Full Title: Has Mining Lost its Luster? Why Talent is Moving Elsewhere and How to Bring Them Back
Author(s): Timur Abenov, Margot Franklin-Hensler, Tino Grabbert, and Thibaut Larrat
Publisher(s): McKinsey & Company
Publication Date: February 9, 2023
Full Text: Download Resource
Description (excerpt):
Three cross-industry trends are converging to trigger far-reaching changes within the mining workforce. First, the nature of work itself is evolving, with an increasing focus on automation, algorithms, and a growing need to be digital savvy—resulting in an estimated one in 16 (more than 100 million) workers globally needing to find a different occupation by 2030.
Second, workers’ preferences are shifting. Following the COVID-19 pandemic, 40 percent of employees said they were likely to leave their jobs in the next six months, prompted by various factors, including changes in life priorities.
Finally, ways of working are evolving: a recent McKinsey Global Institute report indicated that 72 percent of executives say their organizations have started adopting permanent remote-working models.
Simultaneously, global energy uncertainty alongside price and demand rises in commodities that enable electrification (such as lithium, iron ore, and copper), as well as heightened expectations in terms of environmental, social, and governance (ESG), are ramping up pressure for mining employees to perform and deliver more. Considering all this change, what are the implications for the mining industry’s talent?
This article explores our latest research into the talent imperative for mining, covering why hiring and developing the right talent is increasingly crucial for miners, what’s driving the talent squeeze in mining, and how miners can reverse the trend.