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Key sector statistics:

Oil and gas:

• Record energy prices and bumper profits have sent salaries surging to pre-pandemic heights. 44 per cent received a pay rise this year, significantly above 31 per cent last year.
• Pay optimism is growing, with 66 per cent of professionals expecting salaries to rise next year compared to 54 per cent last year.
• The proportion of workers wanting to move abroad has fallen for the third consecutive year (down to 81 per cent from 89 per cent last year and 91 per cent in 2020).
• Only 45 per cent say their opinions and values are heeded and reflected in company policies and 38 per cent say they have no impact.
• Rising supply chain costs rank as the most disruptive issue over the past year, cited by 68 per cent of respondents.
• The biggest impact has been felt in reduced or delayed recruitment and retention (41 per cent).
• 49 per cent believe their company is doing enough to enable the energy transition.
• Renewables and petrochemicals remain the biggest sources of competition for talent within the energy industry, winning the votes of 49 per cent and 31 per cent of those open to switching sectors, respectively.
• 69 per cent of respondents describe themselves as either “very” or “somewhat” satisfied with their current job.
• Europe is the leading destination for oil and gas workers seeking overseas transfers at 27 per cent.
• Of those companies that have begun transitioning to clean energy, 38 per cent welcome the change this has made to their roles.

Nuclear:

• 83 per cent of nuclear workers were headhunted in the last year, and 19 per cent received 11 or more approaches.
• Three-quarters of nuclear respondents would consider leaving their sector, with oil and gas now the most popular destination in the industry.
• Technology is the most popular outside industry, as chosen by one-in-four respondents.
• 59 per cent of hiring managers expecting salaries to rise next year, the lowest of any energy sector.
• Nuclear job satisfaction is currently the lowest in the industry on 62 per cent.
• Lack of career progression is the biggest driver of job dissatisfaction for 63 per cent.
• 69 per cent of employers now promote cross-regional job transfers.
• 69 per cent of nuclear firms have been affected by rising supply chain costs.

Power:

• 67 per cent of those working in power believe that the sector has grown over the past year.
• 77 per cent expect it to grow further over the next three years. Indeed, four-in-ten respondents anticipate “strong growth”.
• Power professionals and hiring managers do acknowledge the pandemic as a potential barrier to growth, with 56 per cent citing it as among the biggest challenges facing the sector.
• 65 per cent of survey respondents are confident that their firm is resilient to the changes it faces.
• Advances in engineering techniques and technologies were identified by three-quarters of respondents as among the most important opportunities facing the sector over the next three years.
• More professionals reported a pay increase (38 per cent) than a decrease (16 per cent) this year.
• Professionals (63 per cent) and hiring managers (60 per cent) alike are optimistic of a pay increase next year.
• 88 per cent of professionals would consider relocating to another region for their job.
• Renewables and oil and gas remain the biggest sources of competition for talent, winning the votes of 56 per cent and 32 per cent of those open to switching sectors, respectively.

Petrochemicals:

• 71 per cent of petrochemicals workers say their companies have faced disruption from rising supply chain costs.
• 44 per cent say this disruption has reduced or delayed recruitment and retention of talent while 41 per cent report that it has also impacted salaries and benefits.
• Half of petrochemicals workers received a pay rise last year.
• Over a fifth say salaries have risen over five per cent.
• High current salaries mean job satisfaction is currently high on 67 per cent.
• 57 per cent are not considering any move outside the petrochemicals sector.
• Respondents are split over how the energy transition has affected their jobs, with 20 per cent saying their job has changed and they enjoy it less.

Renewables:

• 52 per cent of renewables professionals expect the sector to experience strong growth over the next three years.
• 85 per cent expect it to grow further over the next three years. Indeed, more than half of survey respondents anticipate “strong growth”.
• Renewables professionals and hiring managers do acknowledge the pandemic as a potential barrier to growth, with 56 per cent citing it as among the biggest challenges facing the sector.
• Two-thirds believe the sector is resilient to ongoing upheaval.
• More professionals reported a pay increase (35 per cent) than a decrease (16 per cent) this year.
• Professionals (67 per cent) and hiring managers (60 per cent) alike are optimistic of a pay increase next year.
• 85 per cent of professionals would consider relocating to another region for their job.
• Power and oil and gas remain the biggest sources of competition for talent, winning the votes of 54 per cent and 33 per cent of those open to switching sectors, respectively.
• Pay is cited as the biggest driver of job dissatisfaction for 59 per cent of renewables workers, followed by benefits at 50 per cent.
• 78 per cent of green energy workers were headhunted for a new job and nearly a third received six or more approaches from recruiters in the last year.

