Renewable Industry Gains Momentum with Growing Workforce and Decreasing Attrition, finds Teamlease

The Indian renewable energy sector is witnessing a positive trend in workforce metrics, according to recent data from TeamLease Services (NSE: TEAMLEASE). The data reveals a substantial increase in employee growth, accompanied by a consistent decline in attrition rates.

The renewable energy sector has experienced a remarkable surge in associates’ growth, with a staggering 23.7% increase in FY23-24, compared to 8.5% in FY22-23. This substantial growth underscores the sector’s expansion to meet global renewable energy targets and sustainability goals, and the increasing demand for skilled workers. The demand for roles is exceptionally high in Tier 2 and Tier 3 cities, where most renewable energy projects are located. While positions in operations, maintenance, and technical roles are highly sought, there is a rising demand for solar PV and wind turbine technicians and installers, roofers, production operators, storage operators, and waste management specialists.

“We are witnessing a positive trend in the renewable sector’s workforce.” Mr. Subburathinam P, CSO Staffing at TeamLease Services, remarked, “The renewable energy sector is more than just about green energy; it’s about fostering a resilient and engaged workforce passionate about making a difference. The decline in attrition rates is a testament to the fact that employees are not only finding meaningful careers but are also deeply engaged and motivated by their impactful work.”

The data insights say the percentage of associates aged 18-25 is 10.9%, 26-30 is 26.9%, 31-35 is 27.9%, 35-40 is 16%, and 40+ is 18.2%. This diverse age distribution denotes a balanced blend of seasoned expertise and fresh perspectives, collectively contributing to the sector’s capacity for innovation and growth.

One notable finding is the downward trend in attrition rates. The attrition rate has decreased to 33.5% in FY23-24, compared to 38.8% in FY22-23. This significant reduction reflects a greater sense of stability and job satisfaction among employees in the renewable energy sector. Consequently, this trend contributes to the sector’s overall growth and resilience.

Kartik Narayan, CEO of Staffing TeamLease Services, emphasized, “The noteworthy growth and reduced attrition rates in the renewable energy sector highlight the industry’s evolving dynamics. There is a commitment to creating an environment where talent thrives and contributes to a sustainable future. Our insights underscore the industry’s advancing phase, marking a transformative chapter characterized by resilience and opportunities in the renewable energy sector.”

The findings highlight the educational qualifications among associates in the renewable energy sector. While 22.9% of associates have completed 10th and 12th grade, 73% hold an ITI, diploma, or graduation degree. Also, 4.1% of the workforce holds a postgraduate degree. This educational diversity reflects the sector’s inclusive approach to hiring and welcoming individuals from various academic backgrounds to contribute to the renewable energy mission.

Teamlease provides comprehensive data on the evolving workforce dynamics of India’s renewable sector, which is experiencing promising growth and resulting in increased demand.