“Considering the current state of the UK economy, is now a good time to move jobs?”
The current credit crunch and its implications - alarming forecasts of slashed consumer spending and imminent job losses – is never out of the news. But the actual impact on the labour market, particularly in finance and audit sector is a little less easy to read.
While we can’t deny the front pages news of jobs losses at KPMG and Citigroup, some commentators are pointing to a resilience in the employment market . Of ‘labour hoarding’ - supporting current employment levels by curbing pay rises as opposed to major layoffs.
So what does it mean to your career plans? Well the short answer is, it depends.
A natural reaction of job seekers is to fear the LIFO (last in first out) mode of operation. And maybe in the old ‘jobs for life’ days this was a very realistic fear. But in the 21st century where the ‘war for talent’ is rife, is this still a logical outcome? If an organization has spent heavy, in time and money, to recruit you - you’ve clearly made the more than likely competitive cut. Are they really going to axe you at the first sign of economic downturn? Unlikely, though not impossible. But it does all comes down to competition. Any slowdown in the job market is going to intensify the ‘war for talent’ and increase competition. This is where the quality of your CV, the relevance of your skills and experience, will count big time.
But it’s not just about the market. It’s primarily about you. The real test will be your strategic plans and how a career move will ties in. You need to do your own ‘career audit’. You don’t want to move ‘just for the sake of it’ which could be a real temptation if the number of vacancies is depleted. You need to take stock of where you are now in your current role. Are you still getting the level of stretch you need to develop your skills? Are you running out of learning opportunities or at risk of stagnating? How is your quality of life, your work life balance? These questions are all paramount in making that decision - whether the time is right for you, personally, to tackle a potentially more challenging job market.
So to sum up. Right time to move jobs? Well it depends. It depends on where you are in your career plan. It depends on the competitiveness of your skills and experience. It depends, of course, on your location, sector, level and role. But above all it depends on you. Your quality of life, your tolerance level, your values and your aspirations.
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