There is forecasted growth of 18.5% in the engineering and construction industry in the coming years, driven by strong investment in the residential, pharmaceutical, medical devices, and data centre sectors. Longer-term surety of public spend has also been signalled by the government for Budget 2024 in the form of a public investment fund for key infrastructure projects.
To support this growth, organisations are competing fiercely for engineering talent. A recent Engineers Ireland survey shows that while 71% of engineering firms are planning for growth, however 72% cite the shortage of talent being a major barrier to this growth.
Derek Byrne, director, Sonas Technical.
Speaking following the launch of Sonas Technical's 2023 salary report, Derek Byrne, director, said: “We’re seeing a severe shortage of junior to intermediate level engineering talent due to negative net migration in our industry.”
There is rising emigration among 25- to 35-year-olds coupled with Ireland becoming a less attractive destination for returning expats or international citizens, both groups citing the cost of living as having the greatest impact on their decision. “With the lack of supply of talent, companies need focus on their attraction and retention strategies in order to capitalise on the growth opportunity in the industry,” he said.
Through daily engagement of their vast engineering community, Sonas Technical have key insights regarding the two main considerations for engineering talent when choosing employers:
1) A Strong EVP (Employee Value Proposition)
EVP is the balance of the rewards and benefits that are received by employees in return for their performance at the workplace – the employee often thinks “What’s in it for me?” and this is a wider consideration than just compensation, the item most employers are solely focused on.
Does your company have defined structures and policies on the below and are they clearly communicated to your current workforce and the wider talent market?
- Compensation
- Benefits
- Career
- Work environment
- Culture
2) Brand and reputation in the market
An employer's brand and reputation in the market will often determine their ability to retain and attract talent. Does your company:
- Align with professional bodies in your industry and sector – sponsoring events, presenting, contributing to articles etc.
- Promote your current team as champions for your organisation – employee spotlights, referral schemes, article publications etc.
- Have a streamlined hiring process – anecdotes of poor experiences travel quickly through the construction and engineering community.
- Emphasise its strengths – small organisations can provide agility and growth opportunities; large organisation have the advantage of providing opportunity on notable projects and breadth of scope.
By commitment and investment in EVP, brand and reputation strategies organisations will be able to differentiate themselves and attract best-in-class engineering talent in Ireland. Those who can win this war for talent in the coming years will be best placed to capitalise on the continued growth in the market.