Salary & Benefits Survey 2009
Summary
The UK energy industry is going through a period of unprecedented change with many jobs likely to be created over the coming years. This is buoyed by government investment in a variety of projects, from the new generation of cleaner nuclear power plants to renewable energy emissions targets as set out by the Kyoto Protocol. As the survey reveals, remuneration in the energy sector remains competitive, reflecting the desire of employers to attract, retain and reward highly skilled and experienced operatives. “Recruitment activity has been tempered by the current economic climate – organisations are becoming more selective and cautious in their recruitment, looking for individuals that closely match their roles,” says Eliot Davies, Director at Hays Energy. Salaries have risen over the past 12 months and continue to grow steadily across all energy sectors, with oil and gas engineers enjoying the greatest financial recompense. Over half the survey respondents earn in excess of £50k and 17% of those are earning six figure salaries and above. Interestingly, monetary benefits are not the most important factor in considering a job move: almost twice the number of respondents cited a new challenge as their prime motivator. “Employers are focusing on all aspects of reward to attract the most technically skilled and qualified individuals, so it is interesting to discover those benefits that are deemed desirable by energy professionals” comments Eliot Davies. Pensions top the list of desirable benefits – the larger utilities, in particular, are offering generous contributions to retirement funds. Annual leave entitlement is the second most important factor cited, followed by flexible working hours. Examples include half day Fridays, or as happens in the oil & gas sector, ‘nine day fortnights’ which enable workers to take a supplementary day off every other week. Private health insurance is also widely offered, while many companies also sponsor career development, offering to pay for further training – this is borne out by the number of workers that hold a postgraduate qualification (35%). Half the respondents saw their incomes boosted by bonuses, which can climb as high as 20% of base salary; over a third believe that performance-related payments will continue in 2009. “These are exciting times for the energy sector, which is one of the more resilient sectors of the UK economy. As our Salary & Benefits Survey 2009 results show, salaries and benefits in the energy sector remain competitive and job satisfaction is also high among the workforce. Working in the sector offers a rewarding career, both in terms of training and development and the opportunity to work on projects globally” concludes Sarah Beacock, Professional Affairs Director at the Energy Institute. The Energy Salary & Benefits Survey is a joint collaboration between the Energy Institute and Hays Energy. For a copy of the Survey, or advice about current opportunities in the energy sector, please visit www.hays.com/energy or contact Eliot Davies, Director at Hays Energy, on 0161 236 8640.