High level issues are facing the utility industry, i.e., operational changes, increased regulations, cybersecurity, fuel supply among them. A driving issue that will greatly impact our business is an aging workforce. Who will be the successors to carry on the industry?
With the average age of the electric industry worker being 47, there is a need to maintain a vibrant workforce to replace retiring employees. Succession planning is the process of identifying high-potential employees, and implementing a defined training and experience plan for them to grow and to allow them to use their abilities towards the success of the business operations. The succession training plan must dove tale with utility short and long-term strategies. This will involve identifying top talent and providing them with the opportunity for growth, development and promotion. A successful program has visible and vocal support from top management and oversight bodies.
There are many tools that will help create an effective succession program. These include a 9-box grid, individual talent profile, and action plan – all further explained in the downloadable document. Formal succession planning is effective because it allows for transfer of knowledge while showing a career pathway to the next generation of your utility’s workforce. The programs, coupled with communicating the positives of your organization, ensuring competitive pay, job advancement, and security will lay a firm foundation for sustainability of your utility and its strategies.
For more information on this topic, or to learn how Baker Tilly energy and utility specialists can help, contact our team.