Dusting down the CV and sending it off to your friendly recruiter might just seem a little too risky. Rising inflation and interest rates, a decline in the stock market and fear of a recession (as many economists are forecasting) should theoretically tempt the workforce to stay put.
As for employers, economic downturns in years past would result in a freeze on hiring. Companies might look for ways to tighten their belts, and overwhelmingly, there would be a widespread sense that redundancies are on the way. We have seen some US tech companies such as Apple say they were slowing down on their recruitment – but after the fast 18 months of frenzied hiring – that’s not surprising.
But the job market and the economy are at odds. Where recruitment is ordinarily a good barometer for the state of play, hiring remains as strong as ever.
So, is now a good time to be looking and what are the important considerations?
1. Opportunity. The ultimate catalyst for a career change. It might be within your current business or another but missing out on opportunities can sting – and hinder your development in more ways than one.
2. Growth. Plateauing in your role for some time? Most roles or even businesses have a lifecycle and when there’s no longer a chance to grow, be challenged, or learn new skills, it could be time to move on.
3. Salary (+ benefits). A salary package isn’t only about how much money you make, it’s a reflection of how you are valued and respected in the workplace. If your financial needs aren’t being met, and there’s no room for negotiation, then there are good packages to be found elsewhere to attract the right talent.
4. Industry. Many sectors are seeing exponential growth for very specific skills right now. Take digital marketing for example, where more complex sequences are in increased demand. Keeping your skills relevant for today – and the future – is so important for future-proofing your career.
And most importantly…
5. Culture. It’s something we all talk about, but many companies still aren’t getting right. It comes down to a host of factors, but it boils down to being in a positive environment which can sustain, engage and encourage you – it’s the people, the trust, the autonomy and flexibility to enable you to do a great job. You might even find yourself a role with a little more holiday time!