Thanks to the drop in oil prices over the past two years, the oil companies have to drop their fixed costs. Low prices force oil and gas companies to merge, declare bankruptcy. Employers have had to trim their workforce. In the state of Texas in United States, which is a hub of oil and gas companies, almost 100,000 direct and indirect jobs have been eliminated in the last two years. That means two out of three people have been impacted by the oil price collapse in the last two years. In such a scenario, people start to look for jobs in other industries where their talent will be portable.
That is just what has happened. In Texas, the talent exodus from oil has been lapped up by solar energy. People are trading off the big bucks of oil industry for stability (and somewhat lower pay of solar power companies). It also impacts future supply of talent because students who wanted to look for careers in the oil industry are now wondering how they can redraft their career plans. The bab...
Building a dynamic talent planning model, supported by predictive analytics and Big Data, run by an industry body can help build a skills inventory that its members can use
Making talent planning a daily process, there is a need to evaluate the mix of sources of talent. Not all talent must be owned by an organization
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