Next, the model reveals that the number of students graduating with Mining Engineering degrees is dismally low
Mining Industry - Mini
8.0
7.0
6.0
5.0
4.0
3.0
2.0
1.0
Graduates per 100 Employed Engineers
1.3
7.9
4.0
1.4
Mining Engineering
Nuclear Engineering
Electrical Engineering
Petroleum Engineering
This chart depicts the number of U.S. college graduates per 100 workers currently employed in their career field. For example, mining engineering programs graduate approximately 1.3 student for every 100 employed mining engineers while nuclear engineering programs graduate nearly 8 students for every 100 employed nuclear engineers.
Lastly, the model depicts that the mining engineering workforce is rapidly approaching retirement age
Mining Industry - Mini
80%
70%
60%
50%
40%
30%
20%
10%
Percentage of Employed Engineers Ages 55 and older
76%
46%
14%
17%
Mining Engineers
Nuclear Engineers
Electrical Engineers
Petroleum Engineers
This chart depicts the percentage of employed engineers who are 55 and older. For example, 74% of all employed mining engineers are age 55 or older, compared to 45% for nuclear engineering. The large percentage of aging workers will likely result in high retirement rates from mining companies in the coming years.
While the Workforce Intelligence model reveals factors contributing to a gap, it also brings-forth significant “hidden” opportunities
Mining Industry - Mini
200
175
150
125
100
75
50
25
Workforce Supply Components
75
140
203
Retirees Re-entering the workforce
Other Qualified Workers
College Graduates
By 2013, experienced hires, made up of retirees re-entering the workforce and other qualified workers from within and outside the sector, will be a larger recruiting source for mining engineering positions than college graduates.
ors
A real value of the Workforce Intelligence product is being able to right-size the solution with the magnitude of the challenge
Mining Industry - Mini
Over Supply
Under Supply
+50%
+40%
+30%
+20%
+10%
0%
-10%
-20%
-30%
-40%
-50%
Workforce Intelligence Recommended Advice
Any positive output should be monitored for abrupt changes
An output between 0% and -7% should be evaluated for opportunities to fine-tune the talent supply chain
An output between -8% and -15% should be assessed for tactical fixes to the talent process -30% An output greater than -15% should be reviewed for strategic interventions
In the case of mining engineers, a -30% gap triggers an aggressive response of strategic talent programs
Mining Industry - Mini
Align culture to future workforce
Strengthen attraction and retention by aligning characteristics of the organization's culture to the attributes of its future workforce
Position opportunities with specific demographic segments Improve candidate attraction by positioning the organization and its employment opportunity with specific demographic segments such as retirees, other qualified workers, and Generation Y.
Strengthen employee engagement Refocus employee engagement program away from “soft savings” to tangible results by aligning program to mining engineer attraction, retention and productivity metrics
Slow retirements and turnover
Slow the rate of churn within the mining engineers workforce with programs that retain its workers
Link talent supply chain to mining engineer supply sources
Create an end-to-end mining engineer talent supply chain with links to external supply sources like universities, workers in other sectors who could easily be retrained and retirees looking to reengage an employer
Contact Eric Seubert Managing Principal (937) 239-0988 eseubert@talentstrategyadvisors.com
About Talent Strategy Advisors
Talent Strategy Advisors is an internationally recognized workforce and talent management organization. Talent Strategy Advisors combines unparalleled labor market expertise, comprehensive talent management frameworks and timely research to help clients attract, develop, retain and engage critical position employees.