How to Double your Income in Technology and Engineering

How to Double Your Income in

Technology and Engineering

The Technology and Engineering industry always play a pivotal role in any industrial revolution. It makes sense, then, that this field often lures fresh graduates with high-paying jobs. However, despite the ongoing demand, this upbeat view is progressively dwindling as the sectors struggle with a unique problem: a skill shortage rather than a labor shortage. So what is the reason behind this situation? Is achieving a "lucrative" income in this industry a piece of cake, or does it present a formidable challenge? Let’s delve into some insights from ManpowerGroup Vietnam!

Experts from ManpowerGroup Vietnam and other businesses joined a career workshop at HUST

Not labor shortage, But skill shortage

According to ManpowerGroup 2024 Global Talent Shortage, the strongest employment outlooks globally were reported by businesses in Information Technology (34%), Industrials & Materials (16%), and Transport, Logistics & Automotive (16%). At the recent seminar titled “Accelerating Success with Financial Skills for Technology Students” hosted by ACCA and Hanoi University of Science and Technology, Ms. Le Phuong Thao, Manager of Permanent Recruitment & Consulting Services at ManpowerGroup Vietnam, revealed, “At least one in every five job orders we’ve received comes from the IT, Digitalization & Data sector”.

Yet, 76% of global IT companies are struggling to find the skilled talent they need. Employers in Industrial & Materials and Transport, Logistics & Automotive face the same challenge. “Nowadays, businesses tend to shift from degree-based to skills-based hiring. Take Enterprise/Solution Architect at a bank for example. Candidates possessing a TOGAF certification receive significant attention and higher evaluations from employers”, Thao added.

Ms. Le Phuong Thao from ManpowerGroup Vietnam shared an overview of the labor market in the Information Technology and Engineering Industry

Currently, mastering fundamental technical knowledge in IT is often enough to secure a job. Yet, many candidates haven’t landed their ideal jobs due to a lack of soft skills or other professional skills.

Foreign language proficiency, particularly in English, is increasingly valued by employers. Thao shared “Many employers now require candidates to have strong English skills for communication with international partners. Beyond basic English, candidates should also be familiar with technical terms to effectively communicate work-related ideas. This is also a common weakness among many IT & Engineering students.”.

Meanwhile, Ms. Dinh Loan, Human Resources Partner at Standard Chartered, observed that most IT and engineering students are quite intelligent with sound logical thinking. However, many lack collaboration and communication skills essential for efficient work performance and achieve the organization’s overall goals.

Dr. Nguyen Tuan Khang, Regional Leader, IBM Security Software, IBM Asean, an industry expert, highlighted a prevalent challenge among young technology professionals. Many of them do not have a shared perspective with users/customers on professional expertise, such as banking, public services, or e-commerce. This leads to difficulties in consulting and persuading customers to buy or use the product despite having launched a good technology product from a development perspective. Therefore, technology and engineering students should also pay attention to enhancing their sales and marketing skills, plus their knowledge in other professions.

An industry expert highlighted a prevalent challenge among young technology professionals

So, what should Technology - Engineering students and students in general do to improve their employability?

Versatility Equals More Income

Personnel with an understanding of two or more areas are believed to contribute more effectively to the job and add greater value to the business. As shared by Ms. Nguyen Thi Thanh Huong, Finance Director and Deputy General Director of NextTech Vietnam, “A product developed by technology professionals who understand finance and business will stand out from those created by technology experts. NextTech is even willing to offer double or even triple the salary for IT personnel with financial or economic knowledge in the same position.”

For IT professionals, acquiring additional specialized expertise in areas such as finance, supply chain, or e-commerce can be a strong point that significantly boosts your income by 3 to 5 times,” Khang shared.

Making the most of 24 hours

We all have the same 24 hours in a day, don’t we? Yet some people manage to complete all their tasks efficiently while others feel overwhelmed and chaotic? How can students upskill when there appears to be too much to learn in so little time?

Speakers at the seminar pointed out, “It starts with small actions, like making your bed every morning. The more disciplined you are, the more freedom you have, and the more tasks you can accomplish. Establish small daily habits and strive to consistently follow them. Whenever we complete a task, our brains release happiness hormones, providing satisfaction and renewed energy for subsequent work.”

Thao emphasized, “The student years are an ideal time for learning and experiencing. If you can’t do everything, choose activities that serve multiple purposes. For IT students, participating in startup competitions in English is an excellent way to improve language skills, gain experience, and create a standout point on your future CV.”