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As an industry already undergoing significant transformation, the drop in oil prices coupled with the global impact of COVID-19 has certainly sent shockwaves through energy and mining organizations with some exceptions.
Overall, the industry is expecting long-term effects: in a spot poll conducted by Mercer in March 2020, over 60% of companies reported anticipating a moderate-to-high or high impact on their financials due to low oil prices.
Additionally, they believe prices will remain low for more than 12 months—the implications of this are huge. On top of that, companies are dealing with grounding of rotational employees due to border closures, potential layoffs, and shifting their total rewards strategies.
Mercer has the data and insights you need to make critical decisions in the current environment.
You’re certainly well aware the energy and mining industry is going through a period of drastic change, which means you’re likely to be taking a closer look at your compensation and rewards strategy. While strategic hiring for particular roles may still continue, there are probably others that require you to reevaluate your compensation targets. Mercer’s salary surveys give you the data you need to be sure you’re paying what you need to, for success both now and in the future.
Employee engagement is key to leading with empathy, which is a top concern for employers, according to Mercer’s Global Talent Trends report. But employee engagement is not a one-size-fits-all approach. And deploying an engagement survey is not the first step. Take a look at engagement tools that can help you get the best out of your brightest by listening to your employees.
Do your policies and practices need a revamp given how quickly the world of work has changed? Mercer’s reports cover that and more, such as relocation, compensation administration, paid time off and benefits and perks. All go into creating an employee value proposition that supports your talent strategy. Find the information you need today.
When making difficult choices related to layoffs, furloughs and hours-cuts, it’s important to remember that how your organization treats departing employees has a lasting impact on your employer brand. Get the tools you need to handle these tough decisions gracefully and be conscientious of your impacted employees’ well-being.
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