93 ANNUAL REPORT 2022 STRATEGY & OUTLOOK EXTERNAL VARIABLES, RISKS & OPPORTUNITIES EXTERNAL ENVIRONMENT • Covid-19 has been a great accelerator for workplace transformation, with businesses worldwide shifting to working remotely, rethinking business travel and moving in-person meetings to virtual. • Covid-19 has also seen a shift in employee expectations with increased levels of attrition in organisations where those expectations are not being met, requiring businesses to be more adaptable and agile in driving high levels of employee engagement and experience. • Working remotely or from home has been identified as a significant source of stress, with employees citing burnout, lack of separation between work and home, unmanageable workloads and worries over job security as stressors. • There is a shortage of skilled workers in the oil & gas industry. • Increasing expectations for workplaces to provide more holistic employee wellbeing programmes beyond just physical wellbeing, i.e., to include support for mental and emotional health, career development, teambuilding, recognition. • Surge in demand for cloud services, digitalisation platforms and information technology upgrades to meet unprecedented demand for virtual collaborations. • The increased cost of living is causing financial burden on employees and companies. • Emphasis on future energy supplies is providing employment opportunities across the offshore production, renewables and green technology industries. RISKS • Companies that do not adapt to changing expectations of the evolving workforce, such as with regards to ESG, work-life balance or work flexibility, risk losing key talents to competitors. • Companies that do not invest in technological solutions such as cloud services and digitalisation platforms may get left behind. • A negative perception of an industry’s environmental performance may cause dwindling interest in pursuing a career in these industries. • Companies that do not actively invest in employee mental health matters, such as stress and depression could face a dip in productivity and performance, and a drop in the overall wellbeing of employees. • Remote working promotes greater virtual collaboration. However, lack of workforce diversity and inclusion policies and training could lead to workplace issues such as communication barriers or cultural clashes. OPPORTUNITIES • Businesses that have attractive employee propositions, DEI, environmental performance and organisational culture can attract and retain highperforming employees with the right skillsets. • Companies that continue to embrace the hybrid working model post-pandemic allows employees to pursue their personal and professional interests, leading to better work-life balance. • Greater employee engagement improves employer-employee relationships resulting in improvements to productivity and people retention. • Companies that proactively identify learning & development opportunities can upskill employees to prepare them for greater progression in their career. • Companies that invest into digitalisation of processes help employees do their work more efficiently and effectively and also allows employees to focus on more meaningful work. PEOPLE REVIEW
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