The balance of power has tilted towards professionals.

• Millennial bosses are in a unique position. They’re managing a generation that’s demanding more of employers, while still balancing the needs of the business. Gen Zers see vast potential for change in society and in the workplace – and think that their generation will be the one to drive it. (Source: Business Insider).
• Workers are now in the driver’s seat of their career and in a position to command higher salaries. According to a survey, worker demands for more money on the job hit a record level in New York last year. (Source: CNBC).
• Flexible working is now important to all generations. As we live longer, healthier lives, we want to work differently at different life stages, perhaps taking time out to study, travel, run our own businesses, pursue portfolio careers or phase into retirement. (Source: World Economic Forum).

As companies adapt to the energy transition, workers have more opportunity, and more skills transferability.

• When companies emphasize skill development, it pays off for workers. Skills learned on the job contribute 46 percent of the average person’s lifetime earnings, and companies that build human capital are more likely to propel their employees into higher earnings brackets over the course of a career. (Source McKinsey).
• While renewable energy may be the long-term future, it is the traditional energy companies that will keep the lights on until wind, wave and solar power can take over with consistency. (Source: Insider).
• overnment and industry need a better understanding of how skilled workers can move between sectors if the labour market is to make a full recovery from the impact of the Covid-19 pandemic. (Source: ECTIB).
• Ongoing technological advances will radically transform one billion jobs in the coming decade, according to an estimate by the Organisation for Economic Co-operation and Development (OECD). As such, many people will need to retool their skillsets in preparation for a new iteration of their current job or for an entirely new career. Coupled with the workers affected by current economic conditions, it is clear that training and upskilling needs will be immense in the near term. (Source: World Economic Forum).
• A recent IRENA report found that there is a growing focus on the quality of jobs and the conditions of work in renewable energies, to ensure decent and productive employment. The increasing share of female employment suggests that dedicated 7 policies and training can significantly enhance the participation of women in renewable energy occupations, inclusion and ultimately, achieve a just transition for all. (Source: UN).

ESG is a key career consideration.

• UK office workers would turn down a job if environmental, social and governance (ESG) factors were deemed lacking, with almost half of workers wanting their employers to demonstrate climate and social commitments. (Source: edie).
• Smart companies must think differently. Business leaders need to understand that a primary factor in attracting and securing the best people is setting bold commitments to improve performance against ESG matters. By enabling a more environmentally sustainable workforce and taking reasonable and responsible measures with digital presence, you can begin to make a measurable impact. (Source: Forbes)
• In a post-pandemic search for meaning, the modern workforce is increasingly demanding that their employers’ activities match their own personal ideals. Employees expect the company they work for to operate in a sustainable way and provide benefits for the environment, local economies and surrounding communities, all while maintaining a core focus on employee wellbeing, as well as their physical health and safety. (Source: Lexology)
• When Covid-19 emerged, business owners made great sacrifices, including specific goals like ESG commitments. Even now, many businesses grapple with the challenges of an unstable economy, but we can’t continue to treat sustainability as an option. This generation favours brands that represent their values, making ESG efforts imperative for today’s businesses. While it might not seem like a pressing issue to some, committing to ESG is an investment worth making in the coming year. (Source: Entrepreneur).
• Government incentives can drive sector growth.
• Incentivizing investment in technologies from battery production to green hydrogen is spurring sector growth in certain regions of the world. The US’s investment in grid modernisation and electrification of assets has seen positive growth in the power sector, the EU is changing its rules on state aid, and China is pushing to be world leader in areas such as solar panel production, but the UK is falling behind. (Source: The Guardian).
• Investment in coal to nuclear plants could speed the way to nuclear projects, which are renowned for their high costs and need to train a new workforce. The option of utilising a ready-built infrastructure could help nuclear projects come to fruition faster. (Source: Reuters).