IEEE ENGINEERING MANAGEMENT REVIEW
From The Editor: Volume 29, Number 1, First Quarter 2001

When Bad Economies Happen to Good Engineers
David J. Wells
University of Houston

Technology stocks, after an incredible and certainly unprecedented upward climb, have recently been in the doldrums. The feel of the economy is profoundly different right now, and it will probably be a while until the feeling is broadly heady again. For readers of this magazine, the possible ramifications may extend beyond investment to livelihood.

But who knows? One point to make is that regardless of how the market "feels," exceptionally few are able to predict how and when markets change. Those who do know and are talking are still but a voice in the wilderness. Now that individual net worths are not reliably worth more every day, the televised nightly business reports have become a whole lot less entertaining. Who wants to cap a bad day with a sins rehash of depressing news, particularly when much of the advice and perspective is conflicting, unhelpful, or even financially harmful?

The other point to make is that we are engineers, so this is a bit of a double whammy. Down markets signal a discounted profession, fewer openings, more cutbacks, and less job flexibility. Our faces are rubbed in it; bad news makes good press. Fortunately the emotional extremes of the market misrepresent the true value of a profession and its individuals. We would do well to remember that.

There is something else to remember in a slow market: if fewer positions are open, employers are all the more dependant upon keeping the right people in their organization. It means that when the market ser pundits lose perspective, it is useful for engineers to maintain theirs. The reasons are simply obvious:

  1. Technological advance remains an imperative; the speed of progress may vary a bit, but industry and retail markets understand their roles in economic growth and competitiveness.
  2. Engineering will remain the domain of engineers.
  3. A business forced to function with a smaller organization is ever more dependant upon its best talent.

Having been a veteran of the commercial nuclear industry during its protracted decline, it is true that the business was tough on many engineers, but it also provided opportunity; many engineers developed their leadership skills and found demand in an environment where the value of individual performance was amplified. In short it was a chance to prove themselves. Today's market is not like the space and defense cuts of the early 1970s or the nuclear cuts of the late 1970s. It may be but a bump in the road to be followed by a market roaring back - hopefully with a vengeance. Indeed, it is in strange and trying times when demonstrated leadership becomes most evident. In finding opportunity, I advise graduates to be optimistic, that three things are required: education, experience, and attitude. This is a good time to be positive.

ENGINEERING MANAGEMENT REVIEW
A publication of the IEEE Engineering Management Society