Benefits 2.0
Recharging energy benefits: key strategies for the industry
Employers in the US energy and utilities sector face many uncertainties in the year ahead - the clean energy transition, expanding global markets, changing workplace demographics and longstanding disparities.
Amid these challenges, a variety of employer-provided benefits stand out for their ability to help companies in the sector weather these storms and take advantage of new opportunities.
These insights are based on an Economist Impact survey of 1,500 full-time workers across medium to large companies in the US, including 500 in the energy and utilities sector.
1. Improving retention with purpose-built, future focused benefits
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The industry is facing retention challenges Turnover is at an all-time high and tenure is trending down In 2022 attrition reached 7.2% (people leaving their jobs for non-retirement reasons). Hiring to replace these workers is also at an all time high1. |
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Fostering an experienced and committed workforce
Benefits should be strengthened to help create clear career paths and enable young workers to prepare for the future.
2. Addressing the gender disparity with inclusive benefits
FAMILY PLANNING AND CHILDCARE BENEFITS
37% of parents say they have been able to stay in their job thanks to these benefits. However, 30% of working parents in the sector currently lack access.
PARENTAL LEAVE
More than just maternity leave, this encourages gender equality and supports a wider range of family structures.
3. Keeping up with global growth by diversifying benefits for immigrants and minorities
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Job opportunities in the industry
are growing
More than 100 climate, green energy and environmental investments are expected to create more than 9 million jobs in the US over the next decade.7 |
As the sector expands, it is increasingly tapping into a global talent pool
1 in 4
STEM workers in the US are immigrants.8
Three-quarters
of electrical engineering graduates are
international students, many of whom
face difficulties in navigating life in the
US after graduation.9
Top-tier benefits are needed to compete
55% of minorities say they don’t have enough paid time off to devote to family and personal pursuits
An annual set of floating holidays can be more inclusive for immigrants and religious minorities than standard, US-observed holidays.
62% of minorities say education benefits contribute to their happiness and success at work
Expanded education benefits can include programs for non-American workers that bridge the gap from educational institutions to the workplace (eg, mentorship networks, support for visa applications and renewals, and pathways to residency).
77% of minorities say financial wellness benefits are useful to them
Options attractive to immigrants include financial advice and assistance (eg, finding housing, setting up bank accounts, navigating retirement benefits).
4. Unlocking greater return on investment through the power of wellness benefits
Wellness benefits can be a lifesaver in coping with
the industry’s physically demanding jobs.
Research has shown that one of the main stressors on utility systems is workers getting sick.10
For example, wellness programs are associated with:
+ 8%
of workers who
engage in regular
exercise14
+ 14%
of workers who
report actively
managing their
weight15
|
Wellness—a key strategy for success
Given the sector’s strong affinity for wellness benefits, along with their relative cost-effectiveness, a key area of focus for the industry should be greater investment in diverse wellness programs |
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References
1. https://cewd.org/wp-content/uploads/2023/01/CEWD-2023-Workforce-Report-Executive-Summary_2023-FINAL-1.pdf2. https://cewd.org/wp-content/uploads/2023/01/CEWD-2023-Workforce-Report-Executive-Summary_2023-FINAL-1.pdf
3. https://cewd.org/wp-content/uploads/2023/01/CEWD-2023-Workforce-Report-Executive-Summary_2023-FINAL-1.pdf
4. https://e2.org/wp-content/uploads/2021/09/E2-ASE-AABE-EEFA-BOSS-Diversity-Report-2021.pdf
5. https://cewd.org/wp-content/uploads/2023/01/CEWD-2023-Workforce-Report-Executive-Summary_2023-FINAL-1.pdf
6. https://www.ey.com/en_us/women-power-utilities/employee-retention-key-for-the-utilities-industry
7. https://www.bluegreenalliance.org/site/jobs-from-climate-action-the-inflation-reduction-acts-impact-on-state-job-creation/
8. https://www.americanimmigrationcouncil.org/research/foreign-born-stem-workers-united-states
9. https://www.nafsa.org/blog/international-stem-talent-and-us-research-competitiveness
11. https://www.emerald.com/insight/content/doi/10.1108/IHR-05-2020-0014/full/html
12. https://www.ncbi.nlm.nih.gov/pmc/articles/PMC5724963/
13. https://www.ncbi.nlm.nih.gov/pmc/articles/PMC6756192/
14. Song Z, Baicker K. Effect of a Workplace Wellness Program on Employee Health and Economic Outcomes: A Randomized Clinical Trial. JAMA. 2019;321(15):1491–1501.
doi:10.1001/jama.2019.3307
15. Song Z, Baicker K. Effect of a Workplace Wellness Program on Employee Health and Economic Outcomes: A Randomized Clinical Trial. JAMA. 2019;321(15):1491–1501.
doi:10.1001/jama.2019.3307
