Reward trends across the Asian renewables industry
In this podcast episode, Milan Taylor interviews Disha Kaushal about the pressing issues facing renewable energy companies in Asia. The key concerns discussed include the challenge of finding and retaining the right talent at the right price, the impact of skills overlap with other industries, and the aging populations in key markets. The cost pressures of hiring talent from outside the organization and the higher attrition levels in the renewable sector are also discussed.
The episode also explores reward trends, such as base pay rates, performance pay leverage, and the use of long-term incentives and retention bonuses. Overall, the episode emphasizes the need for renewable companies to adapt their talent strategies and reward approaches to succeed in the evolving energy landscape.
Interesting moments:
-
Talent Challenges
One of the top concerns for renewable energy companies in Asia is the challenge of finding and retaining the right skill set at the right price point. The skills overlap with other industries and the aging populations in certain markets exacerbate the talent attraction problem. -
Cost Pressures
Hiring talent from outside the organization can lead to cost escalation and impact the cost structures of renewable organizations. The energy sector in Asia tends to pay at a premium of around 25%, which adds to the cost pressures for renewables players. -
Retention Issues
Renewable companies not only face challenges in attracting talent but also struggle to retain them. The attrition levels in the renewable sector tend to be higher than the industry average, which worsens the talent concerns for the industry. -
Reward Trends
Base pay rates offered by renewable sectors in certain markets lead the market average. Performance pay leverage is higher in the renewables industry compared to other sectors. Additionally, renewable energy companies in Asia are more likely to use long-term incentives, retention bonuses, skills premiums, and flexible benefit offerings.
More episodes in this series
-
Attract & retain talentAugust 02, 2024 | 19 | 12:00Our latest podcast dives into the future of employee relations in the retail industry. Listen now to discover what's driving union support, how to foster strong employee relations, and effective labor relations strategies for the #FutureofWork
-
Attract & retain talent
Insights for Energy Leaders in a Changing Landscape
July 03, 2024 | 18 | 18:00Milan Taylor and Kate Bravery discuss key findings from Mercer's Global Talent Trends 2024 study impacting the Energy industry. Tune in now. -
Total rewards
How pay transparency and pay equity impact total rewards
May 06, 2024 | 17 | 19:58Listen to Mercer’s latest podcast to find our how pay transparency and pay equity strategically impact total rewards. -
Skills-based organizations
Accelerating Talent and Rewards with Skills-Powered Practices
January 30, 2024 | Episode 15 | 19:32Find out how organizations are using skills-powered practices to accelerate the future of talent and rewards. Mercer’s experts dive into the data of their Skills Snapshot report. -
Attract & retain talent
What are the impacts of people risk in the energy industry?
September 15, 2023 | Episode 14 | 12:00Tune into our latest Transforming for the Future podcast episode to find out the impact of people risks in the energy industry. -
Talent & transformation
Transforming the talent landscape in the auto industry
June 23, 2023 | Episode 13 | 13:36Find out how the talent landscape in the auto industry is transforming.
Related products for purchase
-
Health & Benefits
Scheme Actuary
Work with a scheme actuary who prioritizes the delivery of your members' benefits, ensuring compliance and safe navigation of an ever-changing environment. -
Talent strategy
Workforce Movement
Monitor employee movement trends in, out, and within companies around the world with data on turnover, workforce changes, hot skills and more.
Related solutions
-
Talent & transformation
Organization design
Mercer’s organization design consulting can help you transition from a traditional multilayered organization to a simple, agile and distributed structure. -
Attract & retain talent
Strategic workforce planning
Mercer’s strategic workforce planning solutions provide a rational business basis to prioritize, develop and fund the people practices needed to support business… -
Employee experience design
Mercer’s employee experience design uses design-thinking principles to define and shape solutions to meet your people’s needs more effectively and to bring out the…
Related insights
-
Alternative investments
Exploring the breadth of private assets available to wealth managers
As private markets become more accessible, we explore the breadth of investment opportunities available to wealth managers seeking to stay competitive. -
Total rewards
5 ways to improve Fair Pay and Transparency in your organization
This year’s International Women’s Day theme, “Accelerate Action”, calls on organizations to move beyond intent and take bold, measurable steps toward closing the… -
Portfolio strategies
Considerations for growing family wealth across generations
Multi-generational investment governance and investing in private markets are key considerations for family offices aiming to preserve and grow wealth.
Related events
-
HR Tech Europe Conference
March 4-5
Amsterdam, The Netherlands
RAI Amsterdam
Join Mercer at the HR Tech Europe Conference – the industry’s go-to event for HR innovation – taking place 4-5 March at RAI Amsterdam. -
Davos 2025: CEO strategies for transformation
Mercer’s annual event at the 2025 World Economic Forum annual meeting in Davos.