The energy sector has been in a state of transformation for many years, with companies increasingly under pressure from environmental groups to adapt their businesses and drive ESG agendas. We’ve seen progress on the road to decarbonisation, the decentralisation of power from monopolistic energy providers, and the increasing use of digital technologies to optimise the production of energy. One of the latest trends, however, shows another big change, one that’s driven by candidate behaviour.
We’ve taken a look at trends in the energy sector, how the behaviour of finance professionals is influencing the industry, and what we can expect to see in the second half of 2022.
Trends in the energy sector
At Marks Sattin, we work with qualified, part qualified and newly qualified accountants across a variety of disciplines, connecting them with businesses in the energy industry. In recent times, we’ve observed increasing numbers of renewable energy companies in London, moving away from the stereotype of traditional oil and gas employers in big cities. Well-established FTSE 100 businesses like BP, for example, have committed to gas and low carbon energy as they move towards a more sustainable future.
A report by the Global Energy Talent Index (GETI) on the top energy industry employment trends for 2022 recently uncovered that the biggest source of talent competition is the renewable energy sector. Furthermore, they report that over 75% of energy professionals would consider a career change within three years, with oil and gas, power, and nuclear professionals preferring a move to renewables.
As the effects of climate change, driven by the use of fossil fuels, worsen and become more noticeable over the coming years, we will inevitably see much more changes like this.
Changing candidate behaviour in the energy sector
At Marks Sattin, we’ve recently noticed that more qualified finance and accounting professionals in the energy sector are showing interest in jobs that are only at renewable energy companies. This is a natural progression, given the urgency to ensure we are all creating a safer and greener future in line with the UN Sustainable Development Goals, but significantly, indicates that finance candidates are influencing some of this change.
Whilst there has been a shift towards candidates applying for jobs at renewable energy companies, which are typically start-ups and potentially going through rounds of funding, there are still opportunities to harness at traditional oil and gas companies. Some candidates are taking advantage of big players who are offering more opportunities, including high salaries, employee benefits, and also bonuses to attract talent.
What can we expect to see in the energy sector in H2?
In the second half of the year, we predict that commercial roles in the energy sector, including FP&A, commercial analysts, and finance business partners, will be extremely sought after. Jobs in the renewable sector are highly desirable, and people are keen to move across, but finance teams must continue to be dynamic and show they can quickly respond to changes.
Furthermore, we expect to see headcounts increase across the board, not just in accountancy and finance, and typically, we'll see much higher salaries, potentially due to soaring profits.
Find your next qualified finance professional
At Marks Sattin, our consultants ensure they keep abreast of the latest trends in their markets, whether that's energy, retail, hospitality, media, utilities, or technology. This detailed overview of the commercial landscape enables us to advise professionals where their best career opportunities lie.
As a specialist recruitment and executive search firm with over 30 years’ experience, Marks Sattin have helped many businesses build their finance and accounting teams, utilising our extensive network of qualified finance professionals. We cover all qualified accounting roles, up to executive search mandates - typically two years post qualified experience, to finance director level. The team have experience working with businesses of varied sizes and industries, from financial services, and TMT, to oil & gas.
If you would like to discuss adding to your finance and accountancy team, please don’t hesitate to reach out or submit a brief with us.
