Juliana Rocha outlines how Equinor’s transition to renewables is reshaping its benefits strategy
Like most energy companies that have historically focused on oil and gas, Equinor is engaged in the shift to renewable energies and reducing carbon dioxide emissions. This transition is also shaping our HR and reward strategy.
A large proportion of our workforce has been within us for decades and a lot of people will retire in the next few years, so we need to reskill our current workforce and attract new skills to the company. That means attracting top new talent with the best renewables expertise and providing the best training for people already within the company.
The oil and gas sector has always offered inflated salaries and variable pay and benefits. We will need to balance this and the desire to attract the best renewable skills with the shifting business proposition. As we transition to renewable energy we will have to consider our competitiveness, because the margins are not the same right now.
Bringing different external mindsets into the company will also help create more diverse and inclusive teams. People still want flexibility in where and when they work, as well as the benefits such as health plans and things like electric cars.
All this means revisiting our EVP. Becoming greener and more flexible will mean we have to transform our EVP, too. The pressure is on CPOs and their teams to get this balance right.