Attracting and Retaining the Talent in Mining Industry

Attracting and Retaining the Talent in Mining Industry
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Title: Attracting and Retaining the Talent in Mining Industry
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Attracting and Retaining the Talent in Mining Industry
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Executive Summary
This report summarizes the HR practices and challenges for the attraction and retention of
employees in mining industry. A brief overview has been provided in introduction. The
challenges in attracting and retention of workforce in mining sector have been explored. The
relevance has been given to five themes of HR and this is followed by a conclusion.

Attracting and Retaining the Talent in Mining Industry
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Introduction
The mining industry is undergoing through the shortage of qualified professionals which
are unable to meet its production needs. Every year, most of the people leave this sector for
pursuing careers in different domains. There are few prime reasons like industry image,
decreasing number of graduates from mining programs and draining of knowledge. These
challenges and trends have been widely discussed over traditional mining countries like Pakistan,
Bangladesh, Australia and United States. The Canadian mining industry recruits 25,000 to
65,000 employees over the next 5 years (Bartram, 2018). From the past 2 decades, there is
decrease in the number of individuals and it is expected to decrease by 10 percent. More than 30
percent of Canadian Mining employees will retire. Mining companies have started
acknowledging that current supply scarcity will have a lot of impact over the efficiency,
profitability and productivity of operations. The scarcity of skilled workers, which is in
combination with increased turnover rates are top factors which have an impact over the growth.
This is done by delaying or completely stopping the projects.
Employees are regarded as valuable assets, but mining industry considers it as a
backbone. The mining industry needs to spend money on training and recruiting of employees,
but also impact the staff productivity and morale. The challenges for Human resource department
are to retain talented workers. The mining jobs are demanding and employees cannot stay in
roles beyond an average age. The operations are followed by the truck drivers, service operators
and worker supervisors. The employment differences have been negative in the mining industry.

Attracting and Retaining the Talent in Mining Industry
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Challenges in Attracting and Retaining a Workforce in Mining Sector
The Mining industry is undergoing through the retirement stage. There are traditional
challenges which are being suffered by the countries like Pakistan, United States and Australia
from past 2 decades. According to the statistics, more than 5 percent of the people retire form
mining industry every year. According to the business consulting, research, there are critical
risks for every industry (Lieber, 2012) -
1. Increased labor competition-Firms need to hire more labor when marginal revenue is
greater than wage rate. The labor market differs from market of goods and services
because labor demand is considered as the derived demand.
2. Expansion of skills-Skill up-gradation is required in few occupations. Finding a well-
qualified and well trained employee needs to focus on the productivity and innovation.
The greatest change is technological change can produce shifts in skill requirements
(Jamieson, 2018).
3. Increased competition from entry talent-pool- Competition is one of the biggest
factors which exist among the employees and the application and recruitment process
must be simple and automatic. It will be a win-win solution for every employed (Khoo,
2013).
4. Loss of retention rates and executive knowledge- The organization ability to retain its
employees. This is represented through the simple statistic. If the retention rate is poor,
then satisfaction and commitment will be withdrawn. The organizations will lose hope in
the employee and will start looking for other personnel (Traub, 2004).