Experts Say Now Might Be The Best Time To Switch Jobs
If you’ve been considering switching jobs, experts say now might be the best time to take the leap.
Despite the cooling labor market, a new survey from ZipRecruiter has found that job seekers remain in the driver’s seat.
New hires managed to secure better benefits and higher salaries than those hired earlier in 2022, thanks to a competitive hiring market and pay transparency laws in places like New York, Colorado, and California.
The survey found that two-thirds of people who switched jobs received a pay increase of 11% or more, with nearly 5% seeing their pay more than double. On top of that, more than 1 in 4 new hires received a signing bonus, and more than 9 in 10 people who negotiated their new salary did so successfully.
Many recent job switchers reported their previous employers tried to get them to stay by countering their new offer, suggesting that job seekers have serious negotiating power.
What about tech layoffs?
Despite layoffs sweeping through the industry, tech workers remain in demand and find new jobs quickly. For example, nearly 3 in 4 people who previously worked in tech found new jobs in tech. An additional 6% of tech workers found a new job in retail or e-commerce, 5% in financial services or fintech, and 2% in healthcare.
There’s also good news for people looking to work in tech for the first time, with tech experiencing more in-migration of job switchers than any other industry – increasing its employment share by 46%.
“Today is better than it’s going to be six months from now. So I would try to make your moves as soon as possible.”
Deciding whether or not to switch jobs during an economic downturn is always a balance of risk, Andy Challenger, senior vice president at outplacement firm Challenger, Gray & Christmas, told CNBC.
For example, if a company decides to lay off staff, they may follow a “last in, first out” policy leaving newer hires vulnerable. However, Challenger says that job seekers have more leverage now than they will in six months. “So, I would try to make your moves as soon as possible.”
“If you never take any risks, then it’s going to be difficult to get the pay raise or job that you want that’s the right fit for you.”
Daniel Zhao, the lead economist at Glassdoor, told CNBC that while the job market is healthy, plans for hiring and pay rises may slow later in the year. So, it is also important to negotiate other benefits, like working from home, when job-switching.
“If you never take any risks, then it’s going to be difficult to get the pay raise or job that you want that’s the right fit for you,” Zhao said.
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