Future of Workforce
Talent management practice often mirrors the commodity price cycle : miners hire rapidly in an upswing and shed excess resources in a downturn . As a result , many workers laid off move to other sectors and never return , taking invaluable knowledge and experience with them . Meanwhile , other trends continue to reshape labour supply . Changing technology is disrupting the required skills mix of data science , analytics and mechatronic skills - making it difficult for the industry to compete . Changing social and demographic forces make attracting younger talent a consistent challenge . Global talent markets add increased complexity to attracting leaders and tech talent . EY notes that the sector needs an agile and affordable workforce capable of thriving in an environment of ongoing commodity price volatility and digital transformation . Companies need to invest accordingly to : think about the future now ; build a brand or purpose ; seek alternative sourcing mechanisms ; challenge conventional development strategies and utilise a flexible resourcing model to balance workforce supply and demand .
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