Engineering, I feel, is a lot more difficult to predict/think about than English or another humanities field. As you mentioned, there are so many other options for engineering PhDs outside of the ivory tower. Most of these other options pay significantly more than working in academia. Moreover, engineering PhDs can more easily find an analog to academic work outside of a university. Few institutions other than a research university are going to pay a PhD in English to do scholarship in literature, but there are lots of companies - both private and public, non-profit and for-profit - that will pay an engineering PhD to do work that’s really similar to what they would do in an academic position, probably for more money.
More and more doctoral students these days (across fields - from humanities to engineering) are realizing that tenure-track jobs don’t exist the way that they used to and that they need to have a Plan B. And for some students, non-academic jobs are their Plan A - that’s what they wanted to do when they entered. I suspect that this is far more common for engineering PhDs than English PhDs, though, particularly because of the issues in my first paragraph (more jobs outside of academia).
But one way to look at this is to think about the kind of experience/record/resume someone needs to have to get a job outside of academia and whether it’s similar to getting one inside. What I mean is - the kind of things (cutting-edge research, publications, etc.) that would make a new PhD in engineering appealing to a research laboratory like the NASA Glenn Research Center, Livermore, JPL, etc. are ALSO the kinds of things that would make a new PhD in engineering appealing to R1 university faculty positions. The same is true for research positions at top companies like Lockheed Martin, Northrop Grumman, Samsung, etc.
However, to draw a parallel to English, I would not say that the same thing is true of the non-academic jobs most of the English students secured after grad school, even the really awesome ones! Consulting at BCG is an awesome job but they don’t really care about your publications the same way that an academic position would. Prestigious K-12 private schools, too, may care a little but are far more concerned about your teaching track record and any experience working with teenagers and/or leading extracurricular activities. Even the kinds of research jobs most literature PhDs will get outside of academia won’t be in literature, so while jobs will be interested in the students’ research skills and background, it’ll be in a far more general way.
The other thing is that engineering departments aren’t closing up shop and losing funding the way humanities and social science departments are. If anything, demand is expanding. So there will be more positions for engineering professors from both positions: More engineering departments are expanding or at least staying the same size; and more PhDs are leaving academia at various points in their career to go chase higher-paying or more interesting (to them) positions outside of academia. I’ve even seen some tenured associate and full professors leave their engineering faculty positions to go do research at Google or whatever. I also believe jumping back and forth between academia and industry is a bit easier in engineering, depending on what you do.
So I propose that that’s a way to think about evaluating a professor’s or department’s tenure-track placement rate if a professorship is your goal:
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How often do grads get tenure-track positions in relation to the overall rate in the field? (And remember to look 4-7 years out, not just at immediate graduation, since these days in most fields a TT job out of grad school is rare.)
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When grads end up at non-academic jobs, is that likely to be due to choice or market forces (or somewhere in between)? How similar are the non-academic jobs to academic ones, and do they value the same kinds of things? In other words, are the students who ended up outside of academia likely to have been competitive for academic jobs? (Of course, there’s no concrete way to know, but you can make some educated guesses)
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Probably just as importantly - if, in the very real and honestly sometimes likely position you don’t end up in a tenure-track job, are the other jobs your proposed PI/department’s grad students are going to the kinds of jobs you’d like as a Plan B?