Ernst & Young: Mining Industry Needs to Focus on Work Talent

As the aging workforce of the mining industry continues to retire, a new report by Ernst & Young (E&Y) suggests companies should focus on talent management to reduce future risks. The report outlines factors such as globalization, disruptive technology and an aging workforce are affecting the future supply of talent.

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"The war for talent just got a lot more complex,” said Brue Sprague, EY Canadian mining and metals leader.

According to the report, if mining companies fail to concentrate on talent management, they will lose intelligent, experienced people from the sector and endure significant talent shortages in the industry’s next upturn.

"During the boom years, many mining companies hired talent at any cost. Now, as cost-cutting exercises mean there are fewer jobs to fill, the best people are able cherry pick the top roles in a global marketplace and in other sectors as well,” said Sprague.

"Now more than ever, mining companies must not lose their focus on talent management."

E&Y advises mining companies to focus on acquisition, maintenance and optimization of human capital. In addition, the report says companies need to optimize their inventory of skills for their valuable projects, along with employing robust people programs.

"Those companies that are innovative and flexible in how they effectively attract, retain and grow talent will be the ones to realize productivity gains now, and position themselves to win in the next upturn,” Sprague adds.