2024 Salary Benchmark in Renewable Energies – GreenUnivers and ELATOS

2024 Salaries in Renewable Energies: The Rise Continues Second installment […]
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2024 Salaries in Renewable Energies: The Rise Continues

Second installment of our report on recruitment and salary trends in the energy transition

Is the surge over? The increase in salaries experienced by the renewable energy sector in recent years, driven in part by a shortage of profiles and the arrival of new players, is “slowing down somewhat,” particularly since the beginning of the year, notes Elatos CEO Jens Bicking. For instance, for a photovoltaic development director, the median gross annual salary in 2024, according to Elatos’s annual survey, is €80k (see table), compared to €100k last year. “We are observing fewer double-digit increases,” points out the leader of this recruitment firm specializing in energy, IT, and the environment. In other words, while the context remains “inflationary,” it is not at the same level as last year. “We see that employers are being more cautious regarding the salaries they offer,” he believes.

Stagnation in Wind Energy

A rebalancing seems to be occurring, explained by multiple factors, including macroeconomic ones. In the wind sector, players are cautious while waiting for clarification on public policy. Candidates are also becoming harder to attract, particularly in the onshore segment. “There is also a trend among wind energy players to migrate toward solar. This is true for both companies and employees,” Jens Bicking notes. Consequently, this sector, struggling with its attractiveness, is experiencing “stagnation in salaries, which remain at levels quite comparable to last year.” In photovoltaics, job creation remains dynamic, and the field continues to attract talent. However, even there, while shortages persist in some profiles, they are “less acute,” leading to reduced pressure on salaries.

Another phenomenon is the openness of renewable energy companies to individuals from other sectors with transferable skills—such as land managers or project managers in real estate—which also helps to slow down the salary race. “These candidates are willing to make efforts and accept a pay cut to join a meaningful sector,” Jens Bicking believes. Moreover, renewable energy companies are growing and becoming more structured, which facilitates the integration of these external skills.

Salaries in Multi-Renewable Energy Activities

Salary range based on annual gross fixed salary for confirmed/senior profiles (at least 5 years of experience and more for management positions) and based on a nationwide average in France.

PositionLow SalaryHigh SalaryMedian Salary
General Director (m/f)€70K€300K€101K
Director of Renewable Energy Operations (m/f)€60K€155K€80K
Director of Renewable Energy Development (m/f)€60K€150K€88K
Technical Director of Renewable Energy (m/f)€60K€185K€90K
Operations Manager in Renewable Energy (m/f)€45K€90K€50K
Development Manager in Renewable Energy (m/f)€55K€120K€70K
Land Manager in Renewable Energy (m/f)€35K€85K€55K
Construction Project Manager in Renewable Energy (m/f)€35K€90K€68K
Renewable Energy Project Manager (m/f)€35K€75K€50K
Real Estate Affairs Manager in Renewable Energy (m/f)€28K€71K€50K
Asset Manager in Renewable Energy (m/f)€34K€95K€46K
Source: Elatos – 2024 Salary Benchmark in Renewable Energies

Emergence of “Retention Plans”

Other developments are also gaining momentum, such as the composition of compensation packages. In fact, beyond the fixed salary accompanied by usual variable elements such as profit-sharing and employee savings, “we are increasingly seeing the emergence of retention plans, through the entry of investment funds that today are not only buying projects but also companies and creating platforms,” says Jens Bicking. In short, a retention plan is a tool that encourages key leaders to stay longer in the company. “The longer a person stays, the more they will benefit from financial compensation that can be considerable for strategic positions, going beyond the level of annual remuneration,” he explains.

In what form? In the form of company share subscription warrants (BSPCE) or share subscription warrants (BSA), which are specific categories of options that allow the acquisition of a company’s shares or obtaining shares at preferential rates. This is a way to involve them in value creation, sought after by investment funds. And it’s not just the first or second in the company that are now affected, but also positions responsible for project development, highlights the CEO of Elatos.

Salaries in Wind Energy

Salary range based on annual gross fixed salary for confirmed/senior profiles (at least 5 years of experience and more for management positions) and based on a nationwide average in France.

PositionLow SalaryHigh SalaryMedian Salary
Operations Manager in Wind Energy (m/f)€44K€67K€58K
Development Manager in Wind Energy (m/f)€45K€85K€60K
Development Manager in Wind Energy (m/f)€35K€90K€70K
Wind Project Manager (m/f)€33K€70K€46K
Real Estate Affairs Manager in Wind Energy (m/f)€33K€75K€47K
Source: Elatos – 2024 Salary Benchmark in Renewable Energies

Search for Meaning and Flexibility

More broadly, while salary remains a key element in attracting and retaining talent, other factors influence motivation. Attractiveness comes primarily from the search for meaning, flexibility, and professional development opportunities, as testified by Céline Blachère, HR director at Voltalia. This highlights the potential for geographical mobility within this developer-producer active in twenty countries. The SME Solveo also focuses on “meaning,” as well as a greater “balance between professional and private life,” in addition to enhancing compensation packages to compete in the talent race, says Jessy Leroux-Tech, HR director of Solveo.

This doesn’t overlook the importance of team events, which complement the demands for remote work and a more horizontal management style than traditional methods. “Company events help create a ‘family,'” concludes Jens Bicking. This is particularly appealing to younger generations…

Salaries in Solar Energy

Salary range based on annual gross fixed salary for confirmed/senior profiles (at least 5 years of experience and more for management positions) and based on a nationwide average in France.

PositionLow SalaryHigh SalaryMedian Salary
General Director (m/f)€80K€230K€120K
Director of Renewable Energy Operations (m/f)€60K€200K€104K
Director of Renewable Energy Development (m/f)€65K€140K€80K
Technical Director of Renewable Energy (m/f)€50K€170K€75K
Administrative and Financial Director PV (m/f)€75K€185K€105K
PV Development Manager (m/f)€45K€100K€70K
PV Construction Manager (m/f)€45K€100K€60K
PV Design Manager (m/f)€42K€100K€66K
PV Land Manager (m/f)€40K€90K€53K
PV Construction Project Manager (m/f)€48K€70K€50K
PV Project Manager (m/f)€34K€65K€46K
PV Design Engineer (m/f)€40K€75K€47K
Real Estate Affairs Manager PV (m/f)€35K€85K€48K
Source: Elatos – 2024 Salary Benchmark in Renewable Energies

Juniors: Salary is Not Everything!

For many young professionals in the energy transition, compensation is an “important but not capital” element: this is what emerges from a survey recently conducted by GreenUnivers among about thirty members of the young professionals club of the energy transition Etyc. Indeed, over 58.3% of respondents consider it as such, compared to 38.9% for whom salary is a decisive factor in their motivation. The fixed salary takes precedence over variable parts such as bonuses, as well as over fringe benefits like profit-sharing, surpassing employee stock ownership plans as well.

At the top of their motivations is the quest for ecological meaning, deemed “very important,” closely followed by the belief that energy transition is a sector of the future, as well as the values upheld by the company. Besides the dynamism of the sector and an attractive salary, working conditions, career advancement prospects, international opportunities, and management style also represent crucial factors in the attractiveness of the sector for young professionals.

Source: GreenUnivers – September 26, 2024

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