Kate_sept2004 | E+ | Getty Images
It will soon be the Year of the Rabbit according to the Chinese calendar, but it could just as easily be the year of the new job.
A whopping 96% of workers will be looking for a new job in 2023, mostly in search of better pay, according to a recent job board report Monster.com.
“That’s phenomenally high,” even compared to the numbers at the peak of the “big retirement,” said Vicki Salemi, careers expert at Monster.
Almost half, or 40%, of job seekers said they need a higher income due to inflation and rising spending, Monster found. Others said they have no room to grow in their current roles or find themselves in a toxic workplace.
More from Personal Finance:
Paid bi-weekly? Here are your 2 months with 3 paychecks in 2023
If you want higher pay, your chances might be better now
Workers are still resigning at high rates
The beginning of the year “is always a good time to look”
While wage growth has been high by historical standards, it has not kept pace with the rising cost of living, which is still rising 6.5% compared to the previous year and more employees are dissatisfied with their wages.
Job hopping is widely recognized as the best way to improve your career prospects and salary. In fact, the difference in wage growth for job-changers versus those staying in their current jobs is at an all-time high.
The latest data shows job-changers saw wage growth of 7.7% through November, while workers who stayed in their jobs saw 5.5%, according to Daniel Zhao, chief economist at Glassdoor, citing data from Atlanta Federal Reserve.
While there is a chance the job market will cool as recession fears take hold, recent government data shows that the US job market is still strong, with a record-low unemployment rate of 3.5%.
“The first quarter of the year is always a good time to look because household budgets have been replenished,” said Barbara Safani, president of Career Solvers in New York.
Despite recent reports of large-scale layoffs, some industries remain doing very well, she said. “When there are cuts, they’re usually planned months and months in advance, and these companies wouldn’t be hiring in January.”
There are other things to consider before accepting a new position besides salary, Safani said. “You may get paid more, but it’s important to review this opportunity.” Safani advises clients to review how all aspects of the job are performing.
“It’s not always apple for apple,” she said.
When it comes to finding a better job, pay isn’t everything, Salemi warned. Other factors to consider include improved advancement opportunities, flexibility and a healthy work-life balance.
“Do your research,” Salemi said. “Find out what the benefits are, find out what the culture is like.”
“Employees can have both – a higher salary and a positive, healthy work environment.”
https://www.cnbc.com/2023/01/13/96percent-of-workers-are-looking-for-a-new-job-in-2023.html 96% of workers will be looking for a new job in 2023