SoloPoint Insights

During times of economic uncertainty, companies may be tempted to cut back on their research and development (R&D) departments and put a freeze on hiring to save costs. However, this short-term reaction can have significant long-term consequences for the business. 

Here are a few reasons why it is important to continue to hire mechanical, electrical, and manufacturing engineers, even during periods of unpredictability.

• Engineers are critical: Mechanical, electrical, and manufacturing engineers are responsible for product development, creating and maintaining the equipment, processes, and systems necessary for businesses to operate. Without these skilled professionals, businesses may experience downtime, reduced productivity, and decreased efficiency, which can have significant financial impacts.
• Gain a competitive advantage: When the economy is strong, engineers are in high demand and short supply.  Businesses have to pay a premium to attract and retain the best employees. However, during a downturn, many talented individuals may find themselves out of work and looking for new opportunities. By continuing to hire, businesses can take advantage of this and build a strong, talented engineering team that will give them a competitive edge when the economy picks up again.
• R&D is the lifeblood of innovation: Innovation is critical to the success of any business. Companies that fail to design new cutting-edge products, or keep up with industry trends risk becoming irrelevant and being left behind by their competitors. When businesses hire new employees, they bring with them fresh perspectives, ideas, and approaches to the table. This can help organizations become more agile and responsive to change and can lead to the development of new products and services that can drive growth and revenue.
• Hiring puts the company in a positive light: Hiring signals commitment to innovate. This sends a positive message to employees, customers, and investors, and can help position the company for success in the long run.

Engineering talent for R&D and Manufacturing is still in high demand, despite the recent news of layoffs. Companies can take advantage of the current situation to attract and retain skilled engineers to bolster their product development and manufacturing teams. Hiring engineers should remain a top priority for companies, regardless of the state of the market. 

If you are looking to explore some flexible and cost-efficient hiring solutions, then connect with a member of SoloPoint Solutions’ elite staffing team today: