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Infographic | Beyond Data

2023 Pay trends in the Energy and Natural Resources industry

December 2022

Explore what our industry-specific Energy and Natural Resources salary survey data tells us about 2023.
Compensation Strategy & Design
Beyond Data
Infographic of 2023 Pay trends in the Energy and Natural Resources industry

Employee attraction and retention plague organizations around the globe

Organizations are struggling to fill key roles at every level

Voluntary attrition rate
Brazil 8%
United Kingdom 8%
United States 11%

Key roles for which employers will be recruiting in the next 12 months

Brazil 48%
United Kingdom 72%
United States 85%

Technical Skills Trade
Brazil 35%
United Kingdom 59%
United States 79%

Information Technology
Brazil 51%
United Kingdom 45%
United States 69%

2022 saw the highest salary budget increases in nearly 20 years

Given the fundamental role salary plays in an organization’s ability to attract and retain talent, employers plan to carry this adjustment through to 2023 – yet remain cautious about how and when they allocate the overall budget.

2022 Overall Actual Salary Increases (Median) 2023 Overall Forecasted Salary Increases (Median)
Brazil 8% 7%
Turkey 33% 45%
United Kingdom 4% 5%
United States 4% 4%

Additionally, organizations leveraged bonus payouts in 2022 and, again, are on track to the same in 2023

21%: Average 2022 projected variable payout for middle managers and professionals.

Brazil 23%
United Kingdom 22%
United States 18%

Organizations around the world have taken or are considering taking the same three actions

Compensation review of specific employee populations 51%
Targeted increases for specific employee populations 45%
One-off cash payments (e.g., retention bonus, lump-sum payment or allowance) 44%

Top 3 highest-paid functions across all industries at Professional Level 3 (P3)

Brazil Turkey United Kingdom United States
EOP Natural Resources Exploitation / Operation / Production AIT IT Administration AOO Outsourced / Contract Manufacturing ALG Legal
AGS Geosciences ACA Corporate Affairs / Communications EMT Energy Trading NTR Nuclear Plant Training
EMF Mineral Processing ALG Legal EGF Fossil Power Generation ETT-Electric System / Grid and Bulk Power Training

Median pay mix for Manager level 3 (M3) in the Data Scientist function

Brazil Turkey United Kingdom United States
Base (%) 69% 71% 72% 86%
Bonus (%) 17% 27% 17% 9%
LTI (%) 14% 2% 11% 5%

There are a handful of roles that will receive the highest pay premiums across regions

Role Pay premium (Median, in % of base salary)
APAC AI/machine learning frameworks 15%
EMEA AI/machine learning frameworks 20%
LATAM Cryptography, distributed ledger development, smart contract programming 15%
NA Cryptography, distributed ledger development, smart contract programming 15%

Trends that will drive 2023 rewards decisions

  1. As organizations work to become more sustainable through cleaner energy initiatives, talent and upskilling will be in demand to accommodate this modernization as well as a rapid shift toward power, synfuels and hydrogen.
  2. Though traditional power-generation operations are still peaking – and expected to do so until 2025 – organizations will need to focus on renewables and decarbonization technologies as the world shifts away from carbon-emitting fossil fuels (oil and gas executives expect their core business to decline in the next 10 years).
  3. Economic volatility and uncertainty could lead to lower investment levels and economic growth, which will force organizations to review their workforces and be more cautious about increasing salaries (among many other things).
  4. Organizations will look beyond pay and take a holistic view of total rewards to create employee experiences that attract and retain the talent needed to drive business objectives.
  5. To effectively compete against industry peers, compensation and HR professionals will seek a more sophisticated understanding and application of data in their strategic total rewards practices and policies.

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