The world is shifting from asset‑light and infinitely scalable models to a more asset‑heavy reality. Across the globe, trillions of dollars are being committed to physical assets, and capital expenditure is rising sharply.
What is driving this shift? Which sectors are seeing the most investment? What challenges and bottlenecks do companies face in delivering major CapEx programmes? And how can new technologies and approaches to talent help overcome them?
Speaking to our host, Paul Chapman, on this episode Erikhans Kok, Senior Partner at McKinsey, where he leads the firm’s Capital Excellence Practice globally.
Read below for our key talent impacts from this episode.
Podcast Briefing: 5 Talent Trends
Skilled Labour Shortage Intensifies
Demand for welders, electricians, and specialised trades is outpacing supply, driven by rising CapEx and retirements, leaving the US short hundreds of thousands of workers and increasing competition for talent.
Wage Inflation and Retention Pressures
Companies are raising wages, per diems, and improving living conditions to attract and retain talent, with mobility between projects and sectors driving continuous upward pressure on compensation levels.
Cross-Sector Talent Competition
Energy, LNG, and data centre projects are competing for overlapping skill sets, particularly electricians, creating wage arbitrage across sectors and forcing firms to differentiate beyond pay through culture and project conditions.
Shift Towards Digital and AI Skills
Firms are increasingly seeking talent capable of applying digital tools, AI, and advanced scheduling technologies to improve productivity, reflecting a broader shift from purely manual trades to hybrid technical skillsets.
Loss of Institutional Knowledge
Accelerating retirements are depleting decades of embedded expertise, pushing companies to prioritise knowledge capture, training, and new learning models to preserve operational capability and support future project execution.
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Podcast Summary
Edited highlights and themes from the podcast episode.
What is driving the surge in recruitment across the energy and commodities sectors?
The primary driver is a sharp rise in global capital expenditure across energy, infrastructure, and industrial sectors. Significant investment in LNG, power generation, and grid expansion, alongside demand from electrification and data centres, has created sustained hiring pressure across engineering, construction, and project delivery roles.
Which roles are most in demand in the current market?
The strongest demand is for skilled trades such as welders, electricians, pipefitters, and project engineers. These roles are essential to delivering large-scale projects, yet labour supply has not kept pace, with shortages growing significantly in recent years, particularly in the US.
How is competition for talent evolving across sectors?
Competition now extends beyond energy into data centres, telecoms, and infrastructure projects, all drawing from the same labour pool. This cross-sector demand is driving wage inflation and forcing companies to differentiate through working conditions, project stability, and career development opportunities.
What impact are retirements having on recruitment?
An ageing workforce is accelerating the loss of experienced talent, particularly in technical roles. This creates both a skills and knowledge gap, as decades of operational expertise leave the workforce, prompting companies to prioritise knowledge retention and structured training programmes.
How are companies adapting their hiring strategies?
Organisations are investing in digital tools, AI, and advanced scheduling systems to improve productivity and reduce reliance on scarce labour. At the same time, they are rethinking talent models, focusing on training, retention, and more efficient ways of delivering complex projects.