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| Is salary still the sole motivating factor in the energy industry? |
If the opinion of energy industry professionals is any
indication, one of the most difficult questions to answer in a job interview is
“How much is your expected salary?” Considering that at the outset, approximately
80% of all professionals feel that the most important factor in considering a
job opportunity is salary, estimating one’s compensation requirement can be a
daunting task, especially if one is put on the spot.
Scratching beneath the surface, however, a question may pop
in one’s mind: Is salary indeed the be-all and end-all of maintaining the
engagement and the high performance of an employee in the energy sector? This
thought is of particular interest to employees, because the answer to that
question may lead them to consider other factors in making a career decision other
than monetary rewards. On the part of industry companies, knowing the response
to this conundrum may help them formulate other employee satisfaction schemes, aside
from regular pay increments and financial bonuses.
The results of a latest study circulated through Harvard
Business Review reveal that the association between salary and job
satisfaction, regardless of culture and job location, is very weak. The reported
correlation indicates that there is less than a 2% overlap between pay and job
satisfaction levels. Moreover, the study also suggests that the connection
between pay and pay satisfaction was only slightly higher, meaning that the
employees’ fulfillment with their salary is largely independent of how much
they are actually receiving.
Are employees receiving hundreds upon hundreds of thousands
of Dollars more satisfied than those that get less? Not really. The study
indicates that employees earning salaries in the top-level of the data range
considered reported similar levels of job satisfaction as those employees
earning in the bottom-half.
In fact, what is more shocking is that higher salaries can
actually even demotivate employees.
In another study still published in Harvard Business Review,
results from over 120 experiments reveal that incentives may have negative
effects on employee motivation. This observation is particularly more prevalent
when tasks were interesting or gratifying. The research shows that for every
standard deviation increase in remuneration, intrinsic motivation for
interesting tasks decreases by around 25%. Moreover, when rewards are monetary,
tangible, predictable and foreseeable, employee engagement could go down by as
much as 36%.
Can money buy
employee engagement?
Though not to be taken as absolute truth, results from the
studies cited above reveal that money does not always buy employee dedication,
satisfaction and performance. No matter if the salary of an employee in an
energy company falls under these brackets…
ENERGY INDUSTRY SALARY SURVEY
Position
|
Ave. annual
salary*
|
CEO |
USD $655,365
|
Energy Procurement Specialist
|
$393,550
|
Power Consortium Manager
|
$163,804
|
Vice President
|
$143,915
|
CFO
|
$140,434
|
Performance Engineer
|
$137,826
|
Startup Engineer
|
$130,109
|
Energy Scientist
|
$137,253
|
Commissioning Manager
|
$129,713
|
Structural Drafter
|
$121,540
|
General Manager
|
$120,590
|
Oil & Gas Division Manager
|
$112,490
|
Petroleum Engineer
|
$101,763
|
Power Plant Manager
|
$101,290
|
Startup Manager
|
$101,050
|
*Source:
Recent survey from a recruitment firm based in Dubai. Salary survey conducted online to mechanical, electrical and non- engineering positions within the utility power plant,
oil & gas and energy related industries.
…or if he or she is constantly showered with bonuses and
allowances, money is not an unconditional guarantee for his or her engagement.
One thing, though, is clear: The meaning of money to
different people is largely subjective. Different individuals see different
values in money for a variety of reasons. If employees in the energy industry,
and also in other sectors, want to be truly happy with their jobs, they have to
understand what they really value – be it power, freedom, job security,
co-employees or friendship in the workplace. Conversely, if companies want to
motivate their workforce and retain their best assets, they have to look beyond
the premise that what works for some people will also work for everyone else.
The onus is on them to know their employees better and to fashion a
compensation system that they think will yield the maximum results.
About Altaaqa Global
Altaaqa Global, a subsidiary of Zahid Group, has been selected by Caterpillar Inc. to deliver multi-megawatt turnkey temporary power solutions worldwide. The company owns, mobilizes, installs, and operates efficient temporary independent power plants (IPP’s) at customer sites, focusing on the emerging markets of Sub-Sahara Africa, Central Asia, the Indian Subcontinent, Latin America, South East Asia, the Middle East, and North Africa. Offering power rental equipment that will operate with different types of fuel such as diesel, natural gas, or dual-fuel, Altaaqa Global is positioned to rapidly deploy and provide temporary power plant solutions, delivering electricity whenever and wherever it may be needed.
Altaaqa Global, a subsidiary of Zahid Group, has been selected by Caterpillar Inc. to deliver multi-megawatt turnkey temporary power solutions worldwide. The company owns, mobilizes, installs, and operates efficient temporary independent power plants (IPP’s) at customer sites, focusing on the emerging markets of Sub-Sahara Africa, Central Asia, the Indian Subcontinent, Latin America, South East Asia, the Middle East, and North Africa. Offering power rental equipment that will operate with different types of fuel such as diesel, natural gas, or dual-fuel, Altaaqa Global is positioned to rapidly deploy and provide temporary power plant solutions, delivering electricity whenever and wherever it may be needed.
For more info, visit www.altaaqaglobal.com
Media Inquiries:
Robert Bagatsing
Altaaqa Global, Caterpillar Rental Power
T: +971 4 8808006 | F: +971 4
8808007 | M: +971 56 1749505
