Sign in Subscribe
Social services

Workforce, Compensation, and Benefits Panel Testimony: Unlocking Key Insights for a Competitive Market

Strategic Insights

— 1 min read

The New York State Public Service Commission recently received testimony from a Workforce, Compensation, and Benefits Panel, comprising industry experts from various organizations. The panel's testimony provides valuable insights into the electric utility industry's human resource strategy, workforce projections, and succession planning. Their testimony highlights the importance of offering attractive benefit and compensation plans to attract and maintain a talented and competent workforce.

Key Takeaways:

  • The panel outlined the Companies' human resources strategy, which aims to attract new employees and engage, develop, and retain current employees through fair and competitive compensation and benefits, career development opportunities, and a supportive work environment.
  • The Companies face significant workforce challenges, particularly with the growing number of retirement-eligible employees, and project a 12-month workforce projection for the Rate Year (May 1, 2023 to April 30, 2024).
  • The Companies' rate recovery request for employee benefits and compensation is supported by a study conducted by Aon Consulting, Inc., establishing that the compensation and benefits packages are competitive.
  • The panel sponsored 13 exhibits, including CVs of the witnesses, workforce projections, and reports on pension and other post-employment benefits (OPEBs) projections.
  • The Companies' mission is to provide safe and reliable service for customers with a commitment to community well-being and sustainable value creation.
  • The human resource strategy supports the mission by ensuring the workforce has the skills and knowledge to meet current and future challenges.

Statistics:

  • The panel consists of industry experts with over 25 years of human resources experience in various industries, including utilities, financial services, and consulting.
  • The Companies project a workforce growth of X% for the Rate Year, with a focus on attracting and retaining employees in key areas such as STEM fields.
  • The study by Aon Consulting, Inc. found that the median total compensation and benefits for NYSEG and RG&E employees is Y%.
  • The Companies' rate recovery request for employee benefits and compensation is supported by a study establishing that the compensation and benefits packages are competitive, with an average salary increase of Z% for employees.

Sources:

  • New York State Public Service Commission documents
  • Aon Consulting, Inc. study
  • Testimony of Workforce, Compensation, and Benefits Panel
  • Exhibits WCB-1 to WCB-13

Read more