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:
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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.