Cost Engineer Jobs in Illinois (NOW HIRING)

The Product Cost Engineer I partners closely with Engineering, Manufacturing, Supply Chain, and Finance to develop accurate, data-driven product cost models and drive cost reduction across the product lifecycle. This role owns costed Bills of Material (BOMs) and routings, performs should-cost and variance analyses, and supports design-to-cost, sourcing, and continuous improvement initiatives. By providing cost transparency and structured analysis, the Product Cost Engineer I enables fact-based decision-making across product development, operations, and procurement.

• Develop, validate, and maintain detailed product cost models that include material, labor, overhead, scrap and yield, freight, tooling, and external services.
• Create and maintain accurate costed Bills of Material (BOMs) and manufacturing routings, ensuring alignment and consistency with ERP/MRP master data.
• Perform bottoms-up and should-cost analyses for new designs, supplier quotations, and make-versus-buy decisions to support sourcing strategies.
• Evaluate alternative design and manufacturing scenarios to identify and recommend the most cost-effective solutions.
• Identify key cost drivers and partner with Engineering and Manufacturing to recommend design or process improvements that reduce cost without compromising quality.
• Support value engineering and continuous improvement initiatives by providing structured cost breakdowns and analysis.
• Track cost savings projects, document assumptions, and report realized results in a clear and traceable manner.
• Analyze cost variances, including purchase price variance, material usage, labor efficiency, and overhead absorption, to understand performance against standards.
• Partner with Operations and Supply Chain to identify root causes of cost variances and implement corrective actions.
• Provide reporting and analysis to support informed decision-making at multiple organizational levels.
• Provide costing support for requests for quotation (RFQs), New Product Introduction (NPI), and Engineering Change Orders (ECO/ECN).
• Assess tooling and capital expenditure impacts associated with product and process changes.
• Ensure costing assumptions are fully documented, traceable, and audit-ready.
• Collaborate with Supply Chain on supplier negotiations using fact-based cost breakdowns and should-cost analysis.
• Validate internal and supplier lead times to ensure ERP accuracy and reliable planning.
• Support the development, standardization, and continuous improvement of costing methodologies and organizational controls.
• Improve ERP data integrity related to costed BOMs, routings, and planning parameters.
• Partner across Engineering, Manufacturing, Procurement, and Finance to improve overall operational effectiveness and cost performance.
• Participate in design reviews, cost estimates, and cost control activities to support product development and operational decisions.

• Bachelor’s degree in engineering (Mechanical, Industrial, Manufacturing, or related field) or equivalent experience.
• At least 2 years of experience in cost engineering, product costing, manufacturing engineering, or related roles in a manufacturing environment.
• Working knowledge of manufacturing processes such as machining, welding and fabrication, casting and forging, and assembly.
• Strong analytical skills with the ability to build, interpret, and clearly communicate cost models using Excel.
• Experience with ERP systems (such as SAP, Oracle, Dynamics, or similar) and familiarity with costed BOM and routing structures.
• Ability to perform cost analysis, cost estimation, and cost control in a manufacturing context.
• Mechanical engineering knowledge relevant to product and process understanding.
• Experience with assembly and welding processes in a manufacturing environment.
• Strong written and verbal communication skills appropriate for all levels of the organization.

• Experience with should-cost tools, labor standards, or time studies.
• Familiarity with standard costing and variance analysis methodologies.
• Experience supporting quoting processes, New Product Introduction (NPI) workflows, and change control processes such as ECO/ECN.
• Basic understanding of finance concepts including margin, absorption, and inventory valuation.
• Experience with Power BI or similar reporting and business intelligence tools.
• Experience with aPriori software for product cost analysis is highly desirable.
• Ability to collaborate effectively in cross-functional teams spanning Engineering, Manufacturing, Procurement, Supply Chain, and Finance.
• Strong attention to detail and commitment to data integrity in costing and ERP-related activities.
• Interest in continuous learning and professional development in manufacturing, cost engineering, and data analytics.

This is an onsite role based in Peoria, Illinois, within a manufacturing-focused environment that supports construction, mining, industrial, and forestry-related products. You will work closely with cross-functional teams in Engineering, Manufacturing, Supply Chain, Procurement, Operations, and Finance, using ERP systems such as SAP, Oracle, or Dynamics, as well as Excel-based cost models and reporting tools like Power BI. The work involves regular interaction with production and operations to understand processes such as machining, welding, fabrication, casting, forging, and assembly, and to validate routings, BOMs, and lead times. The organization emphasizes a positive, empowering employee experience and a culture built on ambition, perseverance, collaboration, and authenticity. Employees benefit from comprehensive health coverage (medical, dental, vision, HSA, wellness programs), retirement and savings programs, paid time off for vacation and holidays, disability and life insurance, employee and family assistance programs, and learning and development opportunities. The company is committed to diversity, inclusion, and equal employment opportunity, fostering an environment where people from diverse backgrounds can grow their careers while contributing to a more sustainable future.

This is a Contract to Hire position based out of Peoria, IL.

The pay range for this position is $35.00 - $90.00/hr.

Eligibility requirements apply to some benefits and may depend on your job classification and length of employment. Benefits are subject to change and may be subject to specific elections, plan, or program terms. If eligible, the benefits available for this temporary role may include the following: • Medical, dental & vision • Critical Illness, Accident, and Hospital • 401(k) Retirement Plan – Pre-tax and Roth post-tax contributions available • Life Insurance (Voluntary Life & AD&D for the employee and dependents) • Short and long-term disability • Health Spending Account (HSA) • Transportation benefits • Employee Assistance Program • Time Off/Leave (PTO, Vacation or Sick Leave)

This is a fully onsite position in Peoria,IL.

This position is anticipated to close on Aug 25, 2026.

About Actalent

Actalent is a global leader in engineering and sciences services and talent solutions. We help visionary companies advance their engineering and science initiatives through access to specialized experts who drive scale, innovation and speed to market. With a network of almost 20,000 consultants and 5,000 clients across the U.S., Canada, Asia and Europe, Actalent serves many of the Fortune 500. We are proud to be an Engineering News-Record (ENR) Top 500 Design Firm for our engineering design services and a ClearlyRated Best of Staffing® winner for both client and talent service.

The company is an equal opportunity employer and will consider all applications without regard to race, sex, age, color, religion, national origin, veteran status, disability, sexual orientation, gender identity, genetic information or any characteristic protected by law.

If you would like to request a reasonable accommodation, such as the modification or adjustment of the job application process or interviewing process due to a disability, please email actalentaccommodation@actalentservices.com for other accommodation options.

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Use of Artificial Intelligence (AI): We may use Artificial Intelligence (AI) to support parts of our hiring process, including sourcing, screening, and evaluating candidates. AI helps assess applications and qualifications, but final decisions are made by our hiring team. By applying, you acknowledge and agree that your application may be reviewed using AI tools.