A new report from Ernst & Young (E&Y) suggests that the end of the mining boom is not positive for skilled mining talent and has advised mining companies to focus on talent management in order to reduce future risks.
Factors such as ageing workforces, globalisation and disruptive technology are all affecting the future supply of talent.
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According to the E&Y report: "It is only a ceasefire, the war for talent will continue."
The report added that, if mining companies fail to focus on talent management, they will lose wise, senior and experienced people from the sector and face significant talent shortages in the industry’s next upturn.
EY Canadian mining and metals leader Bruce Sprague said: "The war for talent just got a lot more complex.
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"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.
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By GlobalData"Now more than ever, mining companies must not lose their focus on talent management."
EY noted that labour productivity programmes are also important and mining companies must focus on the acquisition, maintenance and optimisation of human capital.
They need to optimise their inventory of skills for their valuable projects, in addition to implementing robust people programmes.
The demand for senior, experienced mining professional is growing, but the supply is thought to be decreasing.
"Those companies that are innovative and flexible in how they effectively attract, retain and grow talent will be the ones to realise productivity gains now, and position themselves to win in the next upturn," Sprague added.
Image: Mining companies will lose wise, senior and experienced people if they fail to focus on talent management. Photo: courtesy of Suat Eman/ FreeDigitalPhotos.net.
