How to: Attract & Retain Engineering Talent in an Increasingly Competitive Labor Market
In order for companies to continue growing, and to distinguish themselves from competitors, it is essential to maintain top engineering talent. Despite this, leaders have often struggled with recruiting and retaining employees with high technology proficiency. With engineering talent a relatively scarce commodity today, companies must now, more than ever, learn how to attract these employees in an increasingly competitive labor market.
One way that organizations are retaining and developing talent is through internship & co-op programs. Through these programs, engineers are able to fine-tune their skills, as well as learn how to effectively work in a corporate setting. On the flip side, organizations are able to provide meaningful assignments through various programs (ex: summer vs. school year, full-time vs. part-time internships and co-ops). In a Best Practices, LLC report, research indicated that the majority of benchmarked companies offer both internship and co-op programs to primarily college students.
The slide provided below shows just how essential internships and co-ops are for not only employees, but also employers. Through our research, we found that ½ of all interns at benchmarked companies were offered full-time positions based on their performance during their study programs. These programs allow students to evaluate the company as an employer, and vice versa.
Retaining expertise and advanced skill sets is a key goal for organizations across various industries. Due to Baby Boom engineers nearing retirement, countless companies are facing similar knowledge retention challenges. Despite these challenges, organizations can ultimately step-up in the area of promoting thought leadership. All of the benchmarked companies reported that they are active in their communities, as well as nationally, helping to promote engineering careers and their corporate brand. Through extending rotational programs, as well as encouraging & promoting thought leadership, leaders can develop & expand their knowledge retention systems.