Investment in decarbonising the grid has led to soaring salaries for those in the power sector, according to the seventh annual Global Energy Talent Index (GETI).
The report by Airswift, which surveyed 10,000 energy professionals and hiring managers of 149 nationalities across five industry sub-sectors, found that as many regions invest in major power grid expansions and upgrades, 50% of power workers report a pay increase and only 6% had a pay cut last year, compared with 16% two years ago. Additionally 72% of hiring managers anticipate further sector-wide pay rises this year, and 46% anticipate rises above 5%, while only 3% expect pay to fall.
The increasing pay has seen power workers’ salaries rebound above pre-pandemic levels and has massively improved sector-wide talent retention. In fact, just 41% of power workers are reportedly considering leaving for another sector, the lowest proportion among any energy sector. This is especially important at a time where so many grid upgrades are taking place to get the UK and the rest of the world ready for net zero. Job satisfaction is also reportedly high, with 64% of respondents happy with their job.
With the US Infrastructure Investment and Jobs Act pumping $13 billion into power grid upgrades and expansion and the EU mulling a €584 billion investment in electric grids, Europe and the US now top the list of relocation destinations for power workers. Career progression is cited by 58% of respondents as the prime driver for relocation, an increase of 49% on the previous year, while lifestyle and low cost of living is second as inflation continues to increase.
Janette Marx, CEO at Airswift, noted, “Record investment in decarbonisation and digitalisation of power grids across the US and Europe have helped sector-wide salaries bounce back above pre-COVID levels. Amidst a cost-of-living crisis, high salaries are helping the sector retain its workforce but lower costs of living are also creating powerful ‘pull factors’ for workers to move abroad.
“Employers should include living cost assistance in benefits packages to help keep skills in the company and the country. The sector’s high salaries and its pivotal role in the energy transition could also help attract an idealistic and ambitious young workforce that seeks well-paid work in environmentally sustainable industries.”
John L. France, CEO & Managing Partner at Bear Peak Power, added, “Rising investment in new transmission networks to intersect with renewable power sources is driving huge demand for skills and rising salaries. Long-term infrastructure investment will also provide greater job security and stability for workers than more cyclical sectors such as oil and gas, which is further boosting talent retention.”
