In today’s ever-changing landscape, the job market has become a swirling sea of unpredictability, shaped by the ebb and flow of economic conditions. There is a glimmer of hope as companies from various industries are continuing to actively seek out engineering talent.
The “Bad News”: The US Job Market is cooling down and poses new challenges to engineering job seekers:
- Lower job openings: The total number of job openings decreased by over 384,000 between February and March of 2023. By the end of March, there is a 1.6 million drop in job openings compared to December last year. The most impacted sectors of this monthly decline were Manufacturing (-10.7%), Technology, Information, and Media (-9.6%), and lastly, Construction (-9.2%).
- High layoffs: At the same time, big technology companies took the drastic step of cutting tens of thousands of jobs, shedding almost 2,500 positions in January alone. The number of workers who were laid off or discharged increased by over 248,000 between February and March.
The “Good News”: Surprisingly, there is a high number of workers voluntarily departing their places of employment, with almost 3.5 million workers who left their positions last March. This indicates that many workers are undeterred by lower job vacancies and are driven by multifaceted aspirations, such as wages, work-life balance, and career progression, to pursue new opportunities. In addition, employers continue to display a strong appetite for hiring, supported by historically low levels of joblessness.
Here are some insights workers should watch out for:
- Companies are Still Hiring Engineering Professionals: There are 9.93 million open jobs in the US, with 236,000 new jobs added in March alone. As for Engineering employment, here’s the total number of 2023 open engineering jobs in the US:
- Companies are Offering More in Wages: Companies are offering higher wages to skilled engineers in 2023 than two years ago, which demonstrates that employers are still being aggressive in attracting and retaining top talent. To better understand the wage increase, here’s a comparison of 2021 vs. 2023 average salaries of engineers:
- Companies are Looking for Contingent Workers: Lastly, there is an increasing trend in the opening of contractual or temporary job postings, which is 26% higher compared to 12 months ago. This indicates that though permanent opportunities have lessened, employers are still willing to add to their headcount on a contingent basis.
There’s a sense of optimism that engineering opportunities are still prevalent. The demand for skilled engineers remains strong, and companies are still hiring and offering higher wages.
If you need assistance identifying companies that are hiring for engineering positions, connect with a SoloPoint Technical Recruiter today to uncover hidden opportunities and take your career to new heights: