Confidence levels among engineers increased this quarter, and the sector held the number two spot of most confident industries surveyed by Randstad—preceded only by Finance & Accounting at 64.3.
The Bureau of Labor Statistics has projected tremendous growth for the sector through 2018, with civil engineers expected to add more than 114,600 new positions, industrial engineers adding 85,400 and mechanical engineers increasing by 75,000 new jobs.
According to CareerBuilder, mechanical engineers were one of the most in-demand careers within the past year, with a growth rate of six percent since 2010. Other “hot” skill sets within the engineering space include control engineering, processes engineering and quality engineering, as reported on by Randstad in the 2014 Engineering Hot Jobs Report.
The Bureau of Labor Statistics anticipates a 19.7 percent employment growth rate for civil engineers alone between 2012 and 2022 and with engineers, in general, earning an average salary of $70-80,000, it’s easy to see why the talent in this space are the most confident out of all those industries surveyed by Randstad.
From the Desk of Richard Zambacca
“Engineers are now one of the most sought-after talent in the market, across all boards and no matter the discipline.”
The high confidence level among engineers in the market overall is certainly in-line with what we are seeing within our own business.
In fact, according to the National Association of Colleges and Employers (NACE), the job market looks very promising for 2014 graduates. Employers focused on hiring new engineering grads plan to hire 7.8 percent more this year.
According to a U.S. News and World Report article, at this time last year, the unemployment rate for people with bachelor’s degrees was 3.9 percent. The unemployment rate for engineers was two percent. Even when electrical engineering graduates receiving humbling news—that the unemployment rate for their discipline had gone from 3.4 percent in 2010 to 6.5 percent in 2013—the unemployment rate enjoyed by most engineers is, on average, about half that of the national unemployment rate (which according to the Bureau of Labor Statistics today is at 6.3 percent).
A Closer Look at the Findings:
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This survey was conducted online within the United States by Harris Poll on behalf of Randstad Engineering fromJanuary 6-8, February 3-5 and March 3-5, 2014 among 3,210 adults ages 18 and older, of which 116 are employed in engineering. This online survey is not based on a probability sample and therefore no estimate of theoretical sampling error can be calculated. For complete survey methodology, including weighting variables, please contact firstname.lastname@example.org.
About the Randstad Engineering Employment Report
This quarterly Randstad Engineering Employment Report provides a snapshot of the latest workforce trends among engineering professionals across the country. Three key indices are measured: the Engineering Job Security Index, which captures how likely respondents think it is that they will lose their job or that their job will be eliminated in the next 12 months; the Engineering Job Transition Index, which captures how likely respondents are to look for a new job in the next 12 months; and the Employee Confidence Index that measures employees’ overall confidence in the economy, their employer and their ability to find other employment.
The Employee Confidence Index is calculated from the results of four components that reflect these aspects of employee confidence. For each component item a ‘score’ is calculated by taking the difference of the percentage of positive responses and the percentage of negative responses. These four scores are then averaged to indicate an overall level of employee confidence and is then scaled from 0 (no confidence) to 100 (complete confidence). A reading above 50 indicates a positive confidence level.
About Randstad Engineering
Randstad Engineering has been matching our clients with the expert engineering and technical staff they need to help their companies succeed since 1988. With degreed engineers and expert technical recruiters on staff who understand the unique challenges of your industry, we work closely with you to realize your specific business goals by quickly connecting you with the expert professionals who will help you achieve them. Our extensive network of candidates—3 million engineers and other technical experts—means that no matter the skill, no matter the goal, we can quickly find the right person to get your job done. As experts powering business, we enable you not only to reach your immediate hiring goals but also to expand your business’ potential for long-term success.
For more information, please visit www.randstadengineering.com.