the industry has grown, there has been an evident shortage of professionals to work, caused by a combination of factors, including a lack of training and education programs for technicians and rapid growth after investment into projects across the US. Although it's excellent to see the space grow, where can you find talent now to keep up with demand, and how can you compete when trying to offer them an opportunity?
Use Data To Narrow The Search For Candidates
Talent shortages lead to increases in salary as companies compete for a limited pool of qualified candidates. With fewer candidates available, employers have to offer higher wages and better benefits to attract and retain the talent they need. However, it's a difficult challenge to tackle and, in most cases, hard to sustain. Instead, human capital insights are where to turn and keep you one step ahead of the competition.
As an example, geographic insights are a good place to start. There are pockets of hot spots for talent where you will find professionals open to new opportunities at lower rates. This could be due to an overall lower cost of living in the area or the demand for candidates is much lower where they are based. This is where access to the right data comes in.
For example, using RO's proprietary recruitment software to search for Project Managers working in the Utilities shows specific cities with extremely high hiring and low hiring demand. Following this example, Greater Houston, TX, currently has a very high hiring demand for Project Managers, whereas both San Jose and Dallas are experiencing lower levels of demand. This simple information can help lead to informed decisions on where to advertise job openings and where to start head hunting. These queries can be adjusted to different locations, and job titles and does not stop at geographic insights. The software accesses millions of data points publicly available online and compensation data from over 40 million employed Americans. These insights ensure you're creating an affordable yet competitive package for prospective hires.
It's a highly competitive market, and gathering this data will give you the edge throughout the hiring process. If you would like to learn more, don't hesitate to get in touch with us.