key takeaways
- Last year, jobs were in plenty and as a result of finding new work, there was high salary for workers.
- But the American economy is tetting on the edge of a possible recession, with some workers hesitating for another job.
- Experts say that if you are looking for business or service positions, you may still have better salary and possible job safety. But should you switch the jobs, in each case really different.
In early 2022, Grace Spencer was working as a digital content coordinator for children’s craftsman at New Jersey. She lived there for a year and a half, and planned to stay there – but her loyalty was not being rewarded.
Spencer said, “I had to fight for any kind of compensation, any kind of prize, any kind of increase, which I found there.”
After changing the jobs four times in the last one year – two trimmed and leaving twice – she recently launched a job where she is earning $ 20,000 more, as a digital manager in Taft Communications, Lawrence, a public relations firm in New Jersey.
“If I learned anything from being sorted and working continuously, it is that I could get a job within two weeks,” he said. “I don’t want to do as I am not humble about that, but this is the type of market in which we are.”
Spencer can be an extreme case, but he is far from alone. Jobs Abundantly And switching employers have often made beautiful payments in the last one year. People who Switched jobs According to the data from Atlanta’s Federal Reserve Bank, which saw an increase of 7.7% in their salary on average compared to only 5.5% for those who have seen only 5.5%.
Indeed, the official measures of the job market had just 3.5% in December, a picture of a rope for the workers, tied with a 50-year low. However, major high -tech companies including Google, Microsoft, and Amazon have closed thousands of workers in the last month, and one of the growing fears of one Recession Loss of more broad jobs may mean because companies hocker below for a lean period.
Contradictory signals leave the workers with a dilemma: Is it better to switch jobs to seek better salary, or do you have to stay with a safe job in the hope of avoiding possible trimming?
According to experts, the best strategy varies by individual and industry. Eventually, switching jobs during economic recession can backfire.
Comment
Data from the employer’s review website Glassdor suggests that the “trimming” in the workplaces of workplaces rose 11% in January, and increased 149% in the year – the most since July 2020. In the technical industry, the mention of trimming increased by 21% in the month and is more than quadruple from last year.
“You can put yourself at risk for ‘final one’, first in a scenario,” said in an email, CEO of profit management firm Beni, Andy Kalmon. “This is definitely a great time for the network and see what is in the job market, but if your current job is safe then I will move forward with caution.”
According to Glassdoor’s Chief Economist Aaron Terrazas, the time for job hunting is still mature, it depends largely on where you work. While the trimming is killing some areas of the economy, renting is still getting stronger in others – which partially explains the indications mixed in the data.
“In 2023, we are on a two-track labor market with much, very soft work for skilled knowledge workers, but still have a very tight situation for frontline service and trades workers,” Terzas said.
Gregory Pontreley, president of HR Consultancy Lausan Business Solutions, stated that there is a great contrast in an email how their customers are contacting to hiring, depending on which field they are in. Companies in tech and finance are at a distance of 10% to 15% of their employees, while in manufacturing they are paying sign-on bonus, flex schedule, and more.
Terazas said that there is additional variation within those broad categories. In Tech, for example, those kept by big companies who can get work-in small firms along with salary. These companies still have open spaces as they have been unable to compete for talent against technical giants over the years.
CEO Kat Sabatini said to resume on Tuesday in an email, “Don’t count yourself just because some big names are cutting.” “These companies have hired massive work during the epidemic and ‘are correcting the ship – some will say that it is an overdue improvement from the development of the last few years.”
Given the opportunities that are still present, it can still be worthwhile to seek a new situation, especially if you are unhappy with your current job, said a career expert and assistant professor Andrew Lokeanath at the San Francisco School of Management University.
Comment
There have been about two jobs for each unemployed worker in recent months – an unusual imbalance, as for most of the last 20 years, workers have beaten jobs. It is given a upper hand to workers in job hunting and pay talks, but the tide can change when the economy is slow.
Apart from living or switching, there is a third option: none of the above. Vanessa Sill, a long island resident, recently Started your own business After leaving his job to social media and public relations for a non -profit group. Her new job gives her more flexibility as careful for a 94 -year -old grandmother, and she, like many other freelancers and advisors, thinks that she can get new opportunities because companies shut full -time workers.
Steel said that he has also seen many of his friends taking this option.
“If they were in the full -time world, if they could not achieve those lift or promotion, they just said,” I am going to do something for myself, “she said.
Nevertheless, if you are satisfied with your current role, it is sensible to keep it, which is looking at the changing tide in the job market.
“If you are currently in a job that you are happy and it provides stability and safety, it can be intelligent to hold on it,” Lokeanath said in an email. “Potential recession can make it more difficult to find a new job, and it is always better to do jobs than being unemployed.”
Even Spencer, 2022 four -time job switcher, thinks about doing it twice again.
“Looking at the current approach of the job market? I will be quite reluctant,” he said.
Is there a question, comment or story to share? You can reach diccon dhyatt@thebalance.com,
