WalkWater Talent Advisors, an executive search firm in India, has released a study that uncovers a significant leadership talent crisis within India’s renewable energy sector.
The sector is a critical component of India’s Panchamrit plan, which aims to increase the country’s non-fossil energy production capacity to 500 GW by 2030 and achieve net-zero emissions by 2070. However, the shortage of skilled professionals in leadership roles poses a substantial challenge to these goals.
The study, which surveyed 65 organizations and tracked the movement of 204 CXOs over the past three years, reveals a concerning gap between the demand for and supply of leadership talent. As the renewable energy sector experiences rapid expansion and increasing project complexity, this gap threatens to hinder the sector’s growth and its ability to meet national energy targets.
The renewable energy industry has seen a surge in leadership hires since 2021, with 56 percent of new leadership roles filled being Chief Operating Officers (COOs), followed by Chief Financial Officers (CFOs) at 47 percent, and Chief Business Development Officers (CBDOs) at 45 percent.
A strong preference for candidates with prior renewable energy experience is restricting the influx of fresh ideas and perspectives, potentially stifling innovation.
CEOs (7 percent), COOs (12 percent), and CBDOs (14 percent) have shown limited movement from allied industries, indicating an underutilization of talent from related sectors.
CFO roles, however, have exhibited a higher rate of cross-sector movement, with 42 percent of CFOs transitioning from other industries.
Kunal Girap, Co-Founder and Director of WalkWater Talent Advisors, emphasized the urgency of addressing the leadership talent gap, stating that the sector’s ability to capitalize on its market potential is at risk if the mismatch between talent supply and demand is not resolved.
The study also highlighted a significant shortage in specialized roles such as project management, business development, and regulatory affairs, all crucial for the success of renewable energy initiatives.
Vidya Venkataramani, Senior Consultant at WalkWater Talent Advisors, recommended that organizations broaden their talent acquisition strategies to include professionals from allied industries and invest in targeted skill-building and leadership development programs to bridge the gap.