Tips & Tactics | Timing of Career Change
When is the right time to change jobs?
Have you ever thought about changing jobs and then thought twice about it and whether or not it is a good time?
What constitutes a good time to change jobs? Is it a good time to change jobs when everyone else is and there is a lot of movement in the marketplace? Is it a good time to change jobs when no one else is and there isn’t a lot of movement in the marketplace?
The truth is that any time you begin to think that a change in scenery for your career would be beneficial, it is a good time to make that change. However, I do feel that there are slight advantages to making a change when it seems like the market is stagnant and no one else is changing jobs. The reason for this is broken down below.
Lack of inventory increases the value of the current supply.
When the marketplace is stagnant, there are fewer available candidates in total, but no reduction in the number of companies looking to hire. Just because people aren’t changing jobs, does not mean that companies have slowed down production. If anything, a lack of inventory is usually a sign that companies have a robust amount of work, and are keeping their current employees fulfilled and busy.
As a candidate making a change when no one else is, your inherent value as an employee tends to increase. That value is apparent when setting up interviews, receiving offers, and ultimately negotiating offers to the point of acceptance. (I’ll release an article on negotiation salary down the road)
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Lack of competition results in more interviews, more offers.
The reduced competition results in a higher likelihood that a) a company will set up an interview for you and b) a company will make an offer to you. In addition to that, the most highly sought-after firms that everyone applies to will also have fewer candidates to interview and hire – this could be a perfect time to land that dream job with your dream company.
Less competition and fewer available candidates allow for you, as an interviewee, to make more mistakes through the process. When you aren’t competing against 10 other professionals for the same job at the same time, you can afford to make more mistakes during the interview process such as not giving a detailed answer to a particular question. Again, because there are fewer options available to the company, they are more willing to overlook small mistakes.
Ultimately, people change jobs for many reasons, most of which do not relate to the financials of a position. However, any given company cannot change its type of work, its culture, or its identity overnight, but it can alter its offer packages in real-time based on current market conditions.
I do not advise anyone to make a change solely to make more money, but if you’re going to make a change, doing it when no one else is can provide some unique advantages.
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