"We are back!" is the tagline of the summer.
Leading economic indicators forecast the first real step forward since the Covid-19 pandemic forced lockdowns and ravaged specific sectors of the economy. According to the Bureau of Labor Statistics, the unemployment rate remains steady at 5.9%, but "Notable job gains occurred in leisure and hospitality, public and private education, professional and business services, retail trade, and other services." (July 2021).
Hiring is up. Employers are complaining that they’ve got more jobs to offer than there are takers. To attract top talent, companies are increasing salaries and offering other incentives. The tectonic plates of the workplace continue to shift and create new types of roles (e.g., hybrid jobs that are half in-office, half remote). There is no question the employment pendulum is swinging back towards an "applicant's market."
When the job market is hot, should I jump in?
Whenever the job market is hot, the temptation to take advantage of that and move into another, higher-paying position is palpable. A gold rush mentality takes over, and people switch jobs with more frequency. Only you can decide what the best move is for you and your career, but it can make sense to exercise extra prudence when assessing whether or not to jump ship. You don't want to jump the shark instead.
Think of a job move as a play in the stock market – you can try to time your investment to maximize your return, but there are no guarantees it’ll pay off. The best you can do is make a well-informed, professional-level move based on the very best and most up-to-date real-time information available.
Is now the time to make a move with less risk?
The economy is unpredictable. The best move today may not be the best path tomorrow because of unexpected external circumstances beyond your control. There will always be a level of risk. Of course, nobody can predict the future. What is in your control is to make an honest assessment of your current job and your professional and personal goals.
Here are five factors to think about when considering a job move:
1. Remember, the grass isn't always greener. Don't get caught up in the frenzy. A measured, dispassionate assessment of your current job versus any potential opportunity is a great tool to help you make such an important decision. Break down every facet of your career – salary, insurance, retirement funds, commute, schedule, etc. Write down the pros and cons. Be as detached and objective as possible. If a move is the right thing to do right now, your work will show that.
2. Have you been at a company for a long time? If you're settled at a company for a long time, you may be hesitant to rock the boat. Your overall responsibilities and compensation package may be tough to top; that said, competition for quality employees typically leads to overall salary increases, so there's an opportunity for entrenched employees to improve their worth. But do not assume you should get more because other people are getting more somewhere else. Do your homework. Go on to PayScale.com and see where your current salary falls. Document your accomplishments over the last year, especially if you played an integral role in helping your business survive the downturn. If you're going to ask for a salary increase, have the numbers to back up your request.
3. Have you been at your job a year or less? If the job market is hot, it's hot. Conditions may not be so favorable to job seekers for a long time. Who knows, right? Nobody wants to be branded a "job-hopper" – someone who constantly leaps at the next, brightest opportunity – but the unique economic and business circumstances of the last year mean pursuing that new opportunity right now may be worth it. Fiscal year 2020 might be the time to play that "Get Out of Jail Free" card.
4. Are you changing jobs – or lifestyles? Part of the abnormal post-Covid economic recovery is how people look at their work and work environment. Many professionals who consider a job change are after more than the traditional salary increases and impressive job titles. Perhaps it’s the desire to work partially or fully from home. Or perhaps you've been at home so long you don't want to stay there and can’t wait to go back to an office. Regardless of the reasons, the pandemic has led to a professional soul searching for many, so if there are more options out there right now that may align with your new perspective and needs, maybe the time is right to jump.
5. You can invest in a job move that happens in the future. One advantage of a hot job market is that it provides a glimpse into financial sectors and careers that will remain hot. Always be training. You may decide that the timing isn't right for you now, but acquiring new skills, professional certifications, or degrees will help you jump when the timing is right.
Philip Roufail contributed to this article.
Scott Singer is the President and Founder of Insider Career Strategies Resume Writing & Career Coaching, a firm dedicated to guiding job seekers and companies through the job search and hiring process. Insider Career Strategies provides resume writing, LinkedIn profile development, career coaching services, and outplacement services. You can email Scott Singer at scott.singer@insidercs.com, or via the website, www.insidercs.com.
