As we enter 2023 under the clouds of a possible recession mixed with record low unemployment numbers, employees and job seekers alike must ask themselves: is this a good time to change jobs? The answer, surprisingly, is yes (with caution).
With 1.7 open jobs for every 1 available worker, the job market’s strength combined with job seeker control makes this a prime job changing environment. Even with some industries reporting layoffs, for the most part, employers are scrambling to hire, further supporting the odds of a favorable job change outcome.
Here are 3 reasons why now is a good time to change jobs:
1. Inflation
Historically speaking, the salaries offered to new hires follow the pace of inflation: when inflation is high, employers tend to increase salary offerings to attract candidates. That said, if your salary is stagnant at your current job, or you knowingly are underpaid, or just simply unhappy, now would be a good time to jump into the job market pool and see what other employers value you at. You may be surprised.
2. Salary Transparency
Salary transparency laws in some states, and its broad (and growing) use in others, has given job seekers visibility into what companies are paying employees, and what their worth is or may be for their roles at those companies. Do some research on your job responsibilities, similar roles in the industry, and what those salaries are, and if you’re below that number, you might be a good candidate for a new job with a hefty salary increase. If nothing else, put your resume out there and see what it returns. Again, you may be surprised.
3. Turbulent Job Market
The Great Resignation is still happening, and its effects have added a bit of desperation to employers hiring efforts. With all the turbulence surrounding resignations, retention efforts, and an incredibly difficult hiring environment, being open to changing jobs is a great position to be in. Align your goals, update your resume, and stand your ground on what you want to do and what you want to earn, and it may just happen.
It is important to point out that there is some level of risk in changing jobs at any time, especially when there’s ongoing talks of a possible recession. However, looking at the historical trends and the current market, it does appear that now is a good time to change jobs.
Good Luck, and Happy Hunting!