What Is the 2024 Outlook for Engineering Jobs?

Engineering talent continues to be in high demand and short supply. No field spotlights this more than artificial intelligence.

The recent reinstatement of Sam Altman after his ouster by the OpenAI board of directors, which ended a dramatic five-day standoff between him and the board, underscores how important AI experts are today.

Such developments in AI are in direct contrast to the recent Bureau of Labor Statistics (BLS) figures, which show a drop of 186,000 jobs from last month in total from all categories/sectors. Conversely, many of our clients continue to struggle trying to uncover top-notch engineers. In the process, they employ countless recruiting techniques in hopes of securing just one qualified engineer candidate for their job specifications.

Only 150,000 New Jobs Created Last Month!

The BLS reported only 150,000 new jobs were added in October 2023. This was a drop of 186,000 from the 336,000 new jobs created the month before in September. 

Many of the job sectors covered by BLS were down, including Leisure and Hospitality, which added only 19,000 employees. That was a drop of 77,000 jobs from the previous month. Additionally, the size of government continues to grow at an alarming rate with 51,000 new government jobs created.

Related:Best Undergraduate College Programs for Artificial Intelligence

Engineering at Epicenter of Many AI Breakthroughs!

Because artificial intelligence is at the core of countless new products, many AI-driven companies are craving more engineering talent, especially those with artificial intelligence software skills such as Python, C++, Julia, JavaScript, LISP, and Java. 

Additionally, if one has any expertise with machine learning (ML), data science, data analysis, computer vision, deep learning (DL), or similar AI skills, they will not go wanting for a job in 2024.

As a result, engineers continue to find high-paying jobs that drive many pioneering breakthroughs. As proof, our recruitment team at Strategic Search Corporation has heard from most of our clients that there continues to be far more engineer employment demand than skilled engineering talent supply to fill these engineers job openings. This is creating a major staffing void for many companies. 

A less sexy example of the strength in engineering hiring is one of our St. Charles, IL, based automation clients, which has been endlessly searching to add more engineering talent all year. For example, one recruiting assignment that we currently have with them is for a Senior Mechanical Engineer to do complex research & development (R&D) design. Unfortunately, many potential engineers are staying put with their current employers and seeking outrageously high salary increases to make a job change.

Related:AI Won’t Take Over Engineering Jobs—It Will Improve Them

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Venture Capitalists Confirm the Need for AI Engineering Talent

Numerous reports from such venture capital, angel, and financial investment publications like Crunchbase have shown that venture investments will be down in 2024 for many industries. For example, a recent survey of startup finance execs shows that 67% are reporting they are worried or very worried about their ability to raise their next round of funding.

But this is not the case with artificial intelligence. Countless venture capitalists have focused big investment bets on AI. A case in point is that one year ago, only about 16% of Sequoia Capital’s new investments were in artificial intelligence startups. In 2023, that number has skyrocketed to nearly 60%!

Moreover, Bloomberg News recently shared that OpenAI engineers are making up to $800,000 per year given their special engineering skills! 

Engineering Hiring Will Continue to Be Strong for 2024

In summary, if you are an engineer, especially mechanical (ME) or electrical (EE), your prospects will continue to be promising for 2024. As further evidence of this, my recruiting team has observed that even unemployed engineers are making shocking demands. Though the pandemic is pretty much over, many still require either work at home or hybrid (with huge periods of domestic work) to even consider new engineering employment.

Related:Balancing the Promise, Progress, & Problems of AI

Furthermore, if you possess even a modicum of artificial intelligence knowledge, you can write your own ticket. Microsoft proved this by demanding that OpenAI, in which they hold a 49% stake, immediately rehire Sam Altman! This is further proof that engineering expertise in general and AI prowess in specific remains in very high demand and short supply.