Call made to recognise the Value of Human Capital
- New White Paper published examining whether enough value is placed on the critical human capital that delivers vital UK infrastructure
- Research demonstrates that companies and society benefit economically from strategic and structured investment in the workforce
- Investment in people is key to addressing the critical skills gap in the energy and utilities sector
The Energy & Utilities Skills Partnership has published a new White Paper, calling for the value of a resilient and sustainable UK workforce to be better understood and recognised. The energy and utilities sector provides essential services every day to 65 million consumers and businesses across the four nations. It is also powers the UK economy, delivering the majority of the UK’s vital infrastructure.*
The Paper – ’Is enough value placed on human capital to deliver vital infrastructure?’ was written by Energy & Utility Skills and SSE, working on behalf of the Energy & Utilities Skills Partnership. SSE has invested in a ‘human capital’ report which measures the economic value of the skills and capabilities of the people it employs, leading the way in the UK.
John Stewart, HR Director at SSE, explains: “SSE is committed to the work of the Energy & Utilities Skills Partnership to address the significant skills gap facing the sector. Working in partnership, we hope we can create a paradigm shift in company reports and policy making by integrating the value of human capital into corporate and government thinking.
“The White Paper demonstrates that both a company and society benefits from proper investment in its workforce through increased earnings for individuals and resulting increased tax payments. People, and the skills those people have, are the key to turning investment in infrastructure into energy, clean water and a better environment.”
The Paper covers the:
- importance of valuing Human Capital
- payback from long-term investment in talent
- challenge of quantifying people as a critical asset
- value of a resilient and sustainable workforce
- future outlook
Nick Ellins, Chief Executive of Energy & Utility Skills, adds: “The Energy & Utilities Skills Partnership recently published the sector’s first Workforce Renewal and Strategy, showing that collective action is needed to secure the talent the sector needs. As a whole, the sector is the largest single contributor to the National Infrastructure Delivery Plan and plays an essential role in narrowing the productivity gap between the UK and our international competitors.*
“Failure to secure the skilled workforce required to deliver such infrastructure projects could lead to higher project costs, delays, reduced quality, reliance on overseas skills, loss of intellectual property, stifled innovation and damage to the UK economy and its global competitiveness. The White Paper highlights that people are a critical asset that needs to be quantified and that the value of a resilient and sustainable workforce needs to be recognised“
The full Paper can be downloaded here.