Renewable Energy Sector in India: 23.7% Job Growth in FY24, Decline in Attrition Rates

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Renewable Energy Sector in India Surges: Jobs, Stability, and Growth

Team finance Saathi

06/Jun/2024

Key Points:

1: India's renewable energy sector witnessed a significant 23.7% job growth in FY24, reflecting a booming demand for positions in operations, maintenance, and technical roles.
2: Attrition rates in the sector dropped to 33.5% in FY24 from 38.8% in FY23, indicating increased job satisfaction and stability among employees.
3: The workforce in the renewable energy sector showcases educational diversity, with a significant percentage holding ITI, diploma, or graduation degrees, reflecting an inclusive hiring approach.

India's renewable energy sector is experiencing a remarkable surge, as highlighted by a recent report from staffing company TeamLease Services. The report, unveiled on World Environment Day, brings forth encouraging statistics that underline the sector's growth, stability, and commitment to sustainability.

In the fiscal year 2023-24 (FY24), the renewable energy sector in India witnessed a staggering 23.7% growth in job demand. This growth is particularly significant, signaling a robust demand for skilled professionals in various capacities within the sector. Positions in operations, maintenance, and technical roles are notably in high demand, showcasing the industry's evolving landscape and the need for diverse skill sets to support renewable energy projects across the country.

Moreover, the surge in job demand is not confined to metropolitan areas alone; rather, it is prominently visible in tier II and III cities, where a majority of renewable energy projects are situated. This geographical spread of job opportunities underscores the sector's potential to drive inclusive growth and development across regions, thereby fostering economic sustainability on a broader scale.

The report also sheds light on the declining attrition rates within the renewable energy sector. In FY24, attrition rates dropped to 33.5%, a significant improvement from 38.8% recorded in the previous fiscal year (FY23). This decline in attrition rates signifies greater job satisfaction and stability among employees, reflecting positively on the industry's efforts to create an environment conducive to career growth and fulfillment.

Furthermore, the educational diversity within the workforce is a noteworthy aspect highlighted by the report. While 73% of employees hold ITI, diploma, or graduation degrees, a significant percentage, 22.9%, have completed their 10th and 12th grade education. Additionally, 4.1% of the workforce possesses postgraduate degrees, reflecting the sector's inclusive hiring approach and its ability to accommodate professionals from diverse educational backgrounds.

The renewable energy sector in India is poised for continued growth and innovation, driven by a workforce that is not only skilled and diverse but also increasingly satisfied and stable in their roles. As the industry navigates through this transformative phase characterized by resilience and opportunities, it remains committed to creating a sustainable future powered by renewable sources of energy. With the right talent and supportive ecosystem in place, the sector is well-positioned to play a pivotal role in India's journey towards energy independence and environmental stewardship.

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Renewable Energy Sector in India Surges: Jobs, Stability, and Growth

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