Engineers Want Higher Compensation

In recent headlines, we’ve been told that the job market is tightening, half of our millennial workforce intends to pursue new jobs, IT executives expect a tough hiring environment, technical and engineering professionals are in high demand, and employers are having trouble finding qualified hires in the STEM fields. It’s enough to make an employer wonder, What’s next on this crazy roller coaster?

If you were hoping for a smoother ride, think again. Although over 80 percent of engineering employers plan to hire in 2015, they will need to pay more for quality in-demand engineers, particular electrical engineers, followed by manufacturing and software engineers. A recent Experis survey of 1,400 engineers and 100 companies reveals that engineers want higher compensation more than anything.

We’ve recently witnessed this phenomenon firsthand. A mechanical engineer friend of ours, Todd*, recently accepted a better job with another company, gave his notice, and was all set to move when his current company counter-offered. Todd couldn’t refuse their fantastic offer, which included not just more money but also a promotion to management.

Apparently, his story is not an anomaly. 40 percent of surveyed engineers who are searching for a new position say that increased salary, bonuses and/or incentives are very important to them. Of less importance is a better work environment or culture, and a smaller number of engineers are looking for more challenging work, better training, and improved work/life balance. Almost half of those surveyed intend to actively seek new positions in 2015, and 82 percent of those are confident that finding a new opportunity won’t be difficult.

If you’re an engineering employer, be prepared. Engineers want higher compensation, and they’re confident they can get it. If you haven’t already done so, it’s wise for your management team to start providing incentives to retain your best employees and to attract future quality employees. Don’t let this roller coaster ride leave you hanging!

*names and details have been changed to protect anonymity

Do you need expert help finding quality STEM workers who precisely fit your needs? Call us at (714) 993-1900.

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