After years of turmoil in the global job market, everyone hoped for a more peaceful 2023 — apparently, that will not be the case.
The 2022 year-end survey conducted by jobs site Monster.com found that a whopping 96% of employees plan on looking for a new job in 2023. The survey participants reported better pay as the main reason for their search, citing inflation and rising expenses as the factors to blame.
Other reasons for job-switching were a lack of room for growth in their current role and a toxic workplace, notes Monster.com’s report. In addition, many employees cite interest in another field as the driver for change.
Job-hopping is a common practice among workers — especially younger ones and those employed in the IT industry. Many consider it the best way to improve career prospects and boost salaries.
The numbers seem to support this. As of November 2022, job switchers had seen 7.7% salary growth, compared to 5.5% of those who stayed in their current positions, according to Daniel Zhao, lead economist at Glassdoor.
There have been reports of extensive layoffs — fueled by factors such as the penetration of AI across industries, innovations in automation, and global recession, among others. Still, the US labor market is standing strong, with a record-low unemployment rate of 3.5%.
Of course, there is nevertheless a chance that the job market will cool as fears of further economic issues take hold — but for now, things do not look that bleak for those seeking a career change.
As job-hopping is set to boom in 2023, employees will have the difficult task of sifting through piles of resumes to find the perfect candidate.
As most current job seekers will look for better-paid opportunities, it is crucial that both applicants and employees vet each other beyond finances alone.
Switching jobs is not always apples to apples — especially nowadays when work culture plays a vital role in employee satisfaction.
Opportunities for advancement, flexibility, and a healthy work-life balance are other essential factors in deciding the next step in a career path.
Candidates are eager to get the role they have set their eyes on — and go to great lengths to increase their chances of getting the position.
For instance, job applicants have set up innovative practices for obtaining after an interview call to cover qualifications and strengths that may not have been highlighted during the interview — and reiterate their interest in the position.
All in all, recruiters can expect current job hoppers to a lot more than predecessors to negotiate more favorable terms, such as a higher salary.
It seems 2023 is the year when companies across industries experience huge employee turnover. While some workers will be keen to join the team, others will seek more favorable opportunities with other brands.
If you are among those looking to hop jobs this year, good luck — just keep in mind that only around 14% of the workforce feels they have a great job they would not change.
But, the question for prospective job changers remains: is the grass really always greener on the other side?