Specialty areas that are projected to grow significantly over the next few years will see a lot of competition for hiring and retaining top talent
Kansas City, Kan. (PRWEB) February 21, 2016
This year, National Engineers Week runs February 21-27, 2016. According to the Bureau of Labor Statistics' Employment Projection Tool, jobs with engineer-affiliated titles are projected to grow 6.5 percent overall between 2014 and 2024. For organizations who employ engineers in categories with projected growth, now is a great time to evaluate the positions you have and assess opportunities and challenges for the future of your organization.
"Specialty areas that are projected to grow significantly over the next few years will see a lot of competition for hiring and retaining top talent," said Amy Kaminski, Vice President, for Compdata Surveys & Consulting. "By getting a pulse on current compensation trends, you can design a program that is ahead of the competition. Also, by planning for growth in a particular sector, you can really fine-tune your recruiting practices, giving you the best candidates for consideration."
Here are three engineering job categories projected to grow by 2024, according to the Bureau of Labor Statistics, and current trends in compensation for key job titles in those categories, according to Compdata's Engineering & High Tech Specialty Suite 2015 survey results.
1. Civil Engineers. The Bureau of Labor Statistics projects overall growth for the category to be up 8.4 percent by 2024. Civil Engineers, Level 1, who plan, design and direct civil engineering projects such as roads, railroads, airports, and other projects, analyzing reports, calculating costs and determining project feasibility, saw an average total compensation increase of 4.37 percent in 2015. Employers also reported an average base rate increase, up 3.73 percent from the previous year.
2. Mechanical Engineers. The Bureau of Labor Statistics projects overall growth for the category to be up 5.3 percent by 2024. Mechanical Engineers, Level 2, research, design and develop a wide range of complex tools, engines, machines, controls, equipment, and mechanical processes. Those in this position saw an average base rate increase of 4.56 percent in 2015. Employers also reported a total compensation increase up 5.26 percent from the previous year and a flat dollar bonus increase up 14.34 percent from the previous year.
3. Software Developers. Systems Software. The Bureau of Labor Statistics projects overall growth for the category to be up 13.0 percent by 2024. Falling into this category are Application Engineers, Level 2. Those in this position oversee complex design and implementation, including retention of process documentation and quality plans for assigned projects. In 2015, employers reported an average base rate increase up 5.95 percent from the previous year, as well as a total compensation increase of 8.41 percent from the previous year. Employers also reported an average hire-on increase of 15.52 percent in 2015.
About the Survey
The Engineering & High Tech Specialty Suite 2015 results provide a comprehensive summary of pay data, benefits information and pay practices with an effective date of January 1, 2015. Nearly 300 engineering, high tech and scientific titles were surveyed ranging from entry-level to top executives, with data collected from more than 12,500 employers with 16.6 million employees across the country. Read more information about the suite at http://www.compdatasurveys.com/compensation/engineering-hightech/
Since 1988, Compdata Surveys & Consulting has provided HR professionals with the compensation tools they need to stay competitive. With an extensive pay and benefits database and experienced compensation consultants, we are a full-service firm providing innovative solutions to complex compensation challenges. Thousands of organizations provide data in each of our 12 industry-specific surveys every year, ensuring the reliability of our results. For more information about the compensation and benefits surveys, contact KC Hall at (800) 300-9570.