Tight market = more money

Even with layoffs recently in the technology sector, much of the job market is on solid footing. Unemployment rates are at record lows with more job openings than job seekers available to fill them. This type of market where there are more jobs than people to fill them is often referred to as a candidate market due to the influence and leverage the candidate has in the process versus the employer.

Given the demand for quality candidates, it is not a surprise that people who switch jobs are generally receiving a raise. As of July 2022, job switchers were earning an 8.5% raise, the biggest raise seen in nearly 20 years.¹ This is more than double the average raise for those who stayed at their current company which was around 4% last year.

No advancement opportunity

Even if money isn’t your primary driver, there are other reasons a career change could be in your best interest in 2023. According to the 2022 Pew Research Center Survey, lack of advancement opportunities was tied as the top reason people left their job. Money and lack of growth opportunities have been the main reasons people leave their jobs for several years. If you are stuck in a role with bleak growth potential, you may not need to take immediate action. However, the longer you stay in a position you have outgrown, the further you derail your future earning potential and career progression. When you are making a move to a new company, most of the time it will be a lateral move for the same position with the ability to move up the ladder in time. The more you delay the initial move, the longer it will be before you are looking at a promotion and/or substantial raise.

Writing on the wall

While most of the job market is in good shape as we start 2023, the only constant is change. It is the slow, quiet change that you need to pay more attention to than the news-worthy layoffs. Be on the lookout for subtle changes in the company that may indicate trouble is looming. Look at the company’s overall performance as well as your team’s performance. When people have left, have those positions been backfilled? A position on your team that is not backfilled could be a sign that the company is open to reducing headcount in your department if needed.

Also, look at your individual job security. A top performer on an essential team is much less likely to be let go than an average performer on a newly created team. If your job security seems shaky, look for ways to improve it, whether that is moving to a different team internally or looking at career opportunities at a more stable company. 

Learn New Skills

Employees often underestimate all the professional growth that can occur in a lateral move to a new company. When you have been in the same role or team with the same company for many years, your learning plateaus and you aren’t being exposed to new training regularly. When you switch companies, you are exposed to new equipment and programs, management styles, and operating procedures. This can broaden your experience substantially making you more marketable in the future.

A change of scenery often benefits your new company as well. A fresh set of eyes can result in new, innovative ideas, increasing your fulfillment in a new role. Imagine developing new skills yourself while making a great first impression on a new employer, possibly making a case for your promotion sooner than you expected.

As the adage goes, the best time to look for a job is when you already have one. This year offers an especially good time to see what is out there as we start the year in a strong candidate job market. You may not realize what you are missing out on if you haven’t interviewed in the past few years.

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ZSG assists candidates in finding rewarding careers in the Construction and Manufacturing industries with leading companies. If you would like to discuss career opportunities, send your resume to one of our recruiters.

1 – Wall Street Journal: https://www.wsj.com/articles/now-is-most-rewarding-time-switch-jobs-pay-raise-11662163507