2024 Schedule

The new ISO 55000 asset management standard has expanded the concept of assets to include HR. But is industry really prepared to make informed decisions on HR programs, as they do for physical assets? Furthermore, does industry have tools to evaluate the benefits of various HR programs to mitigate the retirement of an aging workforce, especially in overheated sectors like oil & gas? The session will review some programs that were introduced in a large utility to mitigate the effects of its workforce retiring, such as mentoring, rejuvenation hiring, and procedures updating. The review will include five different HR strategic programs that were implemented to offset the impact of an aging workforce. The impacts of these HR programs cannot be evaluated using ordinary engineering economics analysis. However, some tried and tested quantitative and qualitative techniques are proposed that could improve HR program valuation. This session will propose some approaches to evaluate HR decisions in industry, using research methods from academia and based on programs introduced in a large industrial organization to manage the transition as its aging workforce retired.