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Salaries continue to grow
Salaries continue to grow
đ The good news first: Salaries for engineers and tech professionals continue to grow.
Now the bad news: They arenât growing enough to keep up with inflation.
According to this IEEE article that references an extensive survey, even though average pay was up in total by more than $5,500, this increase âturns into a nearly $3,500 dip, however, when converted to real dollars.â
But that data was comparing 2022 to 2021. And just recently, the US Federal Reserve increased its key interest rate by 0.25 percent to 5.5 percent, the highest level in 22 years. This is in an effort to fight against inflation, which currently sits at 3 percent - but was at 9.1 percent in June of 2022.
đ So, maybe in 2023 the rate of wage growth will keep up with the lowered inflation, but weâll have to see when more data comes out.
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Career tips
đ Personal branding tips for engineers
For some, the thought of âpersonal brandingâ might seem cringe-worthy. But personal branding in the context of career development isnât the same as creating a brand you can market for. No need for Super Bowl commercials here.
The reality is, you have a personal brand whether you like it or not â so wouldnât you rather have one you like?
đˇđźââď¸ Put simply, your personal brand is the way you present yourself to others and therefore how they perceive you. You want others to accurately and positively evaluate you on your expertise, experience, and personality. It can be a combination of what others already know about you, the impression they make of you based on what they learn about you online or through your personal network, what others say about you, how your in-person interactions go, and more.
In the end, they make up their mind about who they think you actually are.
Your task is to help guide them to understanding more of the truth about who you are, and how that can perhaps benefit them (especially in a career context).
đ So spend some time making your personal brand shine!
Be able to answer questions like:
What do you want others to know about you?
What are the top skills you want to highlight?
What makes you different?
đ Then find ways to weave those into conversations, your LinkedIn profile, your resume, and more.
Test out your ability to communicate your personal brand. Be aware of what seems to resonate with others and what doesnât.
But through it all, donât try to be something youâre not. Make sure what you share with others is authentic and truthful. You donât want to be someone who creates a whole persona that doesnât even exist.
So be yourself, just the best version of yourself!
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book recommendation
đ This is one of the most well-known books on personal development in history, and was even voted as the #1 Most Influential Business Book of the Twentieth Century.
So if you havenât read it, itâs time to get on the bandwagon.
What I love about the book is that itâs based on true principles that everyone can apply to their own context and situation. An experienced executive and a brand-new engineer can both get value from the ideas because principles are universally applicable.
đ§đ˝ââď¸ The Seven Habits include:
Habit 1: Be Proactive
Habit 2: Begin with the End in Mind
Habit 3: Put First Things First
Habit 4: Think Win/Win
Habit 5: Seek First to Understand, Then to Be Understood
Habit 6: Synergize
Habit 7: Sharpen the Saw
Please grab a copy and apply these ideas in both your personal and professional life. Youâll be glad you did!
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Written by
Jeff Perry
Engineering Career Coach
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