Monster, one of the early online job boards, reported that 96% of workers are hunting for a new job this year, according to its December survey on job search plans and the 2023 United States job market outlook. The respondents say that they are seeking higher compensation.
About 40% of job seekers said they need a higher income due to inflation and the accompanying rise in costs. Sixty-six percent of the 930 poll respondents believe that it will be challenging to find a new job, and more than 10% report that they may have to take a pay cut due to the current economy.
Vicki Salemi, Monster’s career expert, told CNBC that even compared to the Great Resignation, the number is “phenomenally high.” In 2021, at the height of the Great Reshuffle, nearly 48 million people quit their jobs—an annual record.
The Hunt Begins In January
January is historically one of the best times to engage in a job hunt. The beginning of a new year is ripe for change. Even though it’s only flipping a page in the calendar, mentally and emotionally, it feels like a fresh start or a do-over from last year. Along with the New Year’s resolutions of losing weight and going to the gym, seeking a new job is one of the most common resolutions.
This year, it’s likely that more people will start looking for a new job for several reasons. They need to increase their compensation to keep up with inflation and rising costs. With layoffs becoming relatively commonplace, if a person is feeling ill at ease at work or worried about being selected for downsizing, it’s rational to start getting in touch with recruiters, going on LinkedIn to network and hitting the job boards.
Right before Thanksgiving, there’s a steady deceleration in job-search activity. People start taking their personal time off, going on vacation or just trying to relax and recuperate. The hiring process slows down, as there is a collective, unspoken agreement to take it easy.
However, by the second or third week of January, it’s the adult version of going back to school. Human resources and talent acquisition are nudged by hiring managers to send them résumés and get the hiring process started, as they need to get through the work that’s piled up over the holidays.
Be Prepared: It May Be Tougher This Year
There is a white-collar recession starting to take place. College-graduate office workers in tech, Wall Street, media and other sectors are seeing significant layoffs.
When companies are downsizing people, they usually also enact hiring freezes, as they’re trying to cut costs. Just because there is a hiring moratorium doesn’t mean you shouldn’t apply for a job. Certain jobs are required, such as compliance officers, and the companies will make exceptions for these must-have personnel.
As the Monster survey suggests, many people will be searching at the same time, so there will be intense competition. Job seekers must get started before everyone else also embarks on their job searches. Update your résumé and LinkedIn profile, contact recruiters, visit job boards, prepare and practice your elevator pitch and network.
Hiring Managers Need To Get Ready Too
Hiring managers need to get in gear too. They have to create job descriptions and ensure they are up to speed with newly enacted laws or bills pending, such as disclosing salaries or ranges on job advertisements, asking a candidate about how much they earn, and the possibility of doing away with non-compete contracts. A bill was recently introduced by the New York City Council that would make it illegal for employers to fire people without a good reason. The bill will offer security and protection from a manager capriciously firing a worker, if approved.
Source: Forbes
