There are widespread indicators that the job market in 2022 will continue to be hot – Is now a good time to look for a new engineering job?
The current economic projections are optimistic: There is currently an average of 10.7 million job openings in the U.S. since July 2021. This job growth trend is parallel with the continued administration of COVID-19 vaccinations, as well as ramped up spending on goods, travel, and dining out. According to Indeed’s Hiring Lab, if the increase in consumer activity continues, jobs in the manufacturing, transportation, and warehouse sector will most likely stay hot in 2022.
The Bureau of Labor Statistics (BLS) is projecting Mechanical Engineering and Electrical Engineering jobs to grow by 7% between 2020 and 2026, while Manufacturing Engineering jobs(categorized by the BLS as Industrial Engineers) are projected to grow by 14% in that same timeframe.
So with all these promising employment outlooks, here are some items that engineers should consider to see if it’s time to make a career jump:
PROJECTED HIGHER PAY
A study conducted by The Conference Board (TCB) reported that employers’ salary increase budgets are in the highest levels since 2008. The executives who participated in this study said in April 2021 their projected 2022 salary increase is 3%, however, that number went up to 3.9% when the same executives were surveyed again in November 2021. Gad Levanon, Vice President of Labor Markets at TCB said, “It is likely that severe labor shortages will continue through 2022. During that time, overall wage growth is likely to remain well above 4 percent. Wages for new hires will grow faster than average.”
Along with higher wages, signing bonuses are expected to be more prevalent in 2022. In another TCB report, job postings with sign-on bonuses as part of the description have more than doubled since October 2021.
These are good news for engineers who are looking for higher-paying positions.
BETTER WORK LOCATION FLEXIBILITY
For engineers who might not be keen on going back to work on-site post-pandemic, there are positive indications that there are more available jobs in the market that offer remote or hybrid (combination of remote and on-site) work arrangements. Research firm GlobalData found that advertising for hybrid work positions became more prevalent in 2021. The firm reported that jobs featuring the keywords ‘remote work’ saw listings increase by 23% in Q3 2021 over Q2; while ‘hybrid work’ saw a 464% increase in the same period.
This data is supported by PwC’s survey on remote work, which reported that in order to attract and retain workers, 7 out of 10 employers will be implementing hybrid work arrangements permanently.
Up-and-coming products such as autonomous driving vehicles and aircraft, electric cars, food automation, and high-tech PCR test kits are projected to grow drastically in the coming decade, specifically in the California metropolitan areas. As research and development for these industries expand, hiring for engineers is expected to rise – which opens doors for engineers who are looking to broaden their skills in new markets.
“SIDE HUSTLE” ON THE RISE
Working remotely has allowed workers the flexibility to get secondary “gigs” on top of their primary employment to earn more money. A survey by Zapier.com reported that 1 in 3 U.S. workers have secondary jobs or a “side hustle”. 46% of these workers said generating passive income is their primary goal, but other non-financial motivators include:
- Doing something fun, or something they enjoy—38 percent
- Developing new skills—28 percent
- Testing a specific business idea—16 percent
Though there will be an abundance of job opportunities that engineers can explore, finding the “right” one can be an overwhelming task. Working with a SoloPoint recruiter can help cultivate the jobs that match your target goals, and remove the stresses that come with job searching.
To get started, contact us at (408)246-5945 or visit our job board today.