TORONTO and CAMBRIDGE, Mass., November 24, 2022 /PRNewswire/ — Bedford Group/TRANSEARCH today announced the release of its 2022 Executive and Board Compensation Report, covering the clean technology sector. For this report, Bedford Group/TRANSEARCH analyzed compensation data and insights from over 155 Canadian and international companies, including over 695 nominated executives and 830 board members. The data for this report was collected from companies from multiple segments within the clean technology sector, including renewable energy, smart grid technology, sustainable transport, water and waste management, agri-environment, biofuels, and others.
Despite the difficult economic climate — recession fears, rising inflation, difficulties in getting deals and funding, ongoing supply chain issues, severe skills shortages and slowing economic growth — the clean tech sector continues to grow rapidly as global economies ramp up efforts to deliver on the net-zero promise 2050 and ESG commitments.
“Many countries including Canada and the US have significantly increased government spending to counter the economic impact of the pandemic, and much of that spending has benefited the clean technology industry,” he said Amrit Sandhu, a senior client partner at The Bedford Group/TRANSEARCH specializing in energy and industrial technology. This applies in particular to Canadawhich is one of the most greenhouse gas intensive countries in the world on a per capita basis.
According to Clean Energy Canada, clean technology jobs are expected to grow a whopping 50% by 2030 due to continued investment from government and business. High employment growth in the industry, combined with the current talent crisis, has resulted in intense talent shortages at all levels of employment, from support staff to senior management. As a result, total compensation for nominated executives has increased significantly compared to 2020, reflecting stronger equity positions on offer, particularly at smaller companies. A trend toward higher base salaries is expected over the next year as companies reassess their executive compensation strategies to remain competitive among competitors seeking talent.
“Over the past year, we’ve also seen a clear trend for companies to hire a group or functional leader to oversee the operational management of their clean tech initiatives or departments,” Sandhu said. “The median total compensation for the role of President varied from $877,590 for companies with market capitalizations below 400 million dollars to $2,569,991 for companies with market capitalizations over 4 billion dollars‘ Sandhu continued.
The 2022 Clean Tech Executive Compensation Report is available here.
About Bedford Group/TRANSEARCH
With 60 offices in 40 countries, the Bedford Group/TRANSEARCH is one of the 10 largest personnel consulting firms in the world. With North American offices in Cambridge, Massachusetts and Toronto, Canada, Bedford provides best-in-class executive search, compensation strategy and talent management solutions to a diverse group of clean technology clients of all sizes around the world. In addition to retention executive search and compensation strategy, Bedford offers services in the areas of succession planning, culture, organizational strategy, diversity and inclusion, leadership assessment and virtual onboarding.
SOURCE Bedford Group Transsearch