The Australian workforce must evolve fast to meet the demand and skillsets required for a greener, more digitised future. This is particularly true within the energy, mining and property (EMP) sectors, where labour needs across the clean energy value chain will increase sharply as the renewable project pipeline grows rapidly to meet net zero targets.
Building and engineering trades required for the transition to net zero will need to increase by over 200,000 jobs by 2033. And it is likely to be an intensely competitive workforce for decades, with the level of scarcity expected to be similar to the 2000s mining boom.
Innovating to avoid talent competition
The energy, mining, property and construction skills shortage is only going to grow. Understand what’s behind it and how to rethink the problem while exploring success stories.
Talent acquisition constraints
Engineering and trade talent pools will remain constrained, mainly due to:
- declining enrolments in university STEM courses, compounded by over 50 percent attrition rates
- flat enrolments and increasing attrition rates in key trades, such as electrical
- an ageing workforce, where the number of people reaching retirement age between now and 2050 will more than double
- evidence of ineffective use of skilled migrant talent, despite making up 58 percent of the engineering workforce.
Immediate action is needed. The current talent pool simply isn’t matching up with demand, and many of the roles desperately needed by 2030 already face major skill shortages.
Innovative alternatives for talent shortage
As in all markets, scarcity increases labour costs, which is why energy, mining, property and construction organisations must consider innovative alternatives, especially for roles where the workforce shortage is most acute.
Innovation can take numerous forms, and in our experience, opportunities can be found across asset design, supply chain and process optimisation.
Collaboration and a systematic approach to applying creative problem solving are key to addressing green energy workforce challenges. We recommend the following factors are considered in creating and opportunity to disrupt traditional thinking:
- The right people: The right mix at the right times.
- The right place: To help promote new ways of thinking.
- The right stimulus: Opportunities for creative thinking.
- The right process: At all levels of the asset value lifecycle.
- The right follow-through: Set up for success from the get-go.
How KPMG can help you address a workforce shortage
KPMG can work with energy, mining and property organisations to ensure their workforce remains an asset, not an issue. We can help unearth labour-saving innovation across asset management lifecycles, while avoiding the impacts of talent shortage.
