Key employment trends for the power industry in 2024

Exploring AI's impact in the power sector: Insights from the 2024 GETI Report

Launched in 2017, the Global Energy Talent Index (GETI) Report compiles emerging trends across the world’s energy workforce. Since it began, the GETI report has gathered insights from thousands of professionals to create a comprehensive map of the energy employment and recruitment landscape, providing organisations with the information they need to attract and retain talent.

This year’s GETI report focuses on the rise of artificial intelligence (AI) and it's impact on the energy industry, from skills in demand to job roles. 

In this article, we’ll discuss how the power sector has approached AI adoption and uncover trends related to salaries, global mobility, skills demand and the energy transition. 

• Salary expectations for the power sector
• Global mobility is sought after in the power sector
• Attracting and retaining power professionals in 2024
• How does the clean energy transition impact the power sector?
• Is AI the path to progression for the power sector?
• Download the full 2024 GETI report

Salary expectations for the power sector in 2024

The power sector seems to benefit from relative stability in the salary stakes, with 54% reporting a pay increase - this is up from 50% last year. The trend is similar (but higher) for hiring managers, 67% of whom experienced a pay increase, up from 59% in the previous year. 

The sector expects to see this stability continue; 77% of workers anticipate an increase in income over the next year, along with 76% of hiring managers. 

To continue to meet this expectation, power firms must conduct regular market salary assessments to ensure competitive compensation packages. 

Global mobility is sought after in the power sector 

Appetite for relocation remains high within the power sector, with 83% expressing openness to move for work. Over a third of respondents are expatriates, and the power sector offers more opportunities for global mobility than last year (up from 48% to 61%). 

The biggest motivator for relocation is career progression - though there has been a slight decrease in the percentage since last year (51% vs 58%). 

Europe is the most attractive location for power professionals, followed by the Middle East and North America. 

Attracting and retaining power professionals in 2024

Although employees seem satisfied with their salaries and location, 91% of power workers said they would move roles if the right opportunity came, the highest of all the sectors surveyed. Most said they would stay within the power sector, but 44% said they would look to another sector for work, and 23% would leave the energy industry altogether. As with global mobility, the biggest motivator for change is career progression. 

Renewable energy remains the sector of choice for power workers willing to switch, followed by oil and gas. Technology is the most attractive sector outside of the energy industry, and manufacturing has seen a steady increase in interest over the last few years (11% in 2022, 16% in 2023 and 19% in 2024). 

Hiring managers should be wary that, though power professionals seem content at the moment, 81% have been approached for another role in the last year, over a third of whom were approached six times or more. With openness to moving being so high, it’s worth noting that power professionals might not need too much persuading if the right offer comes along. 

How does the clean energy transition impact the power sector?

The energy transition is the global shift from fossil fuels to renewable energy. It’s a complex process that involves changes in technology, economic structures, social norms, and environmental regulations. The energy transition is driven by the need to reduce greenhouse gas emissions and combat climate change.

The energy transition presents a significant challenge for the power sector. The power sector is the most significant contributor to greenhouse gas emissions, accounting for about 30% of all energy-related emissions. The power sector is also one of the most carbon-intensive sectors, with coal-fired power plants being a significant source of emissions.

Power companies need to find ways to reduce their emissions and adapt their business models to the new energy landscape.

What are some steps that power companies can take to improve their environmental image?

There are several steps that power companies can take to improve their environmental image, including:- Increasing their investment in renewable energy sources: This will demonstrate that the company is committed to transitioning to clean energy and reducing its reliance on fossil fuels. Power firms can do this by investing in wind, solar, and other forms of renewable energy.

• Reducing emissions: This can be done by investing in energy efficiency and cleaner energy technologies. Power companies can offset their emissions by planting trees or investing in other carbon-reduction projects.
  
  
• Communicating their environmental efforts: It is essential for power companies to communicate their environmental efforts publicly. This can be done through advertising, social media, and other forms of communication. By doing this, power firms can improve their environmental image and build trust with current and potential employees.
  
  
• Improving energy efficiency: This can be done through various measures, such as upgrading equipment and adopting energy-saving practices like using energy-efficient lighting. Improving energy efficiency not only reduces emissions but also saves money, which is a win-win for companies and the environment.
  
  
• Supporting policies that promote clean energy: Power companies can advocate for policies that will help to increase the use of clean energy and reduce reliance on fossil fuels. For example, they can support renewable energy targets or carbon pricing.

By taking these steps, power companies can improve their environmental image and reputation. This is important for attracting new employees in this environmentally-conscious landscape, as well as meeting environmental regulations and standards.

Is AI the path to career progression for the power sector?

The power sector is just ahead of the industry average when using AI, with 30% of professionals already adopting it at work and 12% expecting to adopt it within six months. 

The GETI report reveals that most power professionals (86%) are optimistic about the future impact of AI, and many expect an increase in personal productivity, as well as more time to spend with friends and family (78% and 64% respectively). 

Almost all respondents from the power sector feel that AI will increase skills demand, and two thirds anticipate feeling more pressure to hone their skills. Cyber security is considered the biggest risk to greater AI use for the power sector, as well as a reduction in the human touch and a lack of training leading to misuse or poor adoption. 

Download the full 2024 GETI report

Would you like to learn more about power employment trends expected to shape the sector in 2024? Get all the latest insights and information on trends across the rest of the energy industry in the 2024 GETI report. Download it today.