Written by 8:41 pm Data Insights, Technology

PwC: European Energy Sector Focuses on Tech-enabled Reinvention

PwC’s August 2023 Pulse Survey

The European energy industry is entering an era marked by strategic reinvention, fueled primarily by the transformative power of technology. A focus on revamping the sector’s approach to strategic planning is currently underway, with a recent PwC August 2023 Pulse Survey revealing that 60% of energy and utilities executives are adjusting their strategic planning based on the prevailing business conditions.

For professionals in HR, recruitment, and reskilling, several key trends emerge from this data that can shape the workforce of the future:

  1. Cloud-driven Transformations: Emerging technology and cloud-based solutions are at the forefront of interconnecting complex technological integrations. PwC’s 2023 Cloud Business Survey points out that cloud has already provided 48% of energy and utilities executives with substantial value by forging connections between various stakeholders in efficient ways. The integration of cloud technology demands a skilled workforce adept in navigating cloud environments, emphasizing the need for focused recruitment and reskilling.
  2. Addressing Unmet Customer Needs: The industry is looking towards identifying and tapping into unexplored growth areas, particularly those related to the customers’ unaddressed requirements. Companies need to develop a nuanced understanding of their customers’ energy strategies and design specific plans catering to their unique needs. This opens doors for talent that can offer both technological expertise and deep customer insight.
  3. Changing Dynamics in Disruption: The traditional understanding of disruptors and incumbents is shifting. Over 90% of commercial and industrial leaders express a desire for external support in significant energy endeavors, with a preference for established energy-focused companies. However, they also recognize the value of innovative newcomers to the industry. This trend highlights the importance of blending the expertise of seasoned professionals with the innovative mindset of newer entrants in the industry, demanding a balanced recruitment strategy.
  4. Strategic Acquisitions and Portfolio Refinement: As part of their strategic reinvention, 46% of energy and utilities executives are contemplating acquisitions or divestitures in the coming 12-18 months. This calls for human resource strategies that accommodate the dynamism of mergers, acquisitions, and the integration of diverse teams.
  5. Tech-driven Sustainability Commitments: Achieving net-zero or carbon reduction targets requires more than just setting goals; operationalizing these commitments is essential. Energy leaders are progressively focusing on ESG systems and breakthrough decarbonization technologies. The HR implication here is a significant need for talent specializing in ESG tracking, climate risk management, and other sustainability-related domains.

In conclusion, as the European energy sector embarks on a journey of tech-enabled reinvention, it poses crucial challenges and opportunities for HR professionals, recruiters, and those spearheading reskilling efforts. It’s an era where technological prowess blends with strategic insight, pointing towards a future that promises both sustainability and innovation.