According to the International Renewable Energy Agency (IRENA), the number of people being employed by the renewable energy industry could reach 24 million by 2030. According to the World Economic Forum, the renewable energy sector is a $1.4 trillion global industry -- almost twice the size of the global airline industry, and nearly equal to worldwide apparel revenue.
The falling costs of renewable energy sources, favorable government policies and increasing investments by corporations and governments are reasons for the increase in employment. For such a rapidly growing sector, here are the top recruitment trends in 2019 -
1. Asia accounts for most jobs in the renewable energy industry
As per IRENA, the majority of renewable energy job markets were China, Brazil, the United States, India, Japan and Germany. But the overall employment is accounted for by Asian countries -- over 60% of the jobs. The region offers strong manufacturing capabilities, deployment and favourable government policies such as preferential credit and land policies and feed-in tariffs.
2. Solar and liquid biofuels energy sectors are the largest employers
The global solar PV (photovoltaics) industry accounts for 3.37 million jobs with China, Japan, USA, India and Bangladesh being the top markets. These top nations account for more than 90% of solar PV jobs worldwide.
The liquid biofuels industry employs 1.93 million people -- 12% of the renewable energy sector. Latin America (led by Brazil) account for half of these jobs worldwide, followed by Asia and North America.
3. Salaries for professionals in the renewable energy industry will continue to rise
According to a 2019 report by the Global Energy Talent Index (GETI), 71% of hiring managers expect salaries in the renewable energy industry to rise. To change the perception amongest job seekers that the sector doesn’t pay well and to compete with the other energy sectors (such as oil and gas and fossil fuels) for top talent, the salaries are projected to go up. The demand for engineering and project management talent is quite high, and as such these jobs are supposed to witness the biggest salary hikes.
4. Renewable energy industry is a top destination for young talent
Due to its popularity with young talent, the renewable energy industry isn’t about to face any looming talent crunch, as compared to some of the other energy sectors. Renewable is considered as a young sector and is a top destination for young talent as the industry appeals to their sense of idealism and purpose. The industry also prefers young professionals as they’re more adept at training and working with automated and digital technologies.
5. Talent retention is a major challenge for the renewable energy industry
While the renewable energy industry is capable of attracting top talent, it isn’t doing well at retaining top talent. Over 77% of existing professionals in the renewable energy industry indicated shifting jobs and moving to the more lucrative oil and gas and power sectors. The top reasons cited were lack of clear career projection trajectories and inadequate opportunities to innovate and grow.
While the renewable energy industry is thriving and doesn’t face any talent crunch, it needs to focus on better talent retention strategies to not lose its best and brightest to other competitors. Working with a recruitment specialist like International Manpower Resources that specialises in acquiring talent for the renewable energy sector is a great way to build efficient work forces for businesses in this industry.