Engineers expressed higher optimism in the economy during the fourth quarter of 2012 as the confidence rating hit 57.8, up by 3.4 points for the first uptick of last year, according to the Randstad Engineering Employee Confidence Index.
"Modest recoveries within industry sectors in which engineers play a pivotal role, including manufacturing, are helping to revitalize job growth for the profession and improving confidence levels among engineering workers," says Richard Zambacca, president of Randstad Engineering. "In fact, our Index this quarter reflects growing confidence among engineers in the overall strength of the economy but also the future of their current employer and ability to find a new job. A persistent area of concern for engineers is in the availability of jobs, which declined further in our index this quarter. However, as is the case with many other fields, certain positions within the industry are estimated to grow aggressively in the long and short term.
"Industrial engineers and electrical-hardware engineers have demonstrated steady growth in the past year. Additionally, the trade group Institute of Electrical and Electronics Engineers indicates that one of the fastest growing areas will be in the service industry, such as consulting firms that provide engineering expertise."
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The report also finds that 34 percent of respondents say the economy is strengthening, representing an increase from 29 percent in the third quarter of 2012. Another 23 percent of respondents say more jobs are on the market, down four percentage points from the third quarter of 2012, while 42 percent of respondents say fewer jobs are available.
Fifty-nine percent of respondents say they are confident they could find new jobs, up from 53 percent in the third quarter of 2012. In the next year, 68 percent of respondents say they are not likely to lose their jobs, a decrease from 74 percent in the third quarter of 2012. Meanwhile, 38 percent of respondents say they are likely to search for new employment opportunities in the next year, a jump of six percentage points from the third quarter of 2012.
